Regulatory – Page 14

Valuation Liquidation Belth FRB Valuation Loans Standard Valuation Law Valuation Actuary Valuation Manual – NAIC Valuation and Non-forfeiture 1979 – SOA – Discussion of the Preliminary Report of the Committee on Valuation and Related Problems, Society of Actuaries – 44p 1987 – SOA – Valuation Actuary Handbook. Chapter I – Life Insurance Company Statutory Valuation – 34p…

Off-Track / On-Track In essence, the model regulation assumes that at issue, all universal life policies are permanent plans. [Bonk: model regulation = ULMR – Universal Life Model Regulation] The r-ratio is meant to measure the extent to which the policy is “on track” as a permanent plan. 2018 – Book – Statutory Valuation of Individual…

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…

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 –…

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,…

Generic Name Proposed Revision of NAIC Life Insurance Solicitation Model Regulation (ACLI) – October 22, 1982 A Generic Name means a short title which is descriptive of the premium and benefit patterns of a policy or a rider. NAIC Proceedings

Retrospective Retrospective vs Prospective Mr. Carroll: Retrospective and prospective, if everything fits and works nicely, as Doug pointed out, it doesn’t matter. You get the same answer looking both ways. It only matters when things are out of sync and something has gone wrong or gone better than has been reflected. That’s how we come…

MSRV – Mandatory Securities Valuation Reserve Impact of Economic Changes on Common Stock Values When the MSVR was first established in 1951, common stocks represented only 1.2 percent of the assets of U.S. life insurance companies. However, the sharp rise in common stock prices during the 1950s and early 1960s, combined with the stimulus of…

Manipulation Manipulation, Lapsation, Dividend Practices and Annuity Disclosure (A) Task Force 1981 – DETECTING POSSIBLE MANIPULATION: THE PEER REVIEW APPROACH – SOA – Moderator: JULIUS VOGEL. Panelist: WALTER N. MILLER – 12p Ms. Edwards requested the wishes of the subcommittee as to whether the task force should address the question of manipulation with inforce policies. Upon…

Replacements 1035 Exchange Churning Disintermediation Twisting 1976 1208 – NAIC – Life Insurance Replacement Regulation (C3) Task Force – p611 At the annual meeting of the National Association of Insurance Commissioners in New Orleans, Louisiana, on June 8, 1976, the Life Insurance (C3) Subcommittee appointed Director E. Benjamin Nelson, Nebraska, to chair a Life Insurance…