A key National Association of Insurance Commissioners (NAIC) committee agreed late Friday to determine whether guidelines should be developed to provide consistency in the handling of unclaimed death benefits.

The decision was made after considerable debate by the NAIC's Life Insurance and Annuity Committee. It was made at the urging of NAIC President Tom Donelon and Nebraska Insurance Director Bruce Ramge and because state regulators are under considerable pressure from the industry.

The American Council of Life Insurers (ACLI) is leading the charge on behalf of its members. In several letters to the NAIC, ACLI officials have called attention to the "challenges life insurers face in complying with the growing inconsistency and complexity of the regulatory framework for unclaimed benefit administration," and has demanded that the NAIC, as the industry "standard-setting organization," craft uniform guidelines, a model law or guidance on the issue.

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