Words – Page 20 – [BonkNote]

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 Doc 781 – (p4-5) -…

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…

Surrender Charge Because of the multitude of problems in any application of a prospective method, a retrospective requirement was adopted. It was felt that the most important relationship to the policyholder would be that between the account value and the cash value. This amount, the surrender charge, is the quantity regulated by the Model [Bonk:…

Actuarial Tables Commutation CSO CET Mortality Actuarial Tables: Commissioners 1941 Standard Ordinary Mortality Table (1941 CSO) V. 1-, Volume 3 Actuarial Society of America Society and the Institute, 1945 Commutation Columns and Valuation Factors Based on 1980 CSO Mortality Table: Age last birthday – Actuarial Publishing House, 1981 TERM AND WHOLE- LIFE INSURANCE COST AS DEVELOPED…

Perspectives Because I was a company actuary for 20 years before I became a regulator, I have a perspective that a lot of regulatory actuaries do not have. — Thomas C. Foley 1996 – SOA – Professional Standards Affecting Life Actuaries, Society of Actuaries – 18p Jim OBERSTAR. ( Minnesota Democratic–Farmer–Labor Party) – Also, as a follow…

Antitrust We would have been subject to antitrust action had we tried to develop that in the profession alone; they had to be in the regulation. Departure from the past practice of avoiding antitrust laws can only happen when the regulators take the lead. The ASB cannot make these changes by itself. — Frank S.…

Nonforfeiture 1941 Guertin Report NAIC’s Committee to Study Nonforfeiture Benefits and Related Matters, chaired by Alfred N. Guertin, actuary of the New Jersey Insurance Department 1942-Supplement, NAIC Proceedings – Reports and Statements on Non-Forfeiture Benefits and Related Matters 1975 Unruh Committee SOA, Special Committee on Valuation and Nonforfeiture Laws, chaired by Henry C. Unruh 1983-1,…