The NCOIL Life Settlements
Model Act
The National Conference of Insurance Legislators (NCOIL) adopted
a new Life Settlements Model Act on November 16th,
2007. LISA endorsed that Act upon its adoption. The current
Model is available at the NCOIL site,
www.ncoil.org and a copy can be obtained for $50. If you are
interested in updates about the NCOIL Model, please contact us
via e-mail at
support@lisassociation.org.
NCOIL is a body representing legislators from many states with a
particular interest and focus on insurance regulation.
The NAIC Life Settlements Model Act
The National Association of Insurance Commissioners (NAIC)
passed a Life Settlements Model Act Revision in June of 2007.
That Model is highly controversial and opposed by LISA. Our
principle objections lay in the area of the retraction of
consumer rights and a number of areas in which we feel that the
model damages the interests of participants in the insurance
industry and makes life settlements difficult for consumers. We
also are concerned about language which may conflict with other
areas of law, especially securities and banking law. We have
traditionally opposed minimum pricing provisions which have been
proven to be unworkable. The Model Legislation has been enhanced
with a Model Regulation, which will theoretically get attention
now that there is a new Model Act.
