• REGULATION FROM A LEGISLATOR'S PERSPECTIVE
• I hope to give you some insight into state government regulation and the way we feel about the life insurance industry.
• As a state legislator, I have never had any serious problem with the life insurance industry.
  • One reason for this is because life insurance is strictly voluntary.
    • This is quite different from casualty insurance which has mandated coverages.
    • If a person buys a life insurance policy, he does it on his own free will and this takes us off the hook.
  • Second of all, life insurance has always served a very important purpose in this country. 

--  Warren D. Arthur, IV. (not a member of the Society, is a state representative in the South Carolina legislature.)

1981 - SOA - Changes in Life Insurance Laws and Regulations: What Do We Need and How Can We Get It?, Society of Actuaries - 18p