National Underwriter Life and Health

A bill has been proposed in Maine that would clarify a state law requiring life insurance companies to notify policy holders of their option to sell their policy rather than let it lapse.

The new bill, LD 1523,  seeks to amend PL 2009, c. 376, which was signed into law in June by Gov. John Baldacci. That law requires life insurers to inform individuals that there are alternatives, including life settlements, to surrendering their policy or allowing it to lapse.

Commentary by Michael Abraham:

This is good news and a victory for common sense! Let us hope that more states take this position.

http://www.lifeandhealthinsurancenews.com/News/2010/1/Pages/Maine-Amends-Life-Settlement-Law.aspx

Published on 18 Jan 2010 at 07:44 am