Last week in Seattle, we attended the 2007 Summer Meeting of the National Conference of Insurance Legislators (“NCOIL”), an organization of state legislators whose main area of public policy concern is insurance legislation and regulation. It was a very interesting and informative conference, and several topics were discussed, including a proposed guaranty fund model act; predatory lending in the housing market; state efforts to regulate title insurance; state laws addressing large deductible policies; draft model act regarding rental vehicle damage waivers; current United Kingdom and European Union regulatory developments; surplus lines compact; and lack of uniformity in state producer and company licensing.
Of note, the NCOIL Life Insurance and Financial Planning Committee (the “Committee”) and Subcommittee on Life Settlements (the “Subcommittee”) considered proposed amendments to the NCOIL Life Settlement Model Act (the “Act”). NCOIL completed its review of interested party amendment proposals and will be reviewing additional interested party amendment proposals before NCOIL’s meeting in November of 2007, when it hopes to vote on a final model Act. The Committee and Subcommittee addressed such issues as investor owned life insurance, licensing requirements, reporting requirements, privacy, premium financing and advertising. Click here to view proposed amendments to the Act.
Minutes of the NCOIL 2007 Summer Meeting will be posted on the NCOIL website within the next month.