NCOIL TO DISCUSS PROBLEMS FACING LIFE INSURANCE PREMIUM INCREASES
January 23, 2018 by NCOIL
New York Assemblywoman Pam Hunter to Offer Recently Issued New York Regulations as a Starting Point for Discussion/Development of NCOIL Model Law
Manasquan, N.J. – The NCOIL Life Insurance and Financial Planning Committee will meet at the 2018 Spring Meeting and discuss legislative solutions to unjustified life insurance premium increases.
“This is another example of NCOIL’s emphasis to discuss emerging issues in a timely manner” said Commissioner Tom Considine, NCOIL CEO. “Our continued goal is to educate legislators and determine if a legislative solution is necessary.”
This issue has been examined in New York where the Department of Financial Services (NY DFS) issued regulations that go into effect in March to better protect consumers from increases. The regulations provide the NY DFS the ability to review increases prior to implementation to ensure compliance with relevant law.
“This is a subject that is worthy of discussion during the Life Insurance & Financial Planning Committee” said AR Rep. Deborah Ferguson, Chair of the NCOIL Life Insurance & Financial Planning Committee. “I look forward to learning more about this issue and hearing about proposed legislative solutions to the problems consumers are facing.” Participants will be announced in the coming days.
“This is an important issue to ensure consumers are protected from unjustified increases” said NY Assemblywoman Pam Hunter. “I am grateful that the committee will discuss potential legislative solutions. The regulations from my home State serve as a solid foundation to begin these discussions.”
A copy of the New York regulations is below. Interested parties are encouraged to submit any comments to NCOIL Legislative Director, Will Melofchik at wmelofchik@ncoil.org.
The Life Insurance & Financial Planning Committee is scheduled to meet on Saturday, March 3 at 9 a.m. at The Whitley in Atlanta, GA. Registration is open and can be found at www.ncoil.org/register-now.
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NCOIL is a national legislative organization comprised principally of legislators serving on state insurance and financial institutions committees around the nation. NCOIL writes Model Laws in insurance and financial services, works to both preserve the state jurisdiction over insurance as established by the McCarran-Ferguson Act seventy years ago and to serve as an educational forum for public policy makers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making state policy when it comes to insurance and educate state legislators on current and perennial insurance issues.
For Immediate Release
January 23, 2018
Contact: Paul Penna
(732) 201-4133