Archive for May 2020
IMSA – Insurance Marketplace Standards Association
IMSA – Insurance Marketplace Standards Association cefli.org imsaethics.org/ Speaking from my IMSA experience, there’s a lot of emphasis on internal replacements, replacement activity, trying to meet those definitions, and track that activity, but beyond that, not much is captured in the applications. But at some companies that I’ve talked to, there’s a real concern about…
Read MoreJCT – The Joint Committee on Taxation
JCT – The Joint Committee on Taxation jct.gov/ 2023 – JCT – https://www.jct.gov/getattachment/b2168cb1-1026-4e58-9f62-65802dddfa79/x-51-23.pdf Joint Committee on Internal Revenue Taxation Chapter 23 – Records of the Joint Committees of Congress 1789-1968 1989 1016 – Report – Taxation of Life Insurance Companies – By the Joint Committee on Taxation (JCT) – Background – 52p-GooglePlay jct.gov/publications/?subject_name=Insurance+%26+Finance jct.gov/publications/?subject_name=Insurance%20%26%20Finance&it=content&hawkfeatured=json&pg=21 1978 1978…
Read MoreActuarial Guideline 38
Actuarial Guideline 38 However, it was by no means apparent to many of us in the industry who would be most affected. In fact, when I learned of this movement in mid-summer, I called many of the larger writers of universal life products with secondary guarantees, and they told me that they had no knowledge…
Read MoreActuarial Principles
Actuarial Principles The AAA <American Academy of Actuaries> group is looking at determining reserves based on actuarial principles, i.e. judgment. 2004-4, NAIC Proceedings
Read MoreLife Insurance Cost Comparison Task Force – NAIC
Life Insurance Cost Comparison Task Force – NAIC 1975-2 NAIC Proc. Life Insurance Cost Comparison (C3) Task Force: Research Project Reports Available, May, 1975 PROJECT REPORTS Research Project One (Production of a life insurance cost data base in cooperation with the Antitrust Subcommittee of the U.S. Senate’s Judiciary Committee.) Portions published by the Antitrust Subcommittee…
Read MoreConsumer Disclosure Issues Working Group – (A) – NAIC
Consumer Issues Disclosure Working Group – (A) – NAIC Adopted report of the Consumer Disclosure Issues Working Group, including a time frame for developing a Universal Life Disclosure Form for adoption in December. Received the Life Insurance Marketing Research Association test market results of the universal life disclosure form. 1990-4, NAIC Proc. Focus Groups Product Development Task…
Read MoreGuaranteed Gross Premium
Guaranteed Gross Premium Guaranteed Maturity Premium (GMP) For purposes of determining the guaranteed gross premiums used in the demonstration in Section 6.B.2: a. For universal life policies, the guaranteed gross premium shall be the premium specified in the contract, inclusive of any applicable policy fee, or if no premium is specified, then the level annual…
Read MoreReserves
Reserves Principles-Based Reserves – PBR Premiums and Benefits – Reserves Benefit Reserves CRVM modified reserve systems soa.org/globalassets/assets/library/research/transactions-of-society-of-actuaries/1967/january/tsa67v19pt2dn5410.pdf Natural Reserves PBR Policy Reserves Terminal Reserves 2013 0917- ThinkAdvisor – ACLI calls Lawsky’s letter on reserves ‘irresponsible’, By Elizabeth D. Festa – [link] In a letter to state insurance commissioners, the American Council of Life Insurers (ACLI)…
Read More1993 – SOA – Sales Illustration – We Can’t Live With Them, But We Can’t Live Without Them!, Society of Actuaries — 28p
1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them! – Snippets 1993 – SOA – Sales Illustrations – We Can’t Life With Them, But We Can’t Live Without Them!, Society of Actuaries — [BonkNote] — 20p Judy Faucett, former chairperson of the Society Task Force on…
Read More1992 – SOA – Life Insurance Sales Illustrations – Society of Actuaries – 16p
1992 – SOA – Life Insurance Sales Illustrations – Society of Actuaries – 16p 1992 – SOA – Life Insurance Sales Illustrations, Society of Actuaries — [BonkNote] — 16p The agent, as a result of not understanding the illustration, may misrepresent the product to the consumer. — Judy Faucett The bottom line is, however, that we…
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