Regulatory
Regulation 187
Regulation 187 Regulation 187 “Best Interest” Suitability – dfs.ny.gov/docs/insurance/r_finala/2018/rf187a1txt.pdf 2021 – LC – INDEPENDENT INSURANCE AGENTS AND BROKERS OF NEW YORK, INC., vs. NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES – OPINION AND ORDER – 7p – 530047 OPINION AND ORDER – 7p Appeal from a judgment of the Supreme Court (Zwack, J.), entered August 7, 2020 in…
Read MoreSuitability
Suitability There should be suitability rules in place, particularly for cash value life insurance policies to assure that sales of proper products are made. (p14) — J. Robert Hunter 2003 0506 – GOV (House) – Increasing the Effectiveness of State Consumer Protection – [PDF-123p, VIDEO-?] 2000 – NAIC – Suitability of sales of life insurance and…
Read MoreNCOIL – The National Council of Insurance Legislators
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…
Read MoreSecurities Regulation
Securities Regulation NASAA / NAIC Joint Committee Fundamentals of Securities Regulation – Book
Read MoreSpeed to Market
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…
Read MoreAetna v. Wisconsin Insurance Commissioner
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…
Read MoreQ: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other
Q: How Can Universal Life be Classified? Permanent / Whole / Cash Value / Term / Other Why is Universal Life called Permanent or Whole Life? Maybe Universal Life Shouldn’t be Called Permanent or Whole Life How Else Could Universal Life Be Explained? NAIC Drafting Note: Although highly flexible, Universal Life insurance is generally considered…
Read MoreConfusing to People
Confusing If we are going to have a group of consumers of our products who are satisfied with what they get, we have to meet their expectations. Obviously, there are two adjustment points whereby that can be accomplished. One is that you can change the outcome to match the expectations. The other is to change…
Read MoreRebating
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…
Read MoreGrading
Grading Actuaries did use interest assumptions in pricing their product, often as aggressive as 6 1/2%, which were graded to an actuarially responsible 4% or so. — Stanley B. Tulin 1981 – SOA – Asset Management for an Insurance Company, Society of Actuaries – 14p Where were the people that wanted to do that when we…
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