NCOILNational Council of Insurance Legislators
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For the sake of tens of thousands of hardworking Americans who face the painful choice between paying rent, buying groceries, getting medical care or settling a claim for pennies on the dollar because insurance companies can wait them out, let's hope our elected leaders C like those represented in NCOIL - will have the wisdom to put consumers first and maintain Consumer Legal Funding as an option for those who need it," said Ralph Shayne, CEO of Oasis Legal Finance.
At the time, PCI testified before the NCOIL P&C Committee that a model law on binders was superfluous as the states have well-established laws on binders that function well.
During testimony at NCOILs annual meeting to consider passing the Model Law, Life Care Funding Group offered the following example:
He noted NCOIL was "pleased with the NAIC's willingness to work together with us on regulatory modernization - particularly in the area of market conduct reform.
See Diane West, Viatical Model Act Adopted by NCOIL, Nat'l Underwriter, July 28, 1997, at 21.
Bill Botzow, who heads the NCOIL Workers' Compensation Insurance Committee, defended the resolution, saying it is designed to be a framework against which states may compare, expand and enhance their own requirements.
NCOIL (National Conference of Insurance Legislators), 2007, Life Settlements Model Act.
NCOIL declared that final passage of the Life Insurance Consumer Disclosure Model Law is intended to be "a strong stand for life insurance policy owners and would empower consumers through education about their options.
According to NCOIL, "The stability of state-regulated insurance companies during this ongoing financial crisis, as compared to other financial sectors, demonstrates the effectiveness of our state insurance laws and regulations.
Also signing were NCOIL President Kathleen Keenan and Donna Stone, who chairs NCSL's Financial Services Standing Committee.
On April 11, 2012, Kentucky became the first state to pass a law based on the NCOIL model, which stipulates that life insurance companies must perform a regular comparison between in-force life insurance policies and retained asset accounts against the Social Security Administration's Death Master File (DMF) to identify matches with insureds.
July 16-19: NCOIL Summer Meeting, National Conference of Insurance Legislators, Indianapolis.