Words – Page 19 – [BonkNote]

Interest Sensitive Life Insurance 8. The growth of interest-sensitive insurance products, such as universal life, spurred by a period of high inflation and historically high interest rates. 1984-1, NAIC Proc. Other interest-sensitive policies include variable life, adjustable life and variable premium life. In variable life policies, the assets (typically equities) underlying the policies are held in…

Insufficient Premiums Premium Considerations The non-guaranteed premium concept can be utilized for all forms of nonparticipating insurance, including both term and permanent policies. In setting insurance premiums, the actuary can use pricing assumptions that are as realistic as possible. The actuary is not locked into “50 years” of insufficient premiums if his or her estimates…

Claims Settlement The States do little with respect to life insurance regulations for many reasons, mainly because there are very few problems with complaints over claims. Most of the staffs are involved with complaints relating to automobile insurance and health insurance. Life insurance is sort of the stepchild of many, if not most, insurance departments. …

Bailouts 1920s/1930s – Great Depression 1980s – Federal Reserve 1990s – Executive Life, etc. 1992 0721 – Federal Reserve Report on Economy 03:38:22 SEN. RIEGLE And the banks got into big trouble. Not just the ones under your supervision, but the ones under the supervision of other regulators. And last year, we had to…

Acronyms SOA – Acronym Listing, Society of Actuaries- 47p FSAP – Financial Sector Assessment Program FSB – Financial Stability Board NBFI – nonbank financial institutions LIST OF ABBREVIATIONS AND ACRONYMS BCBS Basel Committee on Banking Supervision BIS Bank for International Settlements BOPCOM IMF Committee on Balance of Payments Statistics BSA Balance Sheet Approach BPM6 Balance…

Statute of Limitations hoffman, june 2017 2 NAIC – Suitability Paper, Legal Case – 1958 – Knox v Anderson, Hawaii The purpose of a statute of limitations is to: prevent a defendant from “defending stale claims, where factual obscurity through the loss of time, memory or supporting documentation may present unfair handicaps,” as well as…

Policy Performance ….provide illustrations based on different assumptions. This would serve to demonstrate to the consumer the effect on future benefits of changes in assumptions. STATEMENT ON BEHALF OF THE AMERICAN COUNCIL OF LIFE INSURANCE <ACLI> TO THE NAIC MARKET CONDUCT SURVEILLANCE (EX3) TASK FORCE, June 13, 1988 1988-2, NAIC Proceedings – Walker v LSW -…

Equity One of our problems is that we’re not even sure, as a profession, what we mean by equity between persisting and terminating policyholders. The Society has set up a task force, chaired by Donna Claire, to investigate this issue. The Unruh Committee, I believe, in the 1970s came up with a definition of equity…

Entire Contract Clause 5. Adopt November 21 and December 1 Minutes to Life Marketing Practices to Senior Citizens – Working Group and Amendments to Life Insurance Disclosure Model Regulation and Disclosure Form Commissioner David Lyons (Iowa) commended David Rodgers (Wash.), Jim Swenson (Ore.), Dean Gallagher (Okla.), Bob Wright (Va.), Roger Strauss (Iowa) and NAIC staff…

Reinsurance Assumption Reinsurance Captive Reinsurance Financial Reinsurance Reinsurance Collateral Reinsurance – Taxes 1988 – SOA – Reinsurance Tax Issues, Society of Actuaries – 10p Surplus Relief Reinsurance Skinner – GOV – Blunt Instrument NAIC – Special Purpose Reinsurance Vehicle Model Act – 789-1 – 34p Section 1. Purpose – This Act provides for the creation of Special…