NCOIL – National Council of Insurance Legislators NCOIL.org ncoil.org/insurance-legislators-foundation-ilf-board/ NCOIL Life Insurance Consumer Disclosure Model NCOIL – NAIC Dialogue Committee Sen. Hackett (R-OH) –  stated that one of the problems that the life insurance industry has been experiencing for several years is that when universal life was sold years ago interest rates were so much…

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Speed to Market NAIC – Speed to Market Task Force GOV 2005-1, NAIC Proceedings – (2005 0315, p100) Individual Modified Single Premium Variable Life Policy Standards Individual Flexible Premium Variable Adjustable Life Policy Standards 2005-2, NAIC Proc. – (2005 0613) SPEED-TO-MARKET FILING TOOL SUGGESTION BOX Speed to market is the ability to bring products to…

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Aetna v. Wisconsin Insurance Commissioner 1980 – SOA – The Wisconsin Imbroglio, Society of Actuaries – 3p Ed. Note: Several Society members testified in a recent lawsuit in which 14 stock life companies and two field men’s groups sought to prevent Wisconsin’s Insurance Commissioner from requiring that buyers be given (1) a preliminary policy summary…

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Rebating 1991 – Sun Sentinel – Insurance Industry Frowns on Cutting Commission for Client, [Rebating] – [link] 1993 0326 – NYT – Insurers Cited on Barring Rebates, By Peter Kerr – [link] 1991 0613 – GOV – Insurance Competitive Pricing Act of 1991 – [PDF-237p – GooglePlay. No Video] Rick Nelson Peter Katt Rep. Lehman …stated that…

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Grading Where were the people that wanted to do that when we were going through the process. Folks, we’ve been talking about this for a year. We have taken input from anyone and everyone. If we had any sense that we could have had ten-year projections only, if we had any sense that we could…

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Off-Track / On-Track In essence, the model regulation <Universal Life Model Regulation> assumes that at issue, all universal life policies are permanent plans. The r-ratio is meant to measure the extent to which the policy is “on track” as a permanent plan. Statutory Valuation of Individual Life and Annuity Contracts | 5th Edition Claire, Lombardi…

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AGs – Actuarial Guidelines 1. Report of American Academy of Actuaries Liaison Committee Gary D. Simms, general counsel of the American Academy of Actuaries, summarized the report of the Liaison Committee (Attachment One). He indicated the purpose of the committee was to interact with the NAIC on a policy level as well as to provide…

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GMF – Guaranteed Maturity Fund The guaranteed maturity fund at any duration is that amount which, together with future guaranteed maturity premiums, will mature the policy based on all policy guarantees at issue. NAIC – Universal Life Insurance Model Regulation (#585): – 22p Shane Chalke ULMR – Universal Life Insurance Model Regulation – MDL-585 –…

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Focus Groups / Consumer Testing Consumer Disclosure Issues Working Group of the Product Development (A) Task Force – NAIC Focus Groups – NAIC – 2000s A great deal of the confusion seems to stem from a lack of understanding of how cash value insurance products work and a lack of understanding of insurance terminology. Also,…

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