Life Insurance Finance Association Hosts Webinar to Discuss NAIC Viatical Law.Model Act Harmful to Consumer Rights; LIFA LIFA Licensed International Financial Analyst
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ATLANTA -- In response to the National Association of Insurance Commissioners' (NAIC) decision to re-adopt the changes to the 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 and upcoming National Conference of Insurance Legislators (NCOIL NCOIL National Council of Insurance Legislators ) meetings, the Life Insurance Finance Association (LIFA) will host a webinar on April 17 at 10 a.m. PT to discuss the impact of this model, the potential for adoption in the states and the role of the NCOIL.
"The actions taken by the NAIC threaten the existence of many insurance-related businesses and take away consumer rights," said Scott Cipinko, executive director, LIFA. "We encourage all who are involved in the industry to attend the LIFA webinar to learn how this decision could potentially impact the industry and how they might influence future decisions."
Cipinko added that the problem is, whether through carelessly overbroad scope or through opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik)
1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances.
2. overreaching Exploiting a situation through Fraud or Unconscionable conduct. , most of the proposed remedies offered to the problem of stranger-initiated life insurance are so broad that they end up prohibiting or severely limiting legitimate life insurance premium-finance transactions and thereby harming the consumers they were trying to protect. Restricting the availability of proper life insurance premium-finance loans does a tremendous disservice dis·ser·vice
A harmful action; an injury.
a harmful action
Noun 1. to consumers and everyone else involved in the creation and maintenance of this valuable product.
"NCOIL will be meeting again in the next few months; however, the NAIC action was taken prior to the meeting and despite the NCOIL vote telling NAIC not to accept the proposal," said Cipinko. "As a result of the situation raised by the inability or refusal of the NAIC committee to fully discuss the model and once again rushing the judgment, LIFA will hold a webinar Tuesday, April 17 to give the life insurance-finance industry a voice in the matter."
Further, LIFA will discuss ongoing litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. and other related matters during the webinar. The cost to attend the webinar is $195 per person. The webinar registration fee can be put toward membership to LIFA if registrants sign up for an annual membership costing $1,000 at the time of registering for the webinar. Most major credit cards will be accepted as a form of payment. To register for the event, contact Angie Robert at firstname.lastname@example.org or 858/576-8067. For more information regarding LIFA's position on these issues, contact Cipinko at 678/858-4001 or email@example.com.
The Life Insurance Finance Association is a nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive.
Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. , professional trade association and its members are comprised of individuals and companies involved in the life insurance premium finance industry. LIFA 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.