SOURCE: Life Insurance Settlement Association
November 05, 2008 12:16 ET
Life Insurance Settlement Association Announces 2009 Legislative Forecast: Consumers First
ORLANDO, FL--(Marketwire - November 5, 2008) - The Life Insurance Settlement Association
(LISA) recently announced the organization's forecast and priorities for
state and federal legislation in 2009. Doug Head, LISA's Executive
Director, said he anticipates that public policymakers will continue to put
"consumers first" as more Americans are aware -- and more are in need -- of
selling their policies rather than surrendering them for a "grossly
inadequate" cash surrender value.
"The life settlement market continues to grow in direct response to
consumers' awareness and need to access the true market value of their
policies," said Head, adding: "Despite the protectionist efforts of life
insurers and their subsidiary organizations to impair consumers' access to
information and assistance about life settlements, public policymakers have
reaffirmed that the century-old property rights and value of life insurance
is best left in the hands of American consumers."
Head said: "LISA will continue to lead national efforts to adopt state laws
to regulate the life settlement market and address concerns about
stranger-originated life insurance (STOLI)." In 2009 as many as 20 states
are expected to consider life settlement/anti-STOLI legislation. LISA
supports legislation based on the National Conference of Insurance
Legislators (NCOIL) life settlement model act and, Head noted, "life
insurers supported such NCOIL-based legislation in numerous states in 2008,
including in California, New York, Kansas, Connecticut and Kansas, and
several others."
Also, Head said: "In 2009 LISA will focus attention on life insurers'
anti-consumer market conduct that impairs policyowners' access to life
settlements and other secondary market transactions." LISA will support
legislation and enforcement against carriers' conduct that harms consumers
and threatens insurance producers who ethically assist them. LISA will
promote adoption of consumer protection legislation that informs
policyowners about the option of a life settlement, prohibits insurance
companies from interfering with life settlements and protects life
insurance agents who lawfully assist a policyowner with a life settlement.
LISA will also support efforts to bring fairness and parity to the taxation
of life insurance as an investment.
For additional information attend the LISA's 14th Annual Fall Conference,
November 6-7, in Washington, DC and visit us at www.lisassociation.org.