Through Special Act No. 11-13, the Connecticut legislature has established a task force, “to examine: (1) ways to allow an insured under a life insurance policy or a contract holder of an annuity to convert such policy or annuity to a long-term care policy; and (2) the implications of requiring life insurance companies to notify their policyholders of the option to enter into a life settlement contract as an alternative to the lapse or surrender of a life insurance policy.” The task force is charged with submitting recommendations and a report on its findings to the Insurance and Real Estate Committee of the Connecticut General Assembly by January 1, 2012.
The task force, which will terminate upon submission of its report and recommendations, will consist of individuals appointed by designated leaders of the Connecticut legislature as follows: (1) two appointed by the speaker of the House of Representatives; (2) two appointed by the president pro tempore of the Senate; (3) one appointed by the majority leader of the House of Representatives; (4) one appointed by the majority leader of the Senate; (5) one appointed by the minority leader of the House of Representatives; and (6) one appointed by the minority leader of the Senate. Either the Connecticut Insurance Commissioner or his designee will serve on the task force as well.
Appointments should have been in place as of August 13th, but are still being finalized as of October 4, 2011, according to the Insurance and Real Estate Committee.