California

  • Life Insurance Guide - [link]
    • Universal Life:  The policy can also be structured to operate like term insurance.
  • 1996 0703 - California - Assembly Bill 3234 (Knowles) Hearing Date: July 3, 1996, SENATE COMMITTEE ON INSURANCE, Senator Herschel Rosenthal, Chair - [link] 
    • LC - Walker v Life Insurance Company of the Southwest  ---  [BonkNote]
  • DFPI - Department of Financial Protection and Innovation
  • John Montgomery commented on the flexible premium universal life policy and the fact that it is not really a whole life policy, but a term policy until the premium is actually paid.
    • John Montgomery Regulator/Actuary - California

1988-2, NAIC Proc.

  • Commissioner Robert Wilcox also spoke favorably of a new provision in California where the illustration of non-guaranteed elements must show: the lesser of:
    • the amount being currently paid,
    • the amount the company is currently earning,
    • or the amount the company can expect to earn.

1994-3, NAIC Proceedings

  • The vast majority of the Department of Insurance's cases are brought in an administrative as opposed to judicial forum.
  • The Department's administrative authority to obtain remedies for individual consumers is more limited than that of a plaintiff in a UCL lawsuit with respect to monetary and injunctive relief.
  • Further, the existence of private plaintiffs' lawsuits helps forward the course of the law more effectively than would be the case if the only adjudications were those proceedings, largely administrative, initiated by the Commissioner.

2015 - LC - Brief of the State of California and the California Insurance  Commissioner as Amicus Curiae in Support of Plaintiffs, Walker vs Life Insurance Company of the Southwest. Case: 15-55809, 12/16/2015, ID: 9795445, DktEntry: 24, p27-28

  • The vast majority of the Department of Insurance's cases are brought in an administrative as opposed to judicial forum.
  • The Department's administrative authority to obtain remedies for individual consumers is more limited than that of a plaintiff in a UCL lawsuit with respect to monetary and injunctive relief.
  • Further, the existence of private plaintiffs' lawsuits helps forward the course of the law more effectively than would be the case if the only adjudications were those proceedings, largely administrative, initiated by the Commissioner.

2015 - LC - Brief of the State of California and the California Insurance  Commissioner as Amicus Curiae in Support of Plaintiffs, Walker vs Life Insurance Company of the Southwest. Case: 15-55809, 12/16/2015, ID: 9795445, DktEntry: 24, p27-28

  • Daphne Bartlett
    • Society of Actuaries
      • 1988 - SOA - Dear Editor: Life Insurance Illustrations: A Call to Action, by Daphne Barlett, Society of Actuaries - 2p
      • 1991 - SOA - Address of the President, Daphne D. Bartlett, Society of Actuaries - 6p
    • California Insurance Department
  • John Garamendi (D-CA)
    • 1991-1995 - California Insurance Commissioner (First elected)
      • ELIC - Executive Life Insurance Company 
    • 2003-2007 - California Insurance Commissioner
    • 2009-Current (as of 2023) - US House, California
  • Darrell Issa (R-CA)
    • 2001-2019,
      • 2011-2015 - Chair - House Oversight and Government Reform Committee, January 2011 to January 2015
    • 2021-Current (as of 2023) - US House, California
  • Wesley J. Kinder
    • 1975-1980 - California Insurance Commissioner
      • 1980-2, Vice-Presidential Address, re: FTC Report
        • The FTC efforts to deter state action on life insurance cost disclosure, under the guise of assisting the states, when in fact, the game plan was to initiate an FTC regulation on the basis that the states failed to act, might be described as a federal fraud.
        • 1979 - FTC - Report - Life Insurance Cost Disclosure, Federal Trade Commission - 460p
  • Angele Khachadour
    • Miller & Daar, Mill Valley, CA
      • 1981 - SOA - The Life Insurance Business---The View of Consumerists (rsa81v7n17), Daphne Bartlett - Moderator, Society of Actuaries - 16p
    • California Insurance Department
  • Jodi Lerner - California Insurance Department
  • John Montgomery - Regulator/Actuary - California
  • Hal Phillips - California Insurance Department, Senior Life Actuary 
    • aka William H. Phillips, W. Harold Phillips
    • 1998 - SOA - Current Issues in Sales Illustrations, Society of Actuaries - 26p
      • I'm going to have you listen for a few minutes.
      • I have a theory that the difficulties the life industry faced with illustrations, including the billions lost in lawsuits, stemmed from the lack of understanding of what a scale of illustrated dividends or nonguaranteed elements is and is not.
  • John Moss (D-CA)
    • 1953-1978 - US House
    • 1978 – GOV (House) – Life Insurance Marketing and Cost Disclosure, John Moss (D-CA)  ---  [BonkNote]
    • 1978 12 – GOV (House Report) – Life Insurance Marketing and Cost Disclosure Report Together with Dissenting Views, John Moss (D-CA)  ---  [BonkNote] 
  • Mark Rakich
    • 1993 0525 -  GOV (Senate) - When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  ---  [BonkNote]
  • Ed Royce (R-CA)
    • 1982-1993 - California State Senate 
    • 1993-2019 - US House, California
    • 2012 - Ed Royce Letter RE NAIC - 4p
  • Karl L. Rubenstein
    • 1988 - Special Deputy Insurance Commissioner, State of California
    • We cannot play word games with policyholder money. (p74)
      • 1988 0914 and 0915 - GOV (House) - Insurance Company Failures, John Dingell (D-MI)  ---  [BonkNote]
  • Brad Sherman (D-CA)
    • 1997-Current (as of 2023) - US House, California
  • Pete Stark (D-CA)
    • 1973-2013 - US House, California
  • Sheldon Summers
    • California Insurance Commission
  • Henry Waxman (D-CA)
    • 1975-2015 - US House, California
      • GOV (House-OGR) - The Causes and Effects of the AIG Bailout- AIG Bailout Oversight Hearing, Henry Waxman (D-CA)  ---  [BonkNote]
  • Insurance Commissioners
    • Current - Ricardo Lara
    • 2003-2007 - John Garamendi
    • 1991-1995 - John Garamendi
    • 1986-1991 - Roxanne Gillespie
    • 1975-1980 - Wesley J. Kinder
      • 1980-2, NAIC Proceedings - Wesley J. Kinder, California Insurance Commissioner, Vice-Presidential Address - re: FTC Report
        • The FTC efforts to deter state action on life insurance cost disclosure, under the guise of assisting the states, when in fact, the game plan was to initiate an FTC regulation on the basis that the states failed to act, might be described as a federal fraud.
        • 1979 - FTC - Report - Life Insurance Cost Disclosure, Federal Trade Commission - 460p

wikipedia.org/wiki/California_Insurance_Commissioner

  • One regulator [W. Harold Phillips, Senior Life Actuary - CA] summarized the problem in his department (Attachment Two-A):
    • Misleading illustrations are structured as inducements to buy rather than helpful tools to understand the workings of the product or as a comparison between products of competing companies. 
    • In addition, many purchasers as well as agents do not understand what an illustration is and what it is not.
    • Most agents, companies and actuaries agree that there is a problem and that something needs to be done.
    • The industry appears to be in gridlock on the matter.
    • Current regulation of illustrations is very weak. Companies and agents can do pretty much as they please.

1993 Proc. IB 789 - LIfe Insurance Illustrations Model Regulation - Proceeding Citations

  • Mr. Wright asked the California Department attendees to provide more information on the ledger illustration bill they had developed.
    • Harold Phillips (Calif.) reported that they had developed the draft after identifying problems and trying to fashion remedies.
    • He said they had received more than 20 comments, mostly favorable.
    • Mr. Wright suggested that the California proposal was a good beginning, and would provoke people to think and to discuss the issues.
    • Roger Strauss (Iowa) asked if the legislation had passed in California, and Mr. Phillips explained that this was just a discussion document and had not been submitted to the legislature.
    • John Montgomery (Calif.) said the decision had been made to postpone the introduction and wait to see what the NAIC would do.

1993-3, NAIC Proceedings

  • Insurance Commissioner Ricardo Lara 1/7/2019 incumbent
  • Insurance Commissioner Dave Jones 1/3/2011 1/6/2019 8 0
  • Insurance Commissioner Steve Poizner 1/8/2007 1/3/2011 4 0
  • Insurance Commissioner John Garamendi 1/6/2003 1/8/2007 4 0
  • Insurance Commissioner Harry W. Low 9/18/2000 1/6/2003 2 4
  • Acting Insurance Commissioner J. Clark Kelso 6/10/2000 9/18/2000 0 3
    Insurance Commissioner Charles Quackenbush 1/2/1995 6/10/2000 5 5
  • Insurance Commissioner John Garamendi 1/1/1991 1/2/1995 4 0
  • Insurance Commissioner Roxani Gillespie 7/1/1986 1/1/1991 4 6
  • California State Assembly - Committee on Insurance - [link]
  • AB 1209 Nazarian Long-term care benefits
    • This bill prohibits insurers from using rate schedules based on attained age when offering long-term care insurance policies and life insurance policies that provide long-term care benefits (“hybrid policies”); revises the rules that apply to hybrid policies in regards to policy loans and withdrawals; and requires insurers to provide a disclosure to applicants for hybrid policies built on universal life insurance policies about the risk of lapse. Chapter 625

sfa.senate.ca.gov/sites/sfa.senate.ca.gov/files/2019_digest_final_updated.pdf

  • Orange County