AIA, PCI Issues Joint Statement on NCOIL’s Letter
* * *
At its annual meeting,
"We are pleased that NCOIL has continued to voice strong concern regarding ALI's proposed Restatement of the Law,
"AIA and PCI agree with NCOIL that, absent meaningful change, the Restatement should not be recognized by courts as an authoritative reference regarding established rules and principles of insurance law.
"We look forward to working with ALI on addressing the sections of the Restatement that stray from sound, fundamental insurance contract law and may have adverse consequences for policyholders and the insurance marketplace."
Background:
Largely unknown to the public, the ALI, a private group of lawyers and legal scholars, provides judges and lawyers with "Restatements," written documents that "aim at clear formulations of common law... as it presently stands or might appropriately be stated by a court." For nearly a century, these documents have been looked upon as authoritative summaries and continue to be regularly cited by judges- almost like a trusted court-side companion for staying within the boundaries of the common law.
In recent years, however, the ALI has begun drafting Restatements that are neither clear nor reflective of the actual law. To the contrary, these Restatements have been more aspirational - not neutrally describing the current state of the law, but instead directing where the authors think it ought to go.
The
Our membership is comprised of more than 320 companies, collectively writing more than
We have the experience of a veteran organization coupled with the innovative ideas that drive our industry forward. AIA is leading the insurance industry into the second half of the 21st Century... today.
Health Insurance Innovations, Inc. Files SEC Form 4, Statement of Changes in Beneficial Ownership of Securities: (Nov. 20, 2017)
Axa Equitable Life Insurance Co Files SEC Form 10-Q, Quarterly Report [Sections 13 Or 15(D)]: (Nov. 21, 2017)
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News