SandBox
Off Track
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…
Read More4 – Snippets – Short List
4 – Snippets – Short List 8/17/2016 LIIIWG CC Richard Wicka, Chair She (Stegall) said the ad hoc group also discussed tasks to help it achieve its goal, including: 1) gathering background on how the summaries are used and by whom; and 2) reviewing narrative and policy summary examples for key factors highlighted in…
Read MoreRoles
Roles Roles: Academic, Actuaries, Consumers, Consumer Advocates, Lawyers, Regulators, BonkNote Insurance Regulators Insurance regulation can generally be described in two simple statements. Insurance regulators want insurers to have sufficient assets to make good on the promises they are selling and they want insurers to treat their policyholders and claimants right. The first part of the…
Read MoreQ: What Policies lead to Lawsuits / Market conduct issues?
What Policies lead to Confusion / Market conduct issues / Lawsuits? More complex products sold to individual consumers (e.g., universal life policies) tend to generate more market conduct problems than simple products (e.g., term life insurance). 2003 0701 – NCOIL – The Path to Reform – The Evolution of Market Conduct Surveillance Regulation – [PDF-117p]…
Read More4 – Illustrations
4 – Illustrations NAIC – Current / Recent Working Groups 11/14-15/2014 LATF 6-63 Anthony Ferraro (New York Life) said that one of the goals of the Life Insurance Illustrations Model Regulation (#582) is to make sure that illustrations do not mislead consumers. ………………………… He emphasized that it is important that the accumulated cash flows…
Read MoreRalph Nader Didn’t Say It
Ralph Nader Didn’t Say It Note that the data is not from Ralph Nader, but from LIMRA and the NALU [NAIFA]. — Randall P. Mire 1983 – SOA – The Future of Whole Life Insurance–A Debate, Society of Actuaries – 24p Basing an industry of this size on public gullibility is a completely unsound premise.…
Read More4 – Home- Keep 202106
4-Home Academic | Actuarial | Government | Industry | Law | Regulation | Policies Three – NAIC Working Group Notes Four – MAIN Five – Academic Six – Actuarial Seven – Consumer Reps Eight – Government Nine – Industry -A) ACLI -B) NAIFA …
Read MoreTimeline
Timeline 1930 – 1939 1940 – 1949 1950 – 1959 1960 – 1969 1970 – 1979 1980 – 1989 1990 – 1999 2000 – 2009 2010 – 2019 2020 – 2029 2010-2019 fdic.gov/about/history/timeline/ content.naic.org/150_timeline.htm 1906 – Armstrong Investigation ACLI Academic Actuarial Government Law Law Reviews Legal Cases Regulation NAIC 2016 0101 – Solvency II came into…
Read MoreComplaints
Complaints (p33) – Bob CORKER (R-TN) – You know, there are very few complaints. I mean, life insurance is not what drives complaints at your State Insurance Commissioner’s officer, really, is it? It is just a small percentage, is it not? 2009 0317 – GOV (Senate) – Perspectives on Modernizing Insurance Regulation, Chris Dodd (D-CT) — [BonkNote]…
Read MoreChange Without Damage
Change Without Damage Market Moving Information The working group’s concern was how to bring about a change without damage to the market place. 1993-4, NAIC Proceedings – Life Disclosure Working Group – NAIC So if somebody could think of a way to get to the consumer without causing real problems among recent buyers, who are our…
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