Advisory Groups - NAIC

  •  That was one of the recommendations made by the Advisory Committee that Shane and I worked on almost ten years ago, and it joined most of our other recommendations in being trashed by the then NAIC working group.
    • So things are coming around.
    • [Bonk: Shane = Shane Chalke]

--   Walter Miller, now an independent consultant, retired as the senior vice president and chief actuary of Prudential Preferred Financial Services

1995 - SOA - Current Developments Surrounding Regulations and Standards of Life and Annuity Products, Society of Actuaries - 18p

  • Technical Advisory Committee on Dynamic Interest and Related Matters  ---  [BonkNote]
  •  Consumer Issues Disclosure Working Group - (A) - NAIC  ---  [BonkNote]
    • Advisory Committee, chaired by John Hurley (Equitable Society)
  • Yield Index Advisory Committee - 1986-1
  • Advisory Committee on Indexed Products Other than Universal Life - 1987-2 (p648)
  • Tweedie Committee - NAIC - Valuation, John Tweedie
  • REPORT OF THE MARKET CONDUCT AND CONSUMER AFFAIRS (EX3) - ADVISORY COMMITTEE - JUNE 22, 1987
    • Rules Governing the Advertising of Life Insurance and Life Insurance Products Coupled with Annuities
  • Universal Life Task Force Advisory Committee - NAIC
    • 1985-1, NAIC Proceedings - (562-563)
    • NALU (Currently NAIFA) - William Albus, Esq., General Counsel , The National Association of Life Underwriters
    • Shane Chalke, Consulting Actuary
    • Transamerica Occidental Life -  James M. Jackson, Esq., Assistant General Counsel (Chairman)
    • Kentucky Central Life Insurance Company - William Tozer, FSA. CLU, Senior Vice President
    • John Alden Life Insurance Company - Richard M. Williams, FSA, Vice President
    • Non-members Invitees:
      • ACLI - American Council of Life Insurance - Anthony Spano, Actuary
      • New York Life Insurance Company - John Jex, Esq.
      • The Penn Mutual Life Insurance Company - Thomas E. Quinlan, Jr., Esq., Ronald W. Pott (alternate)
      • Continental Financial Services Company - William R. Shands, Jr., Esq., John J. Palmer
      • NALC - National Association of Life Companies - S. Roy Woodall, Jr., Executive Vice President
      • The Travelers Insurance Company - Michael P. Tine, FSA
        Vice President, Actuary
  • Commissioner Robert Wilcox (Utah) .... said that since the NAIC had changed its policy on advisory groups, clarification had not been given to the technical resource advisors, and he intended to send them all a letter to explain the help that was being requested by the working group.

1994-4, NAIC Proc.

  • Finally, I want to offer a comment on recent action taken by the NAIC that I think has served to provide some confusion, if you will, to regulators, regulated industries and consumer participants.

That has to do with our decision to abolish formal advisory committees.

  • I think we recognize the need to refine our process.
    • We took this step in March to send a clear signal that we would not be having any more formal advisory committees.
    • But at the same time the NAIC membership made it clear that we value the input of all interested parties in our process.
    • We pride ourselves on the extent to which our process is open and deliberative and the leadership, I hope, has made clear to our members this year that we only should close meetings when absolutely essential.
    • Given the new interest in what we do as a result of accreditation, it's important that our process be open to all of those who have an interest, be they regulators, legislators, consumers, insurers, agents, what have you. Our process has got to be open.
    • We have recognized though, because of the questions we are receiving, that perhaps there is a need to refine a little bit exactly how we will be channeling and provide a channel for this input.
    • We've heard from many of you who represent insurers and others.
    • We've heard from our own members.
    • We've heard from consumers that we need to analyze very carefully our new system which replaced formal advisory committees.
    • I intend to do that with our Executive Committee.
  • I want to make one thing clear-that does not suggest we are going back to formal advisory committees.
    • What it does suggest is that we have an interest in making sure that our process is open.
    • We want all of our working groups and task forces to have open meetings in which comments can be received on our work products and we want to make sure that our whole approach to receiving input is, in fact, consistent and understandable to regulators, to regulated industries and to consumers, to legislators and all other groups, National Governors Association (NGA), National Conference of Insurance Legislators (NCOIL), National Conference of State Legislatures (NCSL) and others who have a very keen interest in what we do.
    • So over the course of the next several weeks, I am hopeful that we can send out yet another memorandum to our members and to other individuals who are interested to try to set up and hopefully refine a system whereby we are all comfortable and we understand the extent to which we do value the input of all of you in this room, whether you represent consumers, insurers, agents, trade, whomever.

1993-2, NAIC Proceedings

  • Michael J. Cowell: I’m with UNUM in Portland, Maine.
    • I’ve been involved in risk-based capital from the beginning as far as the NAIC is concerned.
      • I was involved with the Industry Advisory Committee on Risk-Based Capital that came up with the NAIC’s current formula, and I spend probably more time on this subject at UNUM than I do on anything else.
      • In the audience is my helper, Jim Reiskytl, from Northwestern Mutual. Jim has also worked on this same industry advisory group.
      • We’ve been working on this and its related derivative activities approximately six years now.
      • Jim has a great deal of experience in this area.
        • He has also spent a large amount of time on the Asset Valuation Reserve (AVR) Task Force and is involved in many other NAIC, ACLI, and SOA activities involving investments and risk capital.

1996 - SOA - Investment under the Risk-Based Capital (RBC) and Rating Agencies Requirements, Society of Actuaries - 16p

SECTION A-LIST OF PROJECTS-LIFE
Advisory Group Labels
AAA: American Academy of Actuaries
SofA: Society of Actuaries Committee--there is a separate committee for each topic shown
ASAC, NAIC Actuarial Staff Advisory Committee now called the Technical Advisory Committee on Dynamic
ACLI:
ULAC,
ASVLAC:
A-UTLF:
Interest and Related Matters
American Council of Life Insurance Staff
NAIC Universal Life Advisory Committee (Chairman--Jim Jackson)
NAIC Actuarial Staff Variable Life Advisory Committee
Universal Life Task Force of Life Insurance (A) Committee
E-Credit: Credit Life and Disability Task Force of the Special Insurance Issues (E) Committee
E-Credit: Credit Life and Disability Task Force of the Special Insurance Issues (E) Committee
Identification
Experience Tables
1 a Smokers/Nonsmokers Mortality
lb Group Annuitant Mortality
le Credit Life and Credit Disability2
Id Guaranteed Jssue and Industrial Life Mortality3
le Specifications for Preparation of 1980 CS0
Mortality Tables
1f Tests to Jndicate the Need for New TablesS
Advisory Year
Group Complete
S of A 1983
S of A 1983-84
S of A 1985
see below4 1986
Sof A 1983
S of A 1984
2 Valuation Interpretations, Guidelines and Model Regulations
2a Reserves for Cash Values Exceeding Basic Policy Reserves ASAC 1984
2b Valuation-Nonforfeiture Interest Rate Differentials ASAC 1983
2c Paid Up Life on a Basis More Favorable Than Guaranteed ACLI 1983
2d Revision of Actuarial Guideline VI, Joint Life Insurance ACLI 1983
2, Revision of Standard Valuation Law to Apply to
Valuations Involving Gross Premiums and Cash Values ASAC 1984
2f Valuation of Deferred Annuities Concerning:
2f(l) Surrender Charges ASAC 1983
2f(2) Bail-Out Provisions ASAC 1983

1983-2, NAIC Proceedings

  • The third issue pertains to the column on the disclosure form which shows premiums accumulated at 5% and the alleged comparison of the accumulated figure to savings accounts.
  • Commissioner Lyons reported that he anticipates additional input from the advisory committee on this issue.
    • The advisory committee stated that it is philosophically opposed to comparing the accumulated premiums to anything that is not an insurance product and added that this comparison was illegal.
    • Commissioner Lyons said all references to savings accounts were removed from the disclosure form.
  • Commissioner Lyons reported that the working group feels strongly that the disclosure form should recognize the time value of money.
  • The advisory committee requested that if the time value of money is shown, they would like the cost of insurance to be disclosed to the consumer as well.

1991-1A, NAIC - Life Marketing Practices to Senior Citizens Working Group