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NCOIL to Look at Policy Conversions and Life Settlements

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A life settlement issue will be on the agenda during the upcoming summer meeting of the National Conference of Insurance Legislators (NCOIL).

NCOIL, Troy, N.Y., has included a discussion of the relationship between life insurance policy conversions and life settlement transactions on the list of topics that could come up at a session on life insurance and financial planning issues.

NCOIL is set to start the 4-day meeting July 14 in Newport, R.I.

Some holders of term life policies have used conversion features to convert to permanent life insurance policies, then sold the permanent policies to life settlement providers.

Interested parties have asked whether laws meant to prevent “stranger-originated life insurance” transactions apply to the converted policies.

- Allison Bell

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