Copyright 2008 Market Wire, IncorporatedAll Rights Reserved Market Wire November 5, 2008 Wednesday 9:16 AM GMT
LENGTH: 418 words
HEADLINE: Life Insurance Settlement Association Announces 2009 Legislative Forecast: Consumers First
DATELINE: ORLANDO, FL; Nov 05, 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.
Contact:
Doug Head
LISA Executive Director
Email Contact
SOURCE: Life Insurance Settlement Association
LOAD-DATE: November 5, 2008
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