NAIC - National Association of Insurance Commissioners - Documents - Index

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Accounting – Documents

1980s

  • 1984 – AICPA – Accounting by stock life insurance companies for annuities, universal life insurance, and related products: and accounting for nonguaranteed premium contracts; Issues paper – 120p
  • 1985 – AICPA – Audits of stock life insurance companies: Industry audit guide; Audit and accounting guide American Institute of Certified Public Accountants. Committee on Insurance Accounting and Auditing – 250p

1990s

  • 1990 – AICPA – Practice Bulletin 8 – Application of FASB Statement No. 97, Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments, to Insurance Enterprises – 13p

2000s

  • 2000 – AICPA – Audit and Accounting Guide: Life and health insurance entities,  American Institute of Certified Public Accountants. Life Insurance Audit Guide Task Force – 394p

2010s

  • 2016 0929 – FASB – Draft – Proposed Accounting Standards Update – 172p

Law – Documents

2000s

  • 2006 02 – WestLaw – Life Insurance: Could Abuses in the Life Insurance Industry Lead to Penalties, by Jeffrey A. Baskies – 5p
    • January 2005 ESTATE PLANNING article, Stephan R. Leimberg highlighted the epidemic commonly referred to as stranger-owned life insurance (‘SOLI’)
      • This result was recently suggested by Stephan Leimberg in his article on SOLI. [FN9]  As he argued, by changing the natme of life insmance into an investment vehicle (or into a tax shelter vehicle), the promoters of these products are undermining the justification for the income tax benefits associated with life insurance (the income tax-free accumulation of cash value and receipt of death benefits). As the focus shifts from selling quality life insuance products to clients who want and need them to selling gimmicks to clients who otherwise don’t want or need life insurance, the industry places itself in greater peril.

2010s

  • 2018 – ALIC – Life Insurance Litigation Update, by John N. Bonlus, Edward M. “Ted Holt, and Mary Caroline Wynn, Maynard Cooper & Gale , [ALIC] – Association of Life Insurance Counsel – Regional Meeting – 20p 
  • 2018 08 – DRI For the Defense – As Universal Life Insurance Premiums Increase, So Does Class Action Litigation, by By Moheeb H. Murray, Stephanie A. Douglas, and Susan M. McKeever – [p12-19 – link to Magazine] – 91p

LIRP – Life Insurance Retirement Plan – Company Documents

2000s

  • 2008 – John Hancock – Client Profile: Life Insurance Retirement Plan – 2p 

2010s

2020s

  • 2021 – Wells Fargo – Insurance Strategic Relationship Handbook – 83p
    • p32 – Common items generally flagged for correction
    • Do not refer to “plans” or “programs” when only life insurance is presented. For example, make it clear that life insurance is not a retirement plan or “LIRP” but it may provide funding for retirement needs as a secondary benefit.
    • The concept of using life insurance to supplement retirement income is approved, however referring to this concept as Life Insurance Retirement Plan, Life Insurance Retirement Planning and/or using the “LIRP” acronym is prohibited.
    • Do not refer to life insurance as an investment or savings plan.
    • Material discussing the use of life insurance for estate or tax planning purposes should include a tax and legal notice. 
  • 2022 – Prudential – https://www.prudential.com/content/dam/us/sites/financial-education/how-can-life-insurance-help-manage-taxes-in-retirement_PDF/1022550-00005-00%20The%20Tax%20Advantages%20of%20Life%20Insurance.pdf
  • 2023 – newyorklife.com/articles/life-insurance-retirement-plan
    • Which life insurance policy is best for retirement planning?
      • If you plan on using life insurance to help fund your retirement, it’s important to purchase a policy that offers significant cash value appreciation potential as a feature.
      • That means you will want to consider three types of coverage: whole life, and variable universal life.2 
  • 2023 1214 – Lincoln Financial – Does America have a math problem? – [link]
    • Steve Sabol is the Sales Vice President for Lincoln Financial … Lincoln DesignItSM/WinFlex sales concepts, including the LIRP/SRP concept.

 

Primerica - A.L. Williams - Documents

  • <WishList>
  • Primerica's Social Media Guidelines Handbook 
  • 1975-2006 - State of Tennessee - Department of State - Tennessee State Library and Archives - Department of Commerce and Insurance - Commissioner Files, 1975-2006 - RG 388 - 79p
    • p15 - A.L. Williams - Box 11, Folder 8 
  • Year-? - Common Sense - Split Funding - A.L. Williams - 3p - <Bad Link>
  • Year-? - A.L. Williams Is a Management Company - 4p - <Bad Link>
    • No. 2 - All the business principles are EASY
      • Any "dumb-dumb" can get a license
      • Any "dumb-dumb" can learn how to sell, how to recruit, etc.
    • No. 5 - NEVER send your new recruits to OUTSIDE TRAINERS •
      • This is as bad as selling trash value life insurance to your people--a real screwing

04 Jul 1990, Wed The Tennessean (Nashville, Tennessee) Newspapers.com

DOL – Documents Referenced

  • 1969 – LC – SEC v. National Securities, Inc., 393 U.S. 453 (1969)
  • 2007 06 – GAO – Defined Benefit Pensions: Conflicts of Interest Involving High Risk or Terminated Plans Pose Enforcement Challenges, gao-07-703 – Government Accountability Office – 67p
  • 2021 11 (Revised from 2020 07 – 62p) – NBER – Conflicting Interests And The Effect Of Fiduciary Duty – Evidence From Variable Annuities, Working Paper 27577, by Mark L. Egan, Shan Ge and Johnny Tang – 107p
  • 2023 1031 – VIDEO – President Biden Remarks on Protecting Retirement Security – [VIDEO-CSPAN-20:22]
    • President Biden announced the Labor Department’s new retirement security rule proposal, which aims to eliminate loopholes and “junk fees” and require financial advisers to have a fiduciary duty to their client when giving retirement advice. “When you pay someone for retirement advice, they must give you advice that’s in your best interest, not whether it gives them the best pay day,” said President Biden. He delivered remarks from the White House and was joined by acting Labor Secretary Julie Su and AARP CEO Jo Ann Jenkins. close 
  • 2024 0108 – Letter – GOV (Wagner, etc) to GOV (Acting Secretary Su and Assistant Secretary Gomez) = re: RIN: 1210-AC02 – 8p
    • We write to express our concerns about the Department of Labor’s (DOL) proposed “Retirement
      Security” (RIN: 1210-AC02)1 rule…
  • 2024 01 – Oxford Economics – Economic Analysis of the DOL’s Proposed Retirement Security Rule (“Fiduciary Rule”} – 38p
  • 2024 0408 – Letter – GOV (Maxine Waters, etc. – Committee on Financial Services) to DOL, OMB, OIRA – Re: Comments on Retirement Security Rule: Definition of an Investment Advice Fiduciary (RIN 1210-AC02) – 12p
    • Loophole #1: The investment advice fiduciary definition under ERISA only applies to advice given on a “regular basis,” which does not include one-time advice-as consequential as they may be-such as advice regarding 401(k) roll-overs into annuities or other complex products.23 
      • 23 – 2024 0102 – AARP – Re: Proposed Retirement Security Rule: Definition of an Investment Advice Fiduciary; [RIN1210-AC02] – 11p
    • Different laws provide some coverage for certain types of annuities. For example, fixed indexed annuities are not subject to the protections of federal securities laws under Reg BI while variable annuities are.30 Likewise, the National Association of Insurance Commissioners (“NAIC”)’s model annuity rules-which govern the sale of fixed annuities at the state level- impose a lower standard than ERISA’s fiduciary best interest standard.31

1996 – Report of The Multi-state Life Insurance Task Force and Multi-state Market Conduct Examination of The Prudential Insurance Company of America

  • (p13-14) – Prudential’s efforts to ensure that its agents understood and explained to consumers the effect of the change in dividend practices were largely unsuccessful and may have resulted in many cases, in an expectation that illustrated dividends would be paid. 
  • (p15) – A review of company records reveals· that the company, through its internal complaint system, knew of cases of alleged misrepresentation and other improper sales practices by its agents, and in many instances failed to adequately investigate and impose effective discipline. 
    • Prudential is responsible for the behavior of its agents and managers and, therefore, where misrepresentations have resulted in harm to its customers, the company should provide appropriate compensation commensurate with the nature and amount of the harm and  misrepresentation.
  • (p17-18) – Given the fact that it is difficult to ascertain who was harmed and the extent of that harm, the company concluded that the best approach to remediation would ·be to reach out to all potentially affected policyholders. Prudential, therefore, is prepared to contact 10.7 million policyholders nationwide…. 
  • (p173) – There appeared to be little if any awareness of guidelines and any consistency in agent training. 
    • Prudential must issue written directives to appropriate staff which would establish the following improvements to its training program:
  • (p222) – Training shall also cover areas of potential misrepresentation.

1973 01 – SEC – Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission

  • 1973 01 – SEC – Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission  —  [BonkNote]  —  [PDF-207p-GooglePlay]
  • 1973 – SEC – Variable Life Insurance and the Petition for the Issuance and Amendment of Exemptive Rules, Securities and Exchange Commission – Summary – 27p
    • I am pleased to transmit the Division’s report with respect to the Petition filed by the American Life Convention and the Life Insurance Association of America for the adoption of rules to exempt variable life insurance from the federal securities laws.
  • (p78) – Curiously, although the NAIC claimed that the disclosure requirements of the federal securities laws would interfere with their regulation, Commissioner Barger testified that the type of disclosure presently required under the Securities Act for variable annuities may actually help the state insurance commissioner regulate variable insurance, (Tr.1683-84) and the NAIC is attempting to impose upon the issuers of variable insurance products a limited disclosure requirement in the form of a “mini-prospectus.”
    • [Bonk: Commissioner Barger = ]

FDIC – Documents

2000s

  • 2004 – FDIC – The Future of Banking in America – the Mixing of Banking and Commerce: Current Policy Issues, FDIC Banking Review Series, Vol. 16, No. 4, Federal Deposit Insurance Corp –  24p-ssrn.com-link

2010s

  • 2013 – FDIC – Credit Risk Assessment of Bank Investment Portfolios – 7p