Archive for January 2021
Scott Harrison
Scott Harrison First thing that I want to say is that there have been some references to Misleading Illustrations. I’m certainly not aware of the Regulators have not found that Illustrations are misleading. That seems to be just an allegation that is left hanging in the air, which is inaccurate. The Illustration is not misleading.…
Read MoreAcronyms
Acronyms SOA – Acronym Listing, Society of Actuaries- 47p FSAP – Financial Sector Assessment Program FSB – Financial Stability Board NBFI – nonbank financial institutions LIST OF ABBREVIATIONS AND ACRONYMS BCBS Basel Committee on Banking Supervision BIS Bank for International Settlements BOPCOM IMF Committee on Balance of Payments Statistics BSA Balance Sheet Approach BPM6 Balance…
Read MoreFRB – Federal Reserve Board
FRB – Federal Reserve Board FRB – Federal Reserve Board – Documents IPAC – Insurance Policy Advisory Committee – FRB Preston Martin federalreservehistory.org/people/preston-martin 2008 0131 – FRB – Federal Reserve Board Oral History Project – Interview with Steven M. Roberts, Former Deputy Director, Division of Banking Supervision and Regulation – 25p MR. SMALL. During this time,…
Read MoreStatute of Limitations
Statute of Limitations hoffman, june 2017 2 NAIC – Suitability Paper, Legal Case – 1958 – Knox v Anderson, Hawaii The purpose of a statute of limitations is to: prevent a defendant from “defending stale claims, where factual obscurity through the loss of time, memory or supporting documentation may present unfair handicaps,” as well as…
Read MoreTurning Points
Turning Points The working group next reviewed Appendix D to the Life Insurance Disclosure Model Regulation, which contained policy information for a universal life policy or indeterminate premium policy. The working group agreed that, since most of this information was directly based on non-guaranteed elements, it would be appropriate to delete the entire appendix. 1996-1…
Read More2016 0517 – LIIIWG – Life Insurance Illustrations Issues Working Group – (A) – NAIC
2016 0517 – LIIIWG – NAIC Performance Assurity White Paper Assurity White Paper – in particular, the impact consumer payment patterns have on the performance of the product. Mr. Wicka said the paper advocates for: 1) additional information to be provided to consumers regarding how the timing of their payments impacts the product; and 2) follow-up information to…
Read More2016 0403 – LIIIWG – Life Insurance Illustrations Issues Working Group – (A) – NAIC
2016 0403 – Life Insurance Illustration Issues Working Group – (A) – NAIC Performance Explanation Mr. Schwartzer 1. Discussed its Work Plan Mr. Schwartzer reminded the Working Group that the Life Insurance Illustration Issues (A) Working Group came out of concerns raised when the Indexed Universal Life (IUL) Illustrations (A) Subgroup under the Life Actuarial…
Read MoreShopping
Shopping for Life Insurance Judy Faucett* responded that people spend more time buying a microwave than they do an insurance policy. *Actuarial Consultant to the NAIC 1994-1, NAIC Proceedings 2018 1009 – NAIC – LIIIWG, Life Insurance Illustrations Working Group – [Bonk: Not in NAIC Proceedings] Goal of Policy Overview Birny Birnbaum (CEJ) – Shopping…
Read More1985 – FTC – Report – Life Insurance Products and Consumer Information
1985 – FTC – Report – Life Insurance Products and Consumer Information 1985 11 – FTC – Report – Life Insurance Products And Consumer Information, by Michael P. Lynch and Robert J. Mackay, Staff Report Bureau of Economics, Federal Trade Commission — [BonkNote] — [PDF-317p] (p36) – See, for example, the statement of John Filer, then…
Read MoreSB – Top Hits
SB – Top Hits 2010 – LC – Blumenthal v New York Life Sutherland Legal Alert: 2010 0930 – Sutherland / Blumenthal vs New York Life – Court Rejects Suit Alleging Fraud and Negligent Design in the Sale of Universal Life Insurance Policies – 2p 2011 1129 – Sutherland / Blumenthal v New York Life…
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