Lawmakers who belong to the National Conference of Insurance Legislators will head to Chicago Oct. 25 to put the finishing touches on a life settlement model.

NCOIL has scheduled the full-day life settlement work session to get the model ready to be adopted at NCOIL’s upcoming annual meeting.

NCOIL, Troy, N.Y., plans to start the 5-day meeting Nov. 14 in Las Vegas.

Lawmakers want make sure that the NCOIL model is transparent, establishes penalties for violations of the act, and covers life settlements associated with trusts, according to Rep. George Keiser, R-Bismarck, N.D.

Lawmakers also will talk about language that will clarify that insurance regulators and what securities regulators handle, Keiser says.

The American Council of Life Insurers, Washington, has joined with the National Association of Insurance and Financial Advisors, Falls Church, Va., and the Association for Advanced Life Underwriting, Falls Church, to send NCOIL a comment letter.

The groups suggest several amendments, and they urge NCOIL to limit policyholders’ ability to sell life insurance policies for 5 years, rather for 2 years.