March 2023 – Page 7

Elder Abuse ‘living trust mills’ 4 A “ ‘living trust mill’ ” involves “salespeople, posing as experts in estate planning, ngage[ing] in the unlawful practice of law, advis[ing] senior citizens to establish a living trust, and to invest in . . . annuities.” (People ex rel. Lockyer v. Fremont General Corp. (2001) 89 Cal.App.4th 1260,…

Elder Law 2021 1129 – Bloomberg – ‘Pension Poachers’ Are Targeting America’s Elderly Veterans, By Nick Leiber – [link] Larry Eber’s life was derailed when middlemen pledged to help him get supplemental benefits. Similar tales of alleged manipulation are playing out for thousands of former service members and their families. “Pension poaching” Chantelle Smith, an…

IDS Life Insurance Company For a good summary of the development of the NAIC Model Variable Life Regulation, Rule 6e-2 and the state and federal issues associated with variable life insurance, I would refer you to a Connecticut Law Review article written by Paul Mason and Steve Roth of the Washington law firm of Sutherland, Asbill & Brennan. That…

Weiss Research The disaster we fear is the looming crisis of confidence, of lost credibility, of spreading fear among the public and, ultimately, of a “run on the bank” as policyholders pull their money out of the insurance industry. – (p160) — Prepared Statement: Martin D. Weiss, President, Weiss Research, Inc. 1991 0227, 0507, 0509 and…

American Founders Life Insurance Co. 2022-? – Sagicor – The Genesis of a Company – 17p Sagicor – The Company began its existence as American Founders Life Insurance Company in Austin, Texas, on April 20, 1954

PIABA – Public Investors Advocate Bar Association piaba.org/ Joseph C. Peiffer, President, Public Investors Advocate Bar Association – LC – Williams v. National Western Life Insurance Company – [BonkNote] 2024 0215 – GOV (House) – Protecting American Savers and Retirees from DOL’s Regulatory Overreach, Bob Good (R-VA) [PDF-, VIDEO-YouTube-02:06:21] edworkforce.house.gov/calendar/eventsingle.aspx?EventID=410108 PIABA – Joseph C. Peiffer, President, Public Investors Advocate Bar…

Common Sense The fact that we charge people fees that we have disclosed and that fees reduce the value of your policy, and if your policy keeps reducing in value, it will lapse, is not a fraud. That’s common sense. That’s how life insurance works. (p171) — Closing Argument by Mr. Martens, (Defense Attorney, LIfe…

M&E Charge Now how could the staff be sure that this M&E charge was not a secret sales load? — W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues 1993 – SOA – Variable Products — Product for the 1990s?, Society of Actuaries – 22p

Lawyers – Snippets Now as usual, things that are prohibited can nonethelessbe done if you do them right. The way to do it is either comply with an exemptive rule or get an exemptive order. — W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues 1993 -…

Loopholes gaps Now as usual, things that are prohibited can nonetheless be done if you do them right. The way to do it is either comply with an exemptive rule or get an exemptive order. — W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues 1993 -…