Words – Page 21 – [BonkNote]

Consumer Education <1> We want you to know that Financial Education is important, but that many other groups are better situated to design deliver and evaluate education than NAIC is. We think NAIC’s most important role in Retirement Security is to make sure that consumers can safely buy well-designed insurance products in stable insurance markets.…

Accountability Second, it was observed that ….. there is virtually no accountability for any of the participants in the sale, ..not for the company, not for the agent, and interestingly, the white paper discussed accountability on the part of the purchaser as well. — Robert E. Wilcox, Utah Insurance Commissioner and Chairman of the Life Disclosure Working…

Features Key Attributes of Generic Life Insurance Policies — Table 4-2 Duration of coverage – Universal Life – Depends on premiums paid (p111) 2015 – Book – Life Insurance 15th Ed. – Black, Skipper, Black (Huebner Series) 1993 – SOA – Product Design / Pricing with Bonus Features, Society of Actuaries – 22p 2004 – ACLI/…

Fiduciary Advice Incidental Advice DOL – Fiduciary Rule – Department of Labor Fiduciary Duty Relationship (p54) – 1:34-1:41 – Eric DINALLO, Superintendent, New York State Insurance Department – Well, I think it’s important for everyone to know there’s a very strong tension between policyholders’ interest and shareholders’ interest in a publicly traded company. The board and management…

Futurism 1977 – SOA – Futurism, Society of Actuaries – 18p 1983 – SOA – Futurism – An Art and a Science, Society of Actuaries – 22p soa.org/globalassets/assets/library/newsletters/the-actuary/1987/november/act-1987-vol21-iss09-corbett.pdf

Risks Risk – Index Systemic Risk – Index … referred to the Report of the Committee on Valuation and Related Problems. In that report, the Trowbridge Committee identified three categories of hazards which may impair the financial health of the insurance enterprise. [C1, C2, C3] The report of the committee can be read by the…

Rating Agencies AIG – Rating Agencies AM Best Best’s Review “Insolvency Studies” Best’s Insolvency Study Duff & Phelps Fitch Moody’s Standard and Poors (S&P) Weiss Research 1990 1215 – NYT – Moody’s Cuts Debt Ratings of Five Leading Insurers, By Richard D. Hylton – [link] The five are Mutual Life Insurance of New York, Mutual…

GENERALLY RECOGNIZED EXPENSE TABLE (GRET) 1998 – GENERALLY RECOGNIZED EXPENSE TABLE FOR 1998 ILLUSTRATIONS. SOCIETY OF ACTUARIES COMMITTEE ON LIFE INSURANCE RESEARCH. REPORT TO THE NAIC LIFE DISCLOSURE WORKING GROUP, Society of Actuaries – 8p 1996-2 Generally Recognized Expense Table 716 Adopted 695 2000-3 Society of Actuaries Committee on Life Insurance Research Report to the…

Systemic Risk Systemic Risk – Index Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. 2003 – IMF – Insurance and issues in financial soundness. IMF working paper 03/138. Das U, Davies N, Podpiera R – 44p 2009 0305 – GOV (House) – Perspectives on Systemic Risk, Paul Kanjorski (D-PA) — [BonkNote] Terri Vaughan…

New Money / Portfolio Money Investment Generation Method We continue to put out these apples vs. oranges illustrations. We’re misleading our policyholders. We are providing the ammunition to make replacements of inforce policies with new coverage that is not in the policyowner’s best interest. — Walter Miller 1983 – SOA – Surplus Distribution and Allocation…