NCOIL model may offer respite for middle-class Americans struggling with long term care costs We see it in the headlines almost every day. Between the senior population already in the long term care system and the baby boomers now hitting the Social Security and Medicare age at a rate of more than 10,000 per day, it is now safe to say that the long term care funding crisis has arrived. In the midst of the most persistent economic downturn since the Great Depression, the long…
Posts tagged "Insurance Disclosure"
First it was passed in Washington State. Oregon and Maine soon followed with similar laws and now more states are in the process of following their lead. The law that started out small but is now growing fast is the Life Insurance Consumer Disclosure Law and now the National Conference of Insurance Legislators (NCOIL) is drafting a model law for every state legislature in the country. It will require that life insurance companies inform policy owners that they have numerous alternative means to extract value…Health Care for Seniors, Insurance Disclosure
Chris Orestis discusses Life Insurance Consumer Disclosure legislation before the NCOIL Life Insurance and Financial Services Committee (July 9, 2010)— Life Care Funding Group’s president, Chris Orestis testified in Boston on Friday, July 9th about the important role that Consumer Disclosure Legislation in states such as Maine, Washington, Oregon and Kentucky can have as a model for other states to consider in the coming legislative year. The legislation enacted in these four states has become an important precedent as it compels life insurance companies to…Health Care Industry, Insurance Disclosure
Senate and House send LD 1523 to Governor for Signature For Immediate Release (April 1, 2010) – Life Care Funding Group applauded the actions taken this week by the Maine state Senate and House of Representatives as well as the office of the Superintendant of Insurance to protect Maine’s life settlement disclosure law for everyone regardless of the size of their life insurance policy. Maine passed a law last year requiring the insurance industry to inform every life insurance policy owner in the state…Insurance Disclosure, State Bills
The Governor of the state of Maine signed into law a bill requiring life insurance companies to inform policy owners of the state their legal right to engage in a life settlement instead of allowing a policy to lapse or be surrendered. Maine and Washington State are now the first two states to pass this important consumer protection law. Many more states, including Kentucky and Indiana, are currently considering the laws adoption. The consumer protection law also prohibits insurance companies from engaging in anti-consumer activities….Insurance Disclosure, Insurance Settlement