What does VSMA stand for?

In June 2007, the National Association of Insurance Commissioners adopted several amendments to the Viatical Settlements Model Act, also aimed at STOLI, which it said would both strengthen consumer protections in the life settlement marketplace and impose a five-year ban for settling a life insurance policy.

1 Although the Model Act and the amended Viatical Settlements Model Act adopted earlier this year by the National Association of Insurance Commissioners (NAIC) have similar objectives, there are several substantive differences between the two model acts.

The Viatical Settlements Model Act [subsections] 5, 10 (1994), available at http://www.

The National Association of Insurance Commissioners (NAIC) initially developed the Viatical Settlements Model Act (Model) over 11 years, from 1993 to 2004.

ATLANTA -- The National Association of Insurance Commissioners (NAIC) has adopted amendments to its Viatical Settlements Model Act.

On behalf of the Life Insurance Finance Association, I would like to agree yet disagree with Bruce Ferguson's assessment of the work on the NAIC Viatical Settlements Model Act.

The National Association of Insurance Commissioners (NAIC) developed the current Viatical Settlements Model Act and Regulation over eleven years, from 1993 to 2004 (the Model), some version of which has been adopted by as many as 40 states.

Recording of Webinar Available for Purchase ATLANTA -- In response to the National Association of Insurance Commissioners' (NAIC) decision to re-adopt the changes to the Viatical Settlements Model Act and in anticipation of the upcoming National Conference of Insurance Legislators (NCOIL) meetings, the Life Insurance Finance Association (LIFA) announced its position on the passage and the impact of this model on consumers and the premium-finance business.