Product Approval

Product Approval

• Today, life insurers compete directly with non-insurance financial services institutions, such as banks and mutual funds.  (p12)

—  William B. Fisher, Vice President And Associate General Counsel, Massachusetts Mutual Life Insurance Company, On Behalf of the American Council Of Life Insurers  (ACLI)

2001 0621 – GOV (House) – Insurance Product Approval: The Need for Modernization, Richard H. Baker (R-LA) – [PDF-208p, VIDEO-?]

• The Task Force also believes that manipulative patterns of COl deductions will be weeded out by their GMP test.
• Examples have been given to the regulators that a whole life product filed in their state today that offered cash values that were equal to 1941 CSO 2.5% values would probably be approved, as long as the paid-up values were on the more current non-forfeiture basis, but a similar UL product would not be approved.

—  Philip K. Polkinghorn

1988 – SOA – Update on Universal Life Reserves and Non-Forfeiture Values, Society of Actuaries – 36p