Archive for August 2021
NON
NON Non – Index Nonguaranteed Non-Traditional Non-Traditional Risks 14. Paragraph 25: The comments regarding level playing field could be extended to noninsurance (ie investment-related) products offered by insurers. 2011 0926 – IAIS to OECD – Comment on the OECD’s draft paper on Policyholder Protection Schemes: Selected Considerations IAIS to OECD Comment Letter – [Automatic Download…
Read MoreSwissre
Swissre 2018 02 – Swissre – The Chinese Insurance Market – 39p The CIRC completed pricing reforms for the life sector in 2016. With the reform, insurers are free to set their own guaranteed interest rates up to 3.5% for universal life policies, and up to 3.0% for participating life policies. Higher rates need CIRC…
Read MoreRequest for Comments
Request for Comments 2016 – FRB – federalregister.gov/documents/2016/06/14/2016-14005/enhanced-prudential-standards-for-systemically-important-insurance-companies To support this study and Report, FIO has consulted extensively with various stakeholders. On October 17, 2011, FIO published a notice in the Federal Register asking the public to submit comments on the considerations and factors listed in Title V: • Systemic risk regulation with respect to…
Read MoreUniversal Life – Premium – Consumer Advocate
Universal Life – Premium – Consumer Advocate The personalized information in the Policy Overview is the premium for the policy – based on information known to the producer or insurer at the time and subject to change based on additional or revised information – and that information can be provided prior to purchase. If an…
Read MoreStock Companies
Stock Companies Many stock life insurance companies seem to feel that it is imperative for them to offer new and attractive products in order to survive in the present environment. 1981-1, NAIC Proceedings
Read MoreUniversal Life Insurance – Index
Universal Life – Index ABCDEFGHIJKLMNOPQRSTUVWXYZ# B BGA – Benefit Generating Account BGF – Benefit Generating Function Back to top C Copy of Q: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other Back to top D DIY – Do It Yourself Dynamic Back to top F Fixed Premium Universal Life…
Read MoreIAIS – Universal Life Insurance
IAIS – Universal Life Insurance The mismatch between the cash flows from assets and liabilities for traditional products like universal life or fixed annuities is due mostly to interest rate risk. (p18) 2018 – IAIS – [GIMAR] Global Insurance Market Report – 72p iaisweb.org/icp-online-tool/13526-icp-15-investments/ – 15.3.4 Nevertheless, close matching of assets and liabilities is often…
Read MoreBankassurance
Bankassurance 21 There are various definitions of bankassurance. By focusing on production, a bankassurer can be defined as a financial group or conglomerate that includes both bank credit origination and insurance underwriting. But bankassurance can be limited to distribution agreements only in which a bank merely distributes third-party insurance products in a contractual agreement with…
Read MoreAmbac – American Municipal Bond Assurance Corporation
Ambac – American Municipal Bonds Corp. Ambac – American Mutual Bond Assurance Company 2008 Financial Crisis Kim Shaul – FCIC – Interview Surplus Notes Settlements with Banks ambacpolicyholders.com/ Legal Cases ambacpolicyholders.com/ 17 Ambac filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code on 8 November 2010 2011 11 – IAIS – Insurance and…
Read MoreInsurable Interest
Insurable Interest The notion of insurable interest dates back to the Middle Ages and it was English common law until the Life Assurance Act of 1774. In that Act the Parliament of Great Britain sought to prevent the abuse of life insurance and differentiate it from gambling or purely speculative behaviour. It specifically “prohibited the…
Read More