Senate panel modifies COLI provision and the industry applauds.(D.C. Dispatch)(Life insurance industry)

National Underwriter Life & Health-Financial Services Edition, October, 2003 by Brostoff, Steven

The life insurance industry is applauding the Senate Finance Committee for agreeing to modify a recently approved corporate-owned life insurance provision that has chilled the COLI market.

In a joint statement, the American Council of Life Insurers, the Association for Advanced Life Underwriting and the National Association of Insurance and Financial Advisors, say the committee "acted wisely."

When it approved language restricting COLI during a Sept. 17, 2003, session, the groups say, it did so without a full review of the impact its actions would have.

"When the committee does hold its hearings later this month on COLI, it will hear how businesses use this product to maintain and expand important employee benefit programs," the groups say....

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