Life Settlement Model Act
The NCOIL Life Settlements Model Act
The National Conference of Insurance Legislators (NCOIL) adopted a the Life Settlements Model Act on November 16, 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 email@example.com. NCOIL is a body representing legislators from many states with a particular interest and focus on insurance regulation.
The NAIC Viatical Settlements Model Act
The National Association of Insurance Commissioners (NAIC) passed a Viatical 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 was revised in 2012 and will likely be adopted in 2013.