NCOIL to Discuss Problems Facing Life Insurance Premium Increases

MANASQUAN, New Jersey, Jan. 23 -- The National Conference of Insurance Legislators issued the following news release:

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 [email protected].

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.

View attached document here: http://ncoil.org/wp-content/uploads/2018/01/Model-re-unjust-life-rate-increases-hearing-FINAL.pdf