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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 At a SOA Annual Meeting maybe 15 years ago or more, a speaker challenged anyone in the audience to tell him that a portfolio illustration was exactly comparable to a new money illustration. He wanted to make it clear, then and there, that anyone who was willing…

Range Approach 2017 10/15 or 19 – LIBWG – Letter from the Non-Guaranteed Elements Work Group of the American Academy of Actuaries We believe consumers would benefit from the inclusion of a discussion of NGEs in the buyer’s guide, and think the following points would be helpful: Products with NGEs have the risk that costs…

Modeling 1994 – Asset Modling Concepts – Society of Actuaries – 38p Universal Life Modeling Example Funding Levels Universal life plans offer the policyholder great flexibility in their use of the plan — from a term plan to an investment vehicle. The funding level affects: 1. Universal life commissioners reserve valuation method reserves — In…

Consumerism I am not convinced that the consumer advocates,–David Swankin excepted– really know or speak for what the average consumer wants. I fear that in the dialogue between regulators, business and consumerists, what the general public really wants may be overlooked. — William M. White, Connecticut General – Director of Government Regulations 1980 – SOA -…

Historical Performance NAIC – IULISG – IUL Illustration Subgroup Some have suggested that historical experience should replace current scale as the basis for describing how the not guaranteed elements of the policy can operate. Substitution of historical performance for current scale would not solve many of the problems related to sales illustrations. Since it is…

Collaboration Q: Who Can Explain How Life Insurance Policies Work? naic.softlinkillumin.net/knowledgebase/#/home Life Insurance Illustrations Model Regulation Research – [link] Finding comment letters/discussion/attachments in Proceedings – [link] Model Regulation 582: Life Insurance Illustrations (Free Look) – [link] References in the Proceedings – [link] But nowhere has there been a serious, full dress attempt to re-define the modern American insurance transaction as…

Sensitivity Analysis Mr. Nepple said that in his opinion a sensitivity analysis added confusion, but he did not see that it was essential for consumers to understand standardized assumptions. Mr. Nepple asked the group to consider further the issue of a sensitivity analysis. 1994-4, NAIC Proceedings

Unfair Trade Practices Michael Lovendusky (American Council of Life Insurers — ACLI) …. said the Unfair Trade Practices Act is the bedrock of market practices. 2001-1, NAIC Proceedings, Suitability Working Group The NAIC’s Model Unfair Trade Practices Act is designed to prevent deceptive and/or misleading practices during the sale of insurance. The Model Act also…