According to an article recently posted in the Life Settlements Report members of the life settlement association known as LISA and the National Conference of Insurance Legislators (NCOIL) will be meeting in Boston to discuss consumer disclosure.
Only four States have adopted consumer disclosure laws, those include Oregon, Main, Kentucky, and Washington. These States have laws that mandate insurance companies disclose the option of life settlements to their customers prior to policy lapse.
Both the life settlement association (LISA) and NCOIL support legislation on consumer disclosure, stating it is the consumer’s right to know what their options are. However the American Council of Life Insurers, representing major insurers, opposes this type of mandate. The ACLI states this type of disclosure only provides business to the competing settlement industry.
The NCOIL will hear both sides of this argument and decide how to proceed in regulating legislation of the insurance industry in the future.
For more information on the life settlement association (LISA) or the National Conference of Insurance Legislators and how they affect you the consumer click the LIVEpdq link today!