NAIC Panel Sets Life Settlement Goals

By Trevor Thomas

February 15, 2011 at 07:00 PM

Share & Print

The Life Insurance and Annuities Committee at the National Association of Insurance Commissioners (NAIC) has added life settlement items to a description of its charges for 2011.

The committee handles life and annuity matters for the NAIC, Kansas City, Mo., and it oversees the NAIC's Life and Health Actuarial Task Force.

In 2011, committee charges will include learning more about stranger originated/owned annuities, studying how these arrangements may relate to state insurable-interest laws, and looking into the impact these products might have on consumers.

The review could lead to revisions to the NAIC'S Viatical Settlements Model Act or even to the drafting of a new model act, the committee says.

The committee also plans to:

Appoint a new working group to review and perhaps revise the NAIC's Viatical Settlements Model Regulation.
Review a life settlement industry report prepared by the Life Settlements Task Force at the U.S. Securities and Exchange Commission.
Review a life settlement industry report prepared by the U.S. Government Accountability Office.

- Trevor Thomas

NOT FOR REPRINT