NCOIL Committee Continues Carrier Gag Issue to July Meeting
Posted March 08, 2010 6:37PM PST

A committee of the National Conference of Insurance Legislators (NCOIL) that explored whether insurers prevent their agents from discussing life settlements has continued the discussion to its July conference in Boston.

NCOIL's Life Insurance and Financial Planning Committee heard testimony Saturday at its conference in Isle of Palms, S.C., from Michael Freedman, senior vice president of government affairs for provider Coventry First; and John Gerni, regional vice president of state relations for the American Council of Life Insurers (ACLI).

Georgia state Sen. Ralph Hudgens, who is chairman of the committee, said Freedman testified that there is a problem with carriers banning agents from discussing settlements and the industry would like the issue addressed.

Gerni testified that captive agents are under no obligation to tell customers about the settlement market, Hudgens said.

If the committee decides the gag on agents is a problem, it could revise NCOIL's life settlement model act or develop a new one requiring disclosures to consumers, Hudgens said.

Model legislation proposed by NCOIL is sometimes used as the basis for insurance laws passed by state legislatures.


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