May 2023 – Page 4 – [BonkNote]

Separate Accounts Working Group – NAIC 7. Adopted a motion to report to the Separate Accounts Working Group that the task force endorses the reserving approach contained in the March 15, 1998, draft of the Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts Model Regulation. 1998-2, NAIC Proc. Google Results – 7 results https://www.soa.org/4937f7/globalassets/assets/library/proceedings/valuation-actuary-symposium-proceedings/1985-99/1994/january/vasp942.pdf…

Innovative Products Working Group – NAIC 4. Adopted the report of the Innovative Products Working Group, which is discussing variable annuities with guaranteed living benefits, equity-indexed products – nonforfeiture and reserving for equity-indexed annuities, including ZZZ Guideline, equity-indexed life products, group flexible premium life products with cash value strategies, and Regulation XXX. 1998-2, NAIC Proc.…

Project – Universal Life Premium (p5) – Drafting Note: … Although highly flexible, universal life insurance is generally considered a permanent life insurance plan. Most companies encourage a premium level which will provide lifetime insurance protection. Every universal life insurance policy of which the drafters are aware has a “net level premium” that could be…

Companies vs. Agents 2000 – Crown Life Ins. Co. v. Casteel – 22 SW 3d 378 – Tex: Supreme Court, 2000 – [Google Scholar link] William E. Casteel sold insurance policies as an independent agent of Crown Life Insurance Company. One of the policies sold by Casteel led to a lawsuit by policyholders against Casteel and Crown. In that lawsuit, Casteel filed…

Agents vs Companies 1985 – Glassman v. Metropolitan Life Ins. Co. – 616 F. Supp. 145 – Dist. Court, ND Illinois, 1985 – [Google Scholar link] … Glassman (Glassman) brought this libel action against his former employer, Metropolitan Life Insurance Company (Metropolitan … We wish to inform you that Mr. Ray Glassman no longer represents Metropolitan … 1997 -…

2007 1030 – GOV (House) – Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA) 2007 1030 – GOV (House) – Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA) — [BonkNote] [PDF-180p, VIDEO-Archive.org] – <mp3, mp4> – R NCOIL – Craig Eiland (TX) – 2p Alessandro Iuppa (Former Maine…

Q: How Do You Eat An Elephant? The very idea of getting a handle on everything that is going on is mind boggling; but when organized, the elephant can be eaten, a bit at a time. — Alan B. Peterson, Equitable 1977 – SOA – Corporate Planning: Procedural Aspects, Society of Actuaries – 18p ……

BGA – Benefit Generating Account This creature called universal life has evolved from a combination of term insurance and a flexible premium annuity to a range of differing products with various design features. Common to any of these variations is the fact that future cash values cannot be determined completely at issue. Cash values (and…

Q: Should A Life Insurance Policy Be Split? – SIV/CIV High early cash value policies, “premium endowments,” and other policies which overemphasize the cash-value buildup have been around for years. Recently, however, some state insurance departments have been taking a closer look at these policies. At least one state has gone so far as to…

Q: Who Can Explain How Life Insurance Policies Work? Academics 2018 1118 – No. 294: Universal Life Policies—a Disaster for Life Insurance Companies and Their Policyholders, by Joseph Belth – [link] Detailed discussions of the history and operation of universal life may be found in college-level insurance textbooks. See, for example, pages 70-76 in the 15th edition…

Archive for May 2023

Separate Accounts Working Group – NAIC

Innovative Products Working Group – NAIC

Project – Universal Life Premium

2007 1030 – GOV (House) – Additional Perspectives on the Need for Insurance Regulatory Reform – Paul Kanjorski (D-PA)