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Life Insurance Settlements

Lisa Rehburg, Broker

  • Writer's pictureLisa Rehburg

LISA Testifies Before NCOIL

Congressional Chamber

LISA, the Life Insurance Settlements Association, testified because NCOIL was reauthorizing their Life Settlements Model Act, which was last amended in 2007. This is important because the Model Act paved the way for state regulation and eliminated loopholes to regulation, creating a safe solution for clients.

The two items that LISA highlighted as proposed amendments are both positive and essential to giving clients timely results:

  • Requiring carriers to turnaround illustrations and verifications of coverage within 21 days. Currently, insurance companies sometimes delay release of information if they know a life settlement transaction is taking place, which hurts clients.

  • Making it unlawful for an insurer to “prohibit a life insurance producer or broker from disclosing to a client the availability of a life settlement contract.” Many clients simply do not know about selling their life insurance policy, because they do not know that life insurance settlements exist. Part of the reason is because some insurance companies prohibit their agents from talking about them.

Read the full article here: LISA Testifies Before NCOIL

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