An NAIC sub-group just voted to continue to exclude credit life insurance from coverage by the NAIC’s Unclaimed Life Insurance and Annuities Model Act. The model act provides standards for identifying deceased individuals who deaths may require insurers to pay benefits to beneficiaries under life insurance policies, annuity contracts or retained asset accounts. (Otherwise, the benefits might go unclaimed.) View the Unclaimed Life Insurance and Annuities Model Act.
ABIA had urged the working group to retain the exemption for credit life insurance.
ABIA worked with the Consumer Credit Insurance Association (CCIA) in this successful effort.
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