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NAIC Proceedings – ACLI Hire Consumer Disclosure Expert 198x – NAIC Buyer’s Guide (LIBG) – ACLI = Scribe 198x LIBG vs 199x LIBG 198x – Premium/Charges 199x – Premium/Premium 2016 2016-1 April 3, 2016 Mr. Lovendusky said that a major item that came out of the ACLI work group was the idea of doing consumer…

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…

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…

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…

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…

ACLI – NAIC Proceedings

Industry Reputation

On Track – Off Track

4 – Snippets – Short List

Roles

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

4 – Illustrations

Ralph Nader Didn’t Say It

4 – Home- Keep 202106

Timeline