For Immediate Release
November 27, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL ELECTS MAJORITY-DIVERSE OFFICER GROUP, ADOPTS POLICY ON TIMELY AND IMPORTANT INSURANCE ISSUES
Oliverson Elected President; Ohio Gov. & Lt. Gov. Deliver Addresses

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) concluded a successful 2023 Annual National Meeting (Meeting) from November 15th – 18th in Columbus, OH. In what was the last of the organization’s three National Meetings in 2023, there were 347 participants consisting of 52 legislators from 25 states, 7 first-time legislators, 6 Insurance Commissioners (or equivalent), and 16 total insurance departments represented.

Additionally, a new slate of Officers was elected for the upcoming year which featured a majority-diverse group for the first time in NCOIL history. Louisiana Representative Edmond Jordan will serve as Secretary, the first step in the NCOIL Officer ranks, Minnesota Senator Paul Utke will serve as Treasurer, New York Assemblywoman Pamela Hunter will serve as Vice President, and Texas Representative Tom Oliverson M.D., will serve as President. Outgoing President Representative Deborah Ferguson, DDS, will serve as Immediate Past President.

“During my final meeting as NCOIL President, I was pleased to see the organization finish off 2023 in a really strong way and continue building on the momentum of the past few years,” said Arkansas Representative Deborah Ferguson, DDS, who concluded her term as NCOIL President at the conclusion of the Meeting. “In addition to advancing our policy priorities, we have strived this past year to create an atmosphere that is more welcoming for people of diverse viewpoints to contribute to our discussions which really is key in reaching consensus on the issues. As our membership has changed, so too has our Officer Group evolved naturally so that over the past few years has come to be more reflective of America as a whole.”

The packed agenda featured discussions on topics such as: the continued growth and prevalence of artificial intelligence; the return of the U.S. Department of Labor’s Fiduciary Rule; insurance issues related to catalytic converter theft; medical loss ratios for dental (DLR) health care services plans; public adjuster professional standards reform; and more.

NCOIL CEO Commissioner Tom Considine said, “NCOIL rounded out 2023 in a very strong way which is a testament to the hard work of President Ferguson and the Officers as well as our Committee leadership and everyone who has participated at NCOIL this past year. The Model Laws we adopted and issues we discussed shows how NCOIL continues to lead on pressing insurance public policy issues and sets the organization up for a busy 2024, led by this wonderful Officer group of Rep. Oliverson, Asw. Hunter, Sen. Utke, Rep. Jordan, and Rep. Ferguson.”

At the traditional Welcome Breakfast, Ohio Governor Mike DeWine delivered a highly interesting Keynote Address. Governor DeWine spoke on what makes Ohio unique as well as the importance of state-based insurance regulation.

The policy Committee meetings then kicked off with the Health Insurance & Long Term Care Issues Committee, chaired by West Virginia Delegate Steve Westfall. The Committee adopted a Resolution in support of an embedded provision in state’s insurance code to protect health savings account-qualified health insurance policies from certain state benefit mandates, sponsored by North Dakota Senator Jerry Klein. The Committee also continued discussion on the NCOIL Medical Loss Ratios for Dental (DLR) Health Care Services Plans Model Act.

“The Committee had a very productive meeting in Columbus and I was glad to see the adoption of the health savings account Resolution,” said Del. Westfall. “The Committee also came very close to voting on the DLR Model, but it was ultimately agreed that we need some more time to further discuss some of the issues. I look forward to the Committee meeting via Zoom to vote on the Model in advance of the April National Meeting.”

Following that, a general session titled “Artificial Intelligence: A Major Benefit or Likely Menace for Insurance and Society?” was moderated by Oklahoma Representative Forrest Bennett, Chair of the NCOIL Financial Services & Multi-Lines Issues Committee. “This was an important session to hold as the rapid development of AI means legislators will have to work quickly to address the concerns surrounding the technology. AI is sure to impact every industry and insurance is no exception,” said Rep. Bennett.

The Workers’ Compensation Insurance Committee, chaired by Ohio Senator Bob Hackett, met and heard an update on Federal workers’ compensation issues. The Committee also discussed medical marijuana’s impact on the workers’ compensation marketplace, and overall work comp trends in light of continued advancements in medical treatment and diagnosis.

“This was a busy agenda for the Workers’ Compensation Committee and I’m glad we were able to cover a lot of material and provide valuable information for legislators to take home to their states,” said Sen. Hackett. “I was particularly glad that we were able to host the meeting right in my home state and show off Ohio as a great place to visit.”

South Carolina Representative Carl Anderson then Chaired the Life Insurance & Financial Planning Committee. The Committee discussed: the NCOIL Life Insurance is a Promise for Life Model Act sponsored by Indiana Senator Travis Holdman; the return of the U.S. Department of Labor Fiduciary Rule; and the activities of the National Association of Insurance Commissioners (NAIC)’s Securities Valuation Office (SVO).

“This was an important time for the Committee to meet, particularly in light of the recent DOL Fiduciary rule proposal. The proposed rule undermines the state-based system of insurance regulation and our meeting made clear that state legislators will stay vigilant and push back on any and all attempts by the Federal government to encroach on that system,” said Rep. Anderson.

The day concluded with the meeting of the Nominating Committee which voted to recommend the slate of new officers for next year.

Rep. Oliverson said, “I am honored to be elected NCOIL President and look forward to working with my fellow Officers to continue advancing the organization. There are many pressing insurance public policy issues on the horizon for next year and I’m confident we are ready to hit the ground running.”

“It is important that we continue to strive to make NCOIL look more like America and that starts with our leadership. Diverse perspectives are essential to the success of any organization especially one that influences public policy in every state across the country,” said Rep. Ferguson.

“Having a majority-diverse officer group that encompasses a range of talent, thought, and background will serve NCOIL well in the years to come.”

Friday began with a meeting of the NCOIL Financial Services & Multi-Lines Issues Committee chaired by Rep. Bennett. The Committee adopted amendments to the NCOIL Insurance ECommerce Model Act sponsored by Rep. Jordan; heard a presentation on earned wage access products; discussed inflation’s impact on the insurance marketplace; and adopted a Resolution in Support of Establishing National Standards and Procedures for the Reporting and Payment of Premium Taxes Due as a Result of Direct Procurement, sponsored by Rep. Oliverson.

A very productive NCOIL-NAIC Dialogue was then held which included a strong lineup of NAIC representatives: Kentucky Commissioner Sharon Clark; Louisiana Commissioner Jim Donelon; Maryland Commissioner Kathleen Birrane; Oklahoma Commissioner Glen Mulready; and Rhode Island Superintendent Beth Dwyer.

“I was glad to see the positive working relationship between NCOIL and the NAIC continue to strengthen this year. Coming together to exchange our perspectives and ideas is essential in creating the best insurance public policy possible for consumers. We made significant progress discussing a wide array of issues in Columbus and I look forward to our organizations working together for years to come,” said Rep. Ferguson.

Ohio Lieutenant Governor Jon Husted then delivered an address at Friday’s Luncheon. He spoke on why Ohio is a great place to live and answered questions on topics ranging from Ohio’s importance in electoral politics to the state’s policy on medical cannabis.

NCOIL CEO Commissioner Tom Considine then presented the NCOIL Lifetime Achievement award to Cmsr. Donelon. “Commissioner Jim Donelon is an insurance public policy legend who has been an excellent public servant for the people of Louisiana and has also greatly benefitted public policy nationally through his leadership at the NAIC. I was very proud to present this award to him on behalf of NCOIL,” said Cmsr. Considine.

The focus then shifted to the final part of a yearlong series of general sessions focused on different types of Environmental, Social, and Governance (ESG) policy, with this session focusing on governance aspects and serving as a summary of the series. The series was co-facilitated by New York Assemblywoman Pamela Hunter, NCOIL Vice President, and Texas Representative Tom Oliverson, M.D., NCOIL President.

“This was a valuable series that provided legislators with nuanced perspectives on all three components of ESG policy. I was particularly happy with how the series sparked a constructive dialogue among our members which will serve us well as we deal with ESG issues in our respective legislatures,” said Asw. Hunter.

Following that was a meeting of the Property & Casualty Insurance Committee, chaired by Rep. Jordan. The Committee continued discussions on the NCOIL Catalytic Converter Theft Prevention Model Act sponsored by Rep. Oliverson and Rep. Jordan, and the NCOIL Public Adjuster Professional Standards Reform Model Act sponsored by Kentucky Representative Michael Meredith and co-sponsored by Indiana Representative Matt Lehman and Del. Westfall.

The Committee also re-adopted with amendments the NCOIL Model State Uniform Building Code and heard a presentation from Tom Travis of the Louisiana Department of Insurance regarding the state’s highly successful Fortify Homes Program. The Committee also adopted amendments to the NCOIL Delivery Network Company (DNC) Insurance Model Act sponsored by Del. Westfall and Kentucky Representative Michael Sarge Pollock.

Rep. Jordan said, “The Committee had a productive year and I’m proud of the work we accomplished on a host of issues impacting the property & casualty insurance marketplace. With growing concerns over things like insurance underwriting transparency and the damage caused by an increased frequency in natural disasters, it is important that legislators are well prepared to address these issues as they arise in their states.”

Friday concluded with a meeting of the NCOIL Budget Committee, chaired by Asw. Hunter, in which the Committee adopted the 2024 NCOIL Budget. The Budget was later adopted by the Executive Committee as a whole on Saturday.

“It is just so gratifying to look back and see how NCOIL has grown from a position of financial instability 7 years ago to one now where we are in a more than sound financial position brought about by more states, more legislators, and strong support from sponsors ranging from insurers & other corporations, to think tanks, to consumer groups and other non-profits,” said Rep. Ferguson.

Saturday began with a general session titled “Whose Claim is This Anyway? Examining a Legislative Framework for Litigation Funding,” moderated by Rep. Lehman. “This topic has garnered a lot of attention recently making this the perfect time for NCOIL to address it from a bipartisan legislative perspective. As we consider developing model policy surrounding litigation funding, this session was important to ensure that we have a well-informed understanding of the topic,” said Rep. Lehman.

The Joint State-Federal Relations & International Insurance Issues Committee, chaired by Utah Representative Jim Dunnigan, then met and heard presentations on the latest developments related to the Employee Retirement Income Security Act of 1974 (ERISA), and the National Flood Insurance Program (NFIP). The Committee also began discussions on a Model Law relating to mental health parity, sponsored by Kentucky Representative Rachel Roberts.

“It is important that state legislators remain engaged on issues with our Federal counterparts and that we continue to make sure our perspectives are heard. Federal inaction on things such as a long term reauthorization of the NFIP underscores how important it is for the states to continue to advocate for reforms and meetings like these are an important part of that,” said Rep. Dunnigan.

The Annual Meeting concluded Saturday morning with a meeting of the NCOIL Executive Committee during which Rep. Oliverson was officially sworn in as NCOIL President.

“Having been involved with NCOIL for many years now, it has been great to see the organization’s continued growth and success. I’m thankful to the work Representative Ferguson and other past NCOIL Presidents have done to build such a solid foundation for NCOIL to advance in 2024 and beyond,” concluded Rep. Oliverson.

Committee meeting minutes will be posted soon at www.ncoil.org.

The 2024 NCOIL Spring Meeting is scheduled to take place at the Sheraton Grand Nashville Downtown Hotel in Nashville, TN from April 11th – 14th. Registration will open in January.

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

2023 Annual Meeting Presentations & Materials – CLICK HERE

For Immediate Release
November 7, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL PUSHES BACK ON DOL ENCROACHMENT OF THE STATE-BASED SYSTEM OF INSURANCE REGULATION

Belmar, NJ – NCOIL CEO Commissioner Tom Considine issued the following statement regarding the recently announced Department of Labor proposed fiduciary rule:

“This proposed rule from the DOL is both unnecessary and burdensome to many of the consumers it seeks to protect. Further, it undermines the well-established and continually reaffirmed framework of the state-based system of insurance regulation which has been effectively protecting consumers and promoting solvency in the market since Congress passed the McCarran-Ferguson Act in 1945.”

“The States have already proven that they are well suited to address the DOL’s concerns. For example, to date, 40 states have adopted updates to the National Association of Insurance Commissioners (NAIC) Suitability in Annuity Transactions Model Regulation that requires all recommendations made by agents and insurers be in the best interest of the consumer. It is troubling the White House chose to characterize this robust consumer-oriented state legislative and regulatory framework as one that ‘provides inadequate protections and misaligned incentives.” This is patently false, and a harsh reminder that NCOIL must always remain vigilant in protecting the proven state-based system of insurance regulation, especially against misguided federal action such as the DOL’s proposal,” he continued.

“This continues a growing trend on the part of regulators in Washington to take a second bite at the apple, if you will, to pursue expanding federal jurisdiction in areas where they were unsuccessful almost a decade ago. We at NCOIL urge the DOL to withdraw its proposal,” Considine concluded.

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act seventy six years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues

For Immediate Release
November 1, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL STAFF TO PARTICIPATE IN “NO-SHAVE NOVEMBER” FOR EIGHTH CONSECUTIVE YEAR
Effort Will Raise Funds & Awareness for Cancer Research

Belmar, NJ – This week the team at NCOIL’s National Headquarters had their last shave as they gear up for the fight against cancer by participating in “No-Shave November” for the eighth consecutive year.

“For the last eight years, the NCOIL staff have tossed aside their razors for the month of November, and this year we will do the same, as uncomfortable as that may be,” said NCOIL CEO Commissioner Tom Considine. “As some of you know, I am a cancer survivor and sadly lost my mom to this disease. The fight against cancer has always been personally important and our team is very proud to be supporting these causes.”

No-Shave November’s mission is to raise funds for cancer research and treatment, and to educate the population about preventive measures. Starting with the surviving children of one father who died of cancer in November 2007, the movement has since spread around the globe. Participants put down their razors for the 30 days of November each year to join the fight against cancer.

This year, NCOIL Support Services will make contributions to the Melanoma Research Foundation (MRF) and the Prostate Cancer Foundation (PCF).

The MRF is the leading melanoma community to transform melanoma from one of the deadliest cancers to one of the most treatable. Melanoma diagnoses are increasing at staggering rates, claiming close to 8,000 American lives every year. It is the deadliest form of skin cancer. However, nine out of ten cases are considered to be preventable. The MCF’s mission is to eradicate melanoma by accelerating medical research while educating to and advocating for the melanoma community.

The PCF funds the world’s most promising research to improve the prevention, detection, and treatment of prostate cancer and ultimately save patients’ lives. Right now, one man dies every 17 minutes from prostate cancer in the United States. PCF’s goal is to end all deaths from prostate cancer by raising awareness and funding urgent cutting-edge research.

NCOIL General Counsel Will Melofchik said, “I am proud to say this is the eighth year that I will be participating in No-Shave November to benefit a very worthy cause. This month is a great opportunity to do my part to help fight this disease that affects so many. Three years ago, one of my sisters was diagnosed with breast cancer. Luckily, she was able to courageously defeat it and is doing great with her family. No-Shave November has meant even more to me and my family these past few years.”

The No-Shave November campaign has successfully raised millions of dollars to combat this disease. Every dollar raised brings us one step closer in our efforts to fund cancer research and education, help prevent the disease, and aid those fighting the battle.

More information on No-Shave November can be found at: https://no-shave.org/

More information on the Melanoma Research Foundation can be found here: https://melanoma.org/

More information on the Prostate Cancer Foundation can be found here: https://www.pcf.org/

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act seventy six years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

For Immediate Release
October 24, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL HOLDS SUCCESSFUL DC FLY-IN TO EDUCATE CONGRESS ABOUT THE IMPORTANCE OF STATE-BASED INUSRANCE REGULATION
National Cross Section of State Legislators Met with Senators, Representatives, Committee Staff and Member Staff to Further Education Process

Belmar, NJ- A bipartisan group of NCOIL legislators from State Legislatures around the country met in Washington, D.C. to meet with Members of Congress and their staffs about the vital importance of the state-based regulation of insurance and its success for more than 70 years.

Legislators participating in the educational sessions included: AR Rep. Deborah Ferguson, DDS, NCOIL President; TX Rep. Tom Oliverson, M.D., NCOIL Vice President; MN Sen. Paul Utke, NCOIL Secretary; IN Sen. Travis Holdman, NCOIL Immediate Past President; OH Sen. Bob Hackett, Chair of the NCOIL Workers’ Compensation Insurance Committee; OK Rep. Forrest Bennett, Chair of the NCOIL Financial Services & Multi-Lines Issues Committee; and KY Rep. Rachel Roberts, Vice Chair of the NCOIL Health Insurance & Long Term Care Issues Committee.

They, together with NCOIL CEO, Commissioner Tom Considine, General Counsel Will Melofchik and staff, participated in dozens of meetings with Senators, House Members, and committee and congressional staff, including significant numbers of both the House Financial Services Committee and Senate Banking Committee, to highlight the importance of preserving the state-based system of insurance regulation, along with other NCOIL policy priorities.

“Meeting with our federal counterparts to discuss the importance of state-based insurance regulation is vital in ensuring that we continue to create the best marketplace possible for our mutual constituencies,” said Rep. Ferguson. “NCOIL’s efforts to have an ongoing dialogue with Members of Congress and their staffs have proven to be very useful in advancing our shared policy goals.”

The day began with U.S. Representative Warren Davidson (R-OH) speaking to NCOIL legislators about preserving the state-based system of insurance regulation as well as current congressional priorities relating to insurance issues. Rep. Davidson, a U.S. Army veteran and graduate of West Point, currently chairs the U.S. House Financial Services Subcommittee on Housing and Insurance.

Throughout their meetings, NCOIL legislators discussed several topics including: the preservation of the McCarran Ferguson Act; the need for a long-term reauthorization and modernization of the National Flood Insurance Program (NFIP); amending the Employee Retirement Income Security Act of 1974 (ERISA) to add a statutory waiver provision so that States could seek ways to apply their particular reforms to all health insurance plans whose members all reside in that State – including self-insured plans of a certain number of members; the Federal Insurance Office (FIO); the return of the Systemically Important Financial Institution (SIFI) Designation for Non-Banks; the Federal Tri-Agency Health Insurance Rule Proposal; and the Secure and Fair Enforcement Regulation Banking (SAFER) Act.

“Each state has diverse needs that require unique solutions. This is particularly true when it comes to insurance,” said Rep. Oliverson. “Discussing and educating Congress about allowing States to operate as ‘laboratories of democracy’ leads to well-tailored and innovative insurance public policy that benefits consumers and industry alike.”

NCOIL CEO Commissioner Tom Considine said, “With so many timely and important insurance issues currently intersecting at the State and Federal levels, this was a crucial time for NCOIL legislators to visit The Hill and meet with Congress about the established and proven state-based system of insurance legislation and regulation. This is an approach that has led to the largest, most competitive, and innovative insurance market in the world and it is vital that it continue.”

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

For Immediate Release
September 20, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL URGES CONGRESS TO PASS NFIP REAUTHORIZATION LEGISLATION
Congressional Action Must be Taken Before Current NFIP Reauthorization Expires on Sep. 30

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) urges a timely reauthorization of the National Flood Insurance Program (NFIP) before its expiration on September 30th. The NFIP is a program that makes federally-backed flood insurance available in those states and communities that agree to adopt and enforce flood-plain management ordinances to reduce future flood damage. The program provides flood insurance to property owners, renters and businesses, and having this coverage helps them recover faster when floodwaters recede.

“As we continue to experience extreme weather events across the country, it is imperative that there is stability in the market and that consumers do not face any gaps in coverage,” said Arkansas Representative Deborah Ferguson, DDS, NCOIL President. “Congress and the President need to work together to find a long term and bipartisan solution to make sure the NFIP is protected for years to come.”

NCOIL CEO Commissioner Tom Considine said, “While a short term extension of the NFIP is critical as it will prevent an unnecessary lapse in coverage for consumers in the middle of hurricane season, NCOIL continues to urge Congress to stop this proverbial kicking the can down the road. The NFIP provides immense value to both consumers and the insurance marketplace so it is vital that a comprehensive long term solution is passed so no one is left wondering if their coverage will expire.”

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

PLEASE CLICK HERE FOR MORE INFORMATION

For Immediate Release
September 15, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL RECOGNIZES NATIONAL PREPAREDNESS MONTH
Urges Consumers to Be Ready if Disaster Strikes

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) draws consumers’ attention to proper planning for disasters during this National Preparedness Month. This campaign is a
nationwide effort organized by the Federal Emergency Management Agency (FEMA) to encourage individuals, families, and communities to take proactive steps to be prepared for emergencies.

Arkansas Representative Deborah Ferguson, DDS, NCOIL President said, “As severe weather continues to escalate year over year, it is important now more than ever for everyone to be prepared if disaster strikes. This can be as simple as having an emergency plan set in place and monitoring severe weather in your area. This month is also a great reminder to review your insurance policies to make sure that you are adequately covered so that a natural disaster doesn’t also cause financial ruin.”

“Insurance is a vital tool for individuals and businesses to mitigate the financial impact of disasters. By raising awareness about the importance of insurance in disaster preparedness, we can help protect our communities and promote resilience,” said NCOIL CEO Commissioner Tom Considine. “Beyond the insurance coverage aspect, having a well-rounded emergency plan is essential in giving people peace of mind, especially those in disaster prone areas.”

Additional information and resources about National Preparedness Month can be found at https://www.ready.gov/september.

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act over seventy years ago, and to serve as an educational forum for public policymakers andinterested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.

CLICK HERE FOR MORE INFORMATION

For Immediate Release
September 7, 2023
Contact: Pat Gilbert
(732) 201-4133

NCOIL SALUTES LIFE INSURANCE AWARENESS MONTH
Urges the Importance of Protecting Loved Ones

Belmar, NJ – The National Council of Insurance Legislators (NCOIL) is proud to highlight September as the 20th annual “National Life Insurance Awareness Month”. NCOIL focuses on this campaign to serve as a reminder to families of the value of life insurance and encourages them to perceive life insurance as an investment into their families’ security.

“Life insurance is an important financial tool that provides families with a safety net, offers financial protection in times of loss, and ensures that financial commitments are met, even in the
absence of a loved one,” said Arkansas Representative Deborah Ferguson, DDS, NCOIL President. “I encourage everyone to take the time to assess their need for coverage to make sure they avoid the uncertainty that comes with being uninsured or underinsured.”

NCOIL CEO, Commissioner Tom Considine, said, “Having sufficient life insurance coverage is an important component of a sound financial plan and provides resiliency during unexpected times.” He continued, “Two common misconceptions surrounding life insurance are that it is expensive and that it is not needed. However, many people can be insured for the price of a daily cup of coffee.”

“NCOIL urges consumers to consult with their financial advisor to get a quote to find a plan that fits their needs and budget. Consumers can choose from among many different varieties of life insurance. With the innovations in product development, consumers can now buy policies that also cover long term care needs from the same benefit. Everyone should understand the benefits of life insurance and the risks of going without it,” Considine concluded.

Additional information and resources about Life Insurance Awareness Month can be found at https://lifehappenspro.org/life-insurance-awareness-month

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NCOIL is a national legislative organization with the nation’s 50 states as members, represented principally by legislators serving on their states’ insurance and financial institutions committees. NCOIL writes Model Laws in insurance and financial services, works to preserve the State jurisdiction over insurance as established by the McCarran-Ferguson Act seventy-six years ago, and to serve as an educational forum for public policymakers and interested parties. Founded in 1969, NCOIL works to assert the prerogative of legislators in making State policy when it comes to insurance and educate State legislators on current and longstanding insurance issues.