NCOIL May Write Model Annuity Act
Posted March 08, 2010 6:37PM PST

The National Conference of Insurance Legislators will try to write model legislation regarding the secondary market for annuities, NCOIL President Robert R. Damron said.

Such model legislation could serve as a basis for state regulation of annuities.

Annuities with living and death benefits were discussed by NCOIL's Life Insurance & Financial Planning Committee on Saturday at the group's spring meeting in Isle of Palms, S.C.

Damron, who is also a Kentucky state representative, said there was discussion on how to prevent stranger-originated annuity transactions such as those that were sold by Rhode Island attorney Joseph Caramadre. Caramadre is under federal investigation and is accused of fraud in lawsuits by insurance carriers. He is accused of soliciting dying people to take out annuities with death benefits for his investors.


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