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 Life Policy Group:
This is good news. Let’s hope that more States take this position.
Read the original article here
Tags: life settlement law maine