Regulatory – Page 10

Private Right of Action 2004 – LR – PSLRA, SLUSA, and Defrauded Retirement Investors: Overlooked Side Effects of a Potent Legislative Medicine, by Michael J. Borden — [BonkNote] A regulator pointed out that a provision for a private cause of action is a major departure from NAIC policy, and after extensive discussion, the working group…

Congressional Oversight 2021 – CRS – Congressional Oversight Manual – 127p Congressional oversight : methods and techniques prepared for the Subcommittee on Oversight Procedures of the Committee on Government Operations, United States Senate, by the Congressional Research Service, Library of Congress, and the General Accounting Office, July 1976. 2000 – Congressional Oversight: Challenges for the 21st Century Statement…

Risk Classification 1980 – SOA – Risk Classification, Society of Actuaries – 18p 26. Five sets of congressional hearings have been held on a bill introduced by Senators Hatfield and Packwood and Representative Dingell that would prohibit classification on the basis of race, color, religion, sex, and national origin. Most of the testimony from the…

NARAB – National Association of Registered Agents and Brokers 2000 0412 – Testimony – NAIC to GOV (Senate) – State Implementation of the NARAB Subtitle in the Gramm-Leach-Bliley Act, Testimony of the Financial Services Modernization NARAB Working Group, Terri Vaughan (IA) – 19p Senate – Committee on Banking, Housing, and Urban Affairs – Securities Subcommittee…

Numeric Summary Illustrations and Premium Limits The NAIC Life Insurance Illustrations Model Regulation requires a basic illustration to consist of a numeric summary of the death benefits and values on three bases: Here is an example. The policy illustrated below is $100,000 specified amount with a $60 policy load, assessed monthly. The guaranteed interest rate…

Yield Index Yield Index Advisory Committee – NAIC 1989 – SOA – What Will Be The Life Insurance Products Of The Future, Society of Actuaries – 18p 1987 – SOA – Regulatory Update, Society of Actuaries – 26p The NAIC Yield Index Advisory Committee was started in the middle of 1984 at the behest of the…

Regulators – Time in Office As Steve mentioned, I’ve had the privilege of serving as Director of the Illinois Department of Insurance for just less than two years and given the history of tenure of commissioners….. I may be becoming an endangered species. — Stephen Selcke, Director of the Illinois Department of Insurance 1993-2, NAIC…

State vs Federal Regulation McCarran-Ferguson Optional Federal Charter Now, consumers don’t care who regulates insurance. We really don’t care if it is Federal or State. But we do care if it is any good, and it isn’t good today. — Statement of J. Robert Hunter, Director of Insurance, Consumer Federation of America 2007 1030 -…

Confusion After receiving these notices, John (Policyowner) contacted Glasgow (Agent) who had retired in 2000, to inquire why his policies would be terminating, even though he had timely paid the premiums on the policies for approximately 18 years. (p5) 2010 – LC – Maloof v John Hancock – 60 So. 3d 263 – Ala: Supreme…

Meaningful Disclosure Teresa Winer (GA) said that disclosure is helpful, but only if it is meaningful. 2019 0917 – NAIC Proceedings (Fall, 6-77) – LIIIWG – Life Insurance Illustrations Working Group …. would they know what that really means in terms of the risk to them and how it would interact with…… — Brian Brosnahan,…