The NCOIL Life Settlements Model Act
The National Conference of Insurance Legislators (NCOIL) adopted the Life Settlements Model Act on November 16, 2007, which was re-adopted in March 2014. LISA endorsed that Act upon its adoption and re-adoption. The current Model is available on NCOIL's website, please click here to view the Model. NCOIL is a body representing legislators from many states with a particular interest and focus on insurance regulation. For more information on NCOIL please visit http://ncoil.org/.
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 adopted in 2013.