SandBox

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…

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]…

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…

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.…

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…

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]…

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…

Projects Sandbox – Video Oral Histories https://content.wisconsinhistory.org/digital/collection/proxmire/search/searchterm/Interview%20Transcript/field/type/mode/exact/conn/and Crews were dredging the river. Instead of muck, they pulled up three cannons and a mystery – By Phil Gast, CNN Updated 5:01 AM ET, Sun March 14, 2021 Then it sent out feelers to maritime experts, historians and those who have worked on wreck sites in the…

WishLists WishList – Index Illustrations – WishList Adjustable Life Examples – Minnesota Mutual, Bankers Life, Principal Life Deposit Term / Deposit Whole Life Executive Life Insurance Company Illustrations Metzenbaum We’ve seen the problems that have occurred when Senator Howard Metzenbaum (D–OH) was given an illustration with a vanishing premium, and he had absolutely no idea…

Roles

Q: What Policies lead to Lawsuits / Market conduct issues?

4 – Illustrations

Ralph Nader Didn’t Say It

4 – Home- Keep 202106

Timeline

Complaints

Change Without Damage

Sandbox – Projects

WishList