Post by Sapphire Capital on Aug 20, 2008 20:25:30 GMT 4
Stranger-Originated Life Insurance: How the NAIC Tamed an Old Dog with a New Trick
Adam Flood
Hamline University School of Law
July 17, 2008
Abstract:
This paper analyzes the efficacy of the NAIC's recent attempt to reign in the practice of Stranger-Originated Life Insurance, focusing on industry counter-arguments that the regulations abrogate an individual's property right in one's insurance policy. To wit, it suggests that the NAIC's five-year settlement prohibition should be restated as a refutable assumption that entering into a life settlement within five years of policy issuance is evidence of a wagering policy.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1162492_code1052263.pdf?abstractid=1162492&mirid=2
Adam Flood
Hamline University School of Law
July 17, 2008
Abstract:
This paper analyzes the efficacy of the NAIC's recent attempt to reign in the practice of Stranger-Originated Life Insurance, focusing on industry counter-arguments that the regulations abrogate an individual's property right in one's insurance policy. To wit, it suggests that the NAIC's five-year settlement prohibition should be restated as a refutable assumption that entering into a life settlement within five years of policy issuance is evidence of a wagering policy.
papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1162492_code1052263.pdf?abstractid=1162492&mirid=2