The National Conference of Insurance Legislators (NCOIL) decided on a conference call Tuesday that it would meet next month to discuss a proposed law to regulate life settlements. The meeting will be held either the week of Oct. 15 or Oct. 22. The location hasn’t been decided. NCOIL is made up of state legislators who sit on insurance committees. It’s developing a set of guidelines for state legislatures to use in developing laws to regulate life settlements.
NCOIL’s proposal differs markedly from the model act on life settlements offered by the National Association of Insurance Commissioners (NAIC). George Keiser, a North Dakota legislator who heads NCOIL’s life settlements subcommittee, wants to look at regulating trusts formed for the benefit of investors who take out life insurance on people they have no relationships with. Keiser says he wants to prevent stranger-originated life insurance, but not interfere with legitimate trusts.
The competing model act approved by the NAIC does not address trusts. NCOIL plans to adopt its model legislation at its Nov. 14-18 meeting in Las Vegas, so it will be ready to put its proposal before state legislatures next year.
Call 1-888-973-8377 to discuss life settlement oppotrunities.
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