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NAIC resolution on investor-owned life affirms insurable interest.(NAIC MEETING COVERAGE)(National Association of Insurance Commissioners)
- Article from:
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National Underwriter Life & Health
- Article date:
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June 20, 2005
- Author:
- Connolly, Jim
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REGULATORS MEETING HERE voted to adopt a resolution opposing the expansion of state insurable interest laws.
Action was taken during the summer meeting of the National Association of Insurance Commissioners.
The resolution calls on the Life Insurance and Annuities "A" Committee of the NAIC to "strongly oppose efforts to expand state insurable interest laws to permit the use of charities to allow private investors to purchase life insurance on individuals with whom investors have no relationship." The resolution now passes to NAIC executive and plenary committees.
Jim Poolman, chair of the "A" Committee and North Dakota insurance commissioner, said the resolution ...