Life Insurance Finance Association Conference Reinforces Industry Support for Consumer Rights.Overflowing Crowd Actively Participates in Discussions on Industry Regulation NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- At the first Life Insurance Finance Association conference, held Wednesday, Nov. 29, participants reinforced the importance of reasonable regulation of the life insurance premium-finance industry to protect consumer rights. "There was overwhelming interest by all segments of the life-insurance industry in the conference and by the time everyone arrived there was standing room only," said Scott Cipinko, executive director, Life Insurance Finance Association. "Premium finance is a prominent topic that garners substantial interest, and our dynamic panel of speakers, including Louisiana Insurance Commissioner Hon. Jim Donelon James J. "Jim" Donelon (born December 14, 1944) has been the Republican insurance commissioner of Louisiana since February 15, 2006. Though he has been actively involved in Louisiana politics since the early 1970s, it is said that he is unrecognized by many of his state's 2. and Hon. Gregory Serio, former superintendent of the New York State Insurance Department, covered reasonable industry regulation, the proposed draconian dra·co·ni·an adj. Exceedingly harsh; very severe: a draconian legal code; draconian budget cuts. [After Draco. five-year prohibition on the sale of a policy and protection of consumer rights." The Life Insurance Finance Association and most attendees expressed their concerns about the sale of stranger-initiated life insurance transactions that insurance regulators seek to stop by imposing a five-year ban on the re-sale of life insurance policies in the secondary market. The ban falls short of addressing the real concern of violations of insurable interest A right, benefit, or advantage arising out of property that is of such nature that it may properly be indemnified. In the law of insurance, the insured must have an interest in the subject matter of his or her policy, or such policy will be void and unenforceable since it in stranger-initiated life insurance transactions and merely recharacterizes them as regulated life settlements. However, it was made clear these transactions have mutated, now relying on the moving of the ownership of trusts that own life-insurance policies used to evade the reach of the NAIC NAIC See National Association of Investors Corporation (NAIC). Viatical Settlements viatical settlement Arrangement by which a terminally ill patient's life-insurance policy is sold to provide funds while the insured (viator) is living. The buyer (funder), usually an investment company, pays the patient a lump sum of 50–80% of the policy's face Model Act; therefore, the problem will not be resolved by the passing of such a five-year ban. The Life Insurance Finance Association is currently working on this issue with regulators to try to design a way to deal with stranger-initiated life insurance without endangering consumer rights, added Cipinko. Legal experts agreed that the proposed five-year prohibition on the sale of a life insurance policy would be ineffective in fighting the sale of stranger-initiated life insurance. The experts also concluded the five-year ban will hurt consumers seeking to sell traditionally owned policies as well as policies financed through premium-finance loans which do not bear the characteristics of stranger-initiated life insurance after the standard two-year contestability period for estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the purposes. "Industry events like these help promote the reasonable regulation of the premium-finance industry by bringing all sides together openly to discuss hot-button issues," said Cipinko. "The magnitude of interest in the conference signifies a substantial hunger for an industry voice, which is why the Life Insurance Finance Association will continue to host more events like this conference." For information of this year's Life Insurance Finance Association conference - sponsored by Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. ; Lord, Bissell & Brook, LLP LLP - Lower Layer Protocol ; and O'Melveny & Meyers, LLP - and upcoming events, visit www.lifaorg.org. For more information about becoming a member of the Life Insurance Finance Association, contact Cipinko at 678-858-4001 or scipinko@lifaorg.org. The Life Insurance Finance Association is a nonprofit, professional trade association and its members are comprised of individuals and companies involved in the life insurance premium finance industry. LIFA LIFA Licensed International Financial Analyst LIFA Latino Immigration Fairness Act (USA) was founded to provide an open dialogue between and among life insurers, premium finance lenders, life insurance agents, brokers and insurance regulators, to provide consumer advocacy, and to foster a better understanding among participants in the life insurance and premium finance marketplace, state and federal policy makers, and the general public. For additional information, visit www.lifaorg.org. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion