The National Association of Insurance Commissioners is poised to change its policy on adopting insurance model laws by requiring two-thirds of the commissioners to vote in favor of the measure and commit to push for passage of the model in their states.
The policy change was discussed during a regulatory update of The Life Insurance Conference in Atlanta on Tuesday.
During the session a question was raised about amendments to the Viatical Settlement Model Act that would be adopted during the June NAIC meeting in San Francisco. Georgia Insurance Commissioner John Oxendine, a panelist, said that while the model has support among commissioners, a new policy requiring a two-thirds vote might pose a hurdle for the model's full adoption. He then explained that the new policy, which he said was agreed to by members, is scheduled to be in place by the June meeting.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
