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FOR IMMEDIATE RELEASE NEW LIFE INSURANCE GUIDELINES SAN FRANCISCO (June 2, 2008) — Members of the National Association of Insurance Commissioners (NAIC) today adopted guidelines that protect insurance consumers from discriminatory underwriting practices in the sale of life insurance. “Americans should not be denied life insurance simply because of where they might travel,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “These new guidelines ensure that insurance consumers are treated in a fair and non-discriminatory manner.” The changes to the NAIC Unfair Trade Practices Model Act limit an insurer’s ability to refuse life insurance because of lawful past travel or, under specific circumstances, lawful future travel. Specifically, future travel cannot be the basis for a coverage decision unless travel to a specific destination at a specific time is found, based on sound actuarial principals and actual or anticipated experience, to create a risk of loss greater than that for individuals who do now travel to that place at that time. Travel to a destination where the U.S. Centers for Disease Control and Prevention has issued an alert or warning or where there is an ongoing armed conflict involving a foreign army is deemed a valid basis for refusing to offer or limiting coverage.
About the NAIC Headquartered in Kansas City, Mo., the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit www.naic.org/press_home.htm.
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©2008 National Association of Insurance Commissioners. All rights reserved. | ||
