At its July 15, 2011 meeting, the National Conference of Insurance Legislators (“NCOIL”) Life Insurance and Financial Planning Committee resolved to pursue amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. The move comes in response to recent investigations into the claims settlement practices of life insurance companies in connection with their alleged failure or delay in paying death benefits under life insurance and related products. A summary of the proposed amendments is available here.
It is expected that the Committee will present the proposed amendments to the NCOIL Executive Committee for consideration at the annual meeting in November.
Click here for a copy of the NCOIL press release announcing the Committee’s resolution to amend the Beneficiaries’ Bill of Rights Model Act.