1971-2, NAIC Proceedings - 1971 0616 - First Report of the Industry Advisory Committee to the NAIC B·S Subcommittee to Review the Model Unfair Trade Practices Act
3. The regulator already has the practical power to accomplish on behalf of the consumer what consumer class actions are designed to accomplish.
This is evident from the testimony of Commissioner Barger in connection with Senate Bill 3201 in August 1970 (1970 NAIC Proceedings pages 135-144) and from Commissioner Durkin's testimony on S. 984, S. 1222 and S. 1378 in April, 1971;
4. Insurers will never be able to rely on the decision of the regulator. If policyholders are able to challenge the decision of the Commissioner through the use of the class action, the whole regulatory mechanism will be subverted.
5. Consumer class actions will result in "judicial" regulation of the insurance business;
1972 - SOA - Life Insurance and the Buyer Anna Rappaport, Society of Actuaries - 2p-Article
Until the buyer understands how the product works, attempts to compare price are essentially meaningless.
1973 01 - SEC - Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission --- [BonkNote] --- [PDF-207p-GooglePlay]
1973 / 1974 - GOV (Senate) - The Life Insurance Industry, Senator Philip Hart (D-MI) - Part 2 of 4 - [PDF-733p-GooglePlay]
(p1501) - John Durkin (New Hampshire Insurance Commissioner): As a starting point, there is little regulation of the life insurance industry by the States.
The States do little with respect to life insurance regulations for many reasons, mainly because there are very few problems with complaints over claims.
Most of the staffs are involved with complaints relating to automobile insurance and health insurance.
Life insurance is sort of the stepchild of many, if not most, insurance departments.
1979 - SOA - Future Trends and Current Developments in Individual Life Products (rsa79v5n44), Society of Actuaries - 24p
Because of the high level of flexibility provided in a "Universal Life" style Adjustable Life product..... -- David R. Carpenter