The National Conference of Insurance Legislators has restated its commitment to a Life Settlements Model Act adopted by its Executive Committee in November.
In a letter sent to legislative leaders and insurance committee chairs of the NCOIL, Brian Kennedy, a legislator from Rhode Island who is president of the group, reaffirmed the NCOIL's belief that the model will address alleged abuses involving stranger-owned life insurance.
"I would encourage you to introduce the NCOIL proposal, as we believe that it is a strong model that protects the property rights of individual policy owners while addressing STOLI abuses," Kennedy wrote.
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