Archive for December 2020
Policy Performance
Policy Performance ….provide illustrations based on different assumptions. This would serve to demonstrate to the consumer the effect on future benefits of changes in assumptions. STATEMENT ON BEHALF OF THE AMERICAN COUNCIL OF LIFE INSURANCE <ACLI> TO THE NAIC MARKET CONDUCT SURVEILLANCE (EX3) TASK FORCE, June 13, 1988 1988-2, NAIC Proceedings – Walker v LSW -…
Read MoreNAIC – Conference Calls
NAIC Conference Calls 2018 2018 0719 – LIAC – Mary Mealer – Adopted Life Insurance Buyer’s Guide 2018 0917 – LIOGWG (Canceled??) 2018 0921 – Consumer Information Subgroup 2018 0924 – LIIIWG. Notes? Call? 2018 0927- Life Actuarial Task Force (LATF) 2018 1009 – LIIIWG 2018 1010 – LIOGWG 2018 1024 – LIAC 2018 1109…
Read More1984-1, NAIC Proceedings
1984-1 The changes in the nature of the insurance industry over the past several years, both in terms of product diversification and asset diversification, has created considerable stress on the regulatory control mechanisms. Some of the symptoms of the problem are: 2. Increased leveraging of insurance companies through long-term interest rate guarantees on an increased…
Read More1985-1B, NAIC Proceedings
1985-1B, NAIC Proceedings 1984 1212 – AAA – The NAIC And The Actuarial Profession – Attachment Three – American Academy Of Actuaries Statement of Stephen G. Kellison, Executive Director Of The American Academy Of Actuaries To The NAIC Technical Services Ex5 Subcommittee The purpose of this statement is to speak in favor of establishment of a…
Read More1993-1B, NAIC Proceedings
1993-1B Ms. Faucett noted that she had served as the chair of the SOA Task Force on Life Illustrations and that the task force had conducted an extensive survey of life insurance companies and insurance departments on the nature and extent of problems that exist with respect to policy illustrations. As a result of the…
Read MoreEquity
Equity One of our problems is that we’re not even sure, as a profession, what we mean by equity between persisting and terminating policyholders. The Society has set up a task force, chaired by Donna Claire, to investigate this issue. The Unruh Committee, I believe, in the 1970s came up with a definition of equity…
Read MoreTerm to 100
Term to 100 A product that is available and sold in Canada today, commonly called Term to 100, doesn’t have any nonforfeiture value at all. It’s a level-premium, whole-life product without any nonforfeiture value. — Walter A. Neeves 1995 – SOA – Practical Illustrations and Nonforfeiture Values, Society of Actuaries – 14p
Read More1988-2, NAIC Proceedings
1988-2 (p434) – Two-B -Proposed regulation by the California Department of Insurance, draft dated 4/11/88 concerning the valuation of universal life insurance plans. The regulation provides for the pre-funding of cash values, so that the amounts will be available upon policyholder demand, and will not be contingent upon sufficient surplus being available at that time…
Read MoreUnfair Claims Settlement Act – NAIC
Unfair Claims Settlement Act – NAIC UNFAIR CLAIMS SETTLEMENT PRACTICES ACT Table of Contents Section 1. Declaration of Purpose Section 2. Definitions Section 3. Improper Claims Practices Section 4. Acts Constituting Improper Claims Practices Section 5. Statement of Charges Section 6. Cease and Desist Order – Judicial Review Section 7. Regulations Section 8. Severability Section…
Read More1990-1, NAIC Proceedings
1990-1 Analysis of Insurance Competitive Pricing Act of 1989 by National Association of Insurance Commissioners October 24, 1989 ATIACHMENTEIGHT-B The National Association of lnsurance Commissioners has traditionally opposed any modification of the McCarran-Ferguson Act, 15 U .S.C. Sec. 1011 et seq. that would adversely affect the states’ ability to properly oversee the insurance industry. The…
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