425-letter-2 Also, because most people presume that if you pay your premium continuously, your policy will remain in effect, quite a few people had a hard time understanding how or why the policy would terminate in policy year 31. This was simply foreign to their way of thinking. 1990-1A, NAIC Proceedings – NAIC / LIMRA – Universal…

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1996-3v2 Summaries of Plans The company shall prepare a Summary of each Plan which shall be provided to each policyowner with the issuance of the policy. The summary shall comply with requirements as set forth in the NAIC Model Regulation. Each summary shall describe the basis of policy owner expectations, but is not expected to…

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Nonforfeiture 1941 Guertin Report NAIC’s Committee to Study Nonforfeiture Benefits and Related Matters, chaired by Alfred N. Guertin, actuary of the New Jersey Insurance Department 1942-Supplement, NAIC Proceedings – Reports and Statements on Non-Forfeiture Benefits and Related Matters 1975 Unruh Committee SOA, Special Committee on Valuation and Nonforfeiture Laws, chaired by Henry C. Unruh 1983-1,…

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Chris Kite lifegoesonconsulting.blogspot.com/ tailoredlifeassurance.blogspot.com/ figmarketing.com/ 2018 0309 – Chris Kite – When IUL becomes VUL – [link]    Here is what I call an IUL Credit Riddle. When does a 0% floor and 12% cap for IUL become a -45% floor and 75% cap and is illustrated at 16%? It can happen with any IUL…

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Replacement Issues Subgroup – NAIC 1996-3v2. NAIC Proceedings 913 – 1. Report of Replacement, Issues Subgroup Carolyn Johnson (NAIC/SSO) reported that the Replacement Issues Subgroup met by conference call twice and discussed surveying insurers to learn more about their replacement practices. The subgroup requested comments be sent to Ms. Johnson on the survey draft attached…

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Cost Indices Subgroup – (A) – NAIC Cost Indices Subgroup (A) of the Life Disclosure (A) Working Group – NAIC The group first considered a suggestion from Chris Kite (FIPSCO) for a new type of index that would allow consumers to compare the assumptions in the illustration. Mr. Kite said his index has the advantage of…

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Buyer’s Guide Subgroup – NAIC 1995/12/13 – Start of Charge to Revise LIBG 1996/03/25 – Dunlap, Higgins, Kite, Cude – Rewrote LIBG 1996/05/23 –  1996/06/01 –  1996/06/04 – 1996-2 (p696) – Draft (Attachment FIVE 1-A) 1996-1 1996-2 1996-3v1 1996-3v2 1996-3B – NAIC Draft redlined Life Insurance Buyer’s Guide – Draft – 6p  More Life Insurance…

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1986-1 National Association of Insurance Commissioners External Communication Plan – September 8, 1985 External Communication Project Rational Objective – To increase awareness of state insurance departments as a primary source of consumers information about insurance products. Strategy  – To offer buying tips and to solicit questions on a specific insurance product. (p95)  1986-1, NAIC Proceedings

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Shadow Insurance Recently I have noticed other disturbing signs, indicated by an increase in formation of overseas domiciled subsidiary or “Shadow Insurers” designed for use in the U.S. surplus markets. These “Shadows” of prominent U.S. insurers are popping up all over the world and are beginning to mark the escape of U.S. insurance company investment…

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