1980-1

  • ... which falls into this category is a derivative of the Universal Life Policy first described by James C. H. Anderson several ..  - Date Dec 02, 1979

1980-1 NAIC Proc. 

  • (C3) Life Insurance Subcommittee Report
  • 1980-1, NAIC Proceedings - (p564-565)
    • Date: October 12, 1979
    • To: Mr. Ted Becker, Chairman - NAIC (C) Committee Technical Task Force on Valuation and Nonforfeiture Value Regulation
    • From: William A. White, Chief Actuary - State of New Jersey Dept. of Insurance
    • An additional kind of policy which falls into this Category is a derivative of the Universal Life Policy first described by James C. H. Anderson several years ago; these policies are now on the market in several jurisdictions, and they pose interesting regulatory challenges.
  • FTC press releases and FTC calculated efforts to preclude those attacked in the report from having any meaningful opportunity and forum to respond, reflects a total disregard for due process and fair play.
  • The entire process has done incalculable harm to the life insurance industry and, less directly, to those who regulate it.

--  Summary of FTC Life Insurance Cost Disclosure and the Insurers' Rebuttal Thereto ............. 67

1980-1, NAIC Proceedings

  • Critical to this approach is the assumption that companies will price their product in a rational manner.
    • Unfortunately, not only is illogical pricing an academic possibility, it has become reality for some companies and products.
    • An excellent example is a "Modified Premium Whole Life" type plan under which ultimate premiums purport to be ''whole life" premiums but which actually are set simply to be sufficiently high relative to premiums in prior years that minimum values will be as low as desired and deferred as long as desired.

To: NAIC (C) Committee Technical Task Force
From: Bradford S. Gile, A.S.A., M.A.A.A., Life and Health Actuary - State of Wisconsin Dept. of Insurance - October 17, 1979
(ATTACHMENT F)  - re: Nonforfeiture Values for Life Insurance Contracts Having Premiums' which Vary by Policy Duration

1980-1, NAIC Proc.

EXECUTIVE (EX) COMMITTEE; Synopsis of the NAIC Committee and Subcommittee Meetings At the December 1979 Meeting, Los Angeles , California , December 7, 1979, 1980-1 NAIC Proc. 79

EXECUTIVE (EX) COMMITTEE; National Meetings (EX1) Subcommittee, 1980-1 NAIC Proc. 93

EXECUTIVE (EX) COMMITTEE; Regulatory Information (EX2) Subcommittee, 1980-1 NAIC Proc. 97

EXECUTIVE (EX) COMMITTEE; Consumer Participation (EX4) Subcommittee, 1980-1 NAIC Proc. 191

EXECUTIVE (EX) COMMITTEE; Governmental Liaison (EX5) Subcommittee, 1980-1 NAIC Proc. 197

EXECUTIVE (EX) COMMITTEE; Anti-Inflation (EX7) Subcommittee, 1980-1 NAIC Proc. 206

FINANCIAL CONDITION EXAMINATION (A) COMMITTEE; Insurance Holding Companies (A2) Subcommittee, 1980-1 NAIC Proc. 229

FINANCIAL CONDITION EXAMINATION (A) COMMITTEE; Insurance Guaranty Fund Liquidation and Rehabilitation (A4) Subcommittee, 1980-1 NAIC Proc. 258

LIFE, ACCIDENT AND HEALTH (C) COMMITTEE, 1980-1 NAIC Proc. 406

LIFE , ACCIDENT AND HEALTH (C) COMMITTEE; Life Insurance (C3) Subcommittee, 1980-1 NAIC Proc. 515

MARKET CONDUCT, EXAMINATION AND REPORTING (B) COMMITTEE; Agents and Brokers (B2) Subcommittee, 1980-1 NAIC Proc. 358

MARKET CONDUCT, EXAMINATION AND REPORTING (B) COMMITTEE; Competition (B3) Subcommittee, 1980-1 NAIC Proc. 361

MARKET CONDUCT, EXAMINATION AND REPORTING (B) COMMITTEE; Market Conduct and Trade Practices (B1) Subcommittee, 1980-1 NAIC Proc. 318

MARKET CONDUCT, EXAMINATION AND REPORTING (B) COMMITTEE; Statistical Data Compilation (B4) Subcommittee, 1980-1 NAIC Proc. 384

VALUATION OF SECURITIES (EX3) SUBCOMMITTEE, 1980-1 NAIC Proc. 176