State Insurance Lawmakers Approve a Business Transfer Model
April 8, 2020 by Allison Bell
A group for state-level lawmakers with an interest in insurance has completed work on a document that could eventually affect what happens when one insurer shifts responsibility for a life insurance policy or annuity contract to another insurer.
Members of the National Council of Insurance Legislators (NCOIL) recently approved the Insurance Business Transfer Model Act.
State-level officials are in charge of most efforts to regulate the business of insurance in the United States.
State-level lawmakers can choose to base their own bills completely or partly on models from NCOIL or other organizations.
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