As a national group of insurance legislators prepares to vote on a life settlements model act, state records indicate that several members have taken campaign contributions from stakeholders in the model’s development and passage.
The National Conference of Insurance Legislators, Troy, N.Y., is in the final stages of developing its ‘Life Settlements Model Act.’ It is the hope of legislators developing the model that it can be voted through NCOIL at its annual meeting in Las Vegas in November, George Keiser, chair of the Life Settlements subcommittee, recently told National Underwriter.
Life settlements are the sale of life insurance policies to a third party. The issue has taken on considerable import because of recent variations on the initial concept of life settlements that involve the purchase of life policies with the intent to at some point in the near future settle them.
Filings listed on state websites indicate that several members of the subcommittee have accepted campaign contributions from stakeholders in the model’s development.
Records show that 4 members of the 11 member subcommittee developing the life settlement model law have accepted campaign contributions from parties that could be affected by the model.
The state legislators are: Rep. Robert Damron, Ky.; Rep. Robert Godshall, Pa.; Sen. Ralph Hudgens, Ga.; and Sen. James Seward, N.Y.
State election websites indicate the following campaign contributions:
–Rep. Damron–received 2 campaign contributions from Alan Buerger, CEO of Coventry First, Fort Washington, Pa. The first contribution was made on Nov. 14, 2005 for $1,000 with a second donation of $1,000 following on Aug. 14, 2006. A $1,000 donation was also made by Constance Buerger, CFO of Coventry First on Nov. 14, 2005.
–Rep. Godshall–A $1,500 donation was made by Alan and Constance Buerger on April 17, 2007. On the same date, a $1,000 contribution was made by Michael Freedman, listed as senior vice president of Coventry First.
–Sen. Hudgens–A $1,000 campaign contribution was made by Coventry First on Oct. 11, 2005. On Dec. 2, 2005, a $500 campaign contribution was made by Prudential Financial, Newark, N.J., and, on Dec. 5, 2005, the American Council of Life Insurers, Washington, made a $500 campaign contribution.