Organizers of the new American Life Insurance Congress Ltd. say they hope the group will bring together people from many different sectors of the life insurance universe.
ALIC, New York, hopes to serve as a high-quality research resource for the life insurance industry and to act as a congress that can help representatives for diverse interests reach a consensus on insurance industry issues, according to ALIC President Peter Molinaro.
Molinaro, who has served as senior deputy superintendent of the New York State Insurance Department, says the issues to be discussed will include life settlements, form filing, reserving rules and annuity sales practices.
ALIC hopes to reach out to life companies, brokers, life settlement companies, hedge funds, agents, brokers, consumers, regulators, lawmakers, and even trust and estate lawyers, Molinaro says.
Trust and estate lawyers may not come immediately to mind as key players in the insurance industry, but they are, “in many cases the first step [for clients] in getting advice,” Molinaro says.
Groups that ALIC is courting include the National Association of Insurance Commissioners, Kansas City, Mo.; the National Conference of Insurance Legislators, Troy, N.Y.; and the National Conference of State Legislatures, Denver.
ALIC also would like to see consumers take an interest in the organization, Molinaro says.
“If we do it right, think of the value to consumers,” Molinaro says.
ALIC will release more specific organizational information, including registration information, by September, Molinaro says.