SandBox
Sandbox – Short List – 418
Sandbox – Short List – 417 Academic 201x – Universal Life Insurance Duration Measures, Lange, Alonzi, Simpkins – 14p 2004 – UNIVERSAL LIFE INSURANCE – ASPECTS OF THE CASH VALUE DEVELOPMENT – Insurance – 146p 1982 -Using Information-Processing Principles in Public Policymaking- Marketing – 21p 1981 – FTC The NAIC Model Life Insurance Solicitation Regulation – 22p 1972 – An Empirical…
Read MoreSandbox – UL – Premium – 415
Sandbox UL – Premium – 415 2017/11/15 – ACLI revised draft and letter – Life Insurance Buyer’s Guide Working Group Permanent (cash value) insurance covers you for your entire life – Unlike a term policy, which can end after a specified number of years, permanent life insurance will continue to the policy’s maturity age so…
Read MoreSB – UL – Raindrop or Umbrella – 414
Sandbox – UL – Dynamic Products – Raindrop or Umbrella – 414 Raindrop Umbrella 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…
Read MoreIndustry Reputation
Industry Reputation Disintermediation Reputational Risk NAIC Current / Recent Working Groups 11/14-15/2014 IULISG – IUL Illustration Subgroup CC, NAIC Proceedings Mr. Ehren (Securian) said it is in the industry’s best interests to provide additional disclosures for IUL illustrations. 11/14-15/2014 LATF 6-63 Greg Gurlick (Northwestern Mutual Life) said that if consumers are not satisfied…
Read MoreOn Track – Off Track
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…
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.…
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