NAIC - Model Laws and Regulations

  • (p32) - Scott Gilliam - Assistant Vice President and Government Relations Officer, The Cincinnati Insurance Companies - Be careful what you ask for when you ask for a Federal insurance code.
    • But I will say that the idea is somewhat intriguing since it would reserve the ultimate regulatory authority to the States for this reason.
    • As Mr. Iuppa said, the reason the NAIC came into existence was to try to create a set of uniform laws across the States for insurance. And those of us who attend the NAIC meetings four times a year see that with great fanfare they pass a model law, and then we all start placing bets on how many States will actually adopt it, and then of those, how many will tweak it their own little way.
    • So there is no model law. There are model ideas, but they never turn into model laws. So it is an intriguing concept.

2007 1030 - GOV (House) - Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA)  ---  [BonkNote]

  • Managing General Agents Act - NAIC - MDL-225 - 24p
    • 1993-3, NAIC Proceedings
  • Model Regulation for Complaint Records to be Maintained Pursuant to the NAIC Unfair Trade Practices Act - NAIC - MDL-884- 6p
  • Reinsurance Intermediary Model Act - NAIC - MDL-790 - 20p
    • 1993-3, NAIC Proceedings
  • DISCLOSURE OF MATERIAL TRANSACTIONS MODEL ACT -  MO-285-1 - 4p
  • Model Regulation for Partial Endowment type (Deposit Term) - 1980-2, NAIC Proceeedings     
    • Ms. Edwards reported that the task force recommended the adoption by the (C3) Subcommittee of the Model Regulation for Partial Endowment type (Deposit Term) policies which was circulated in December, 1979, as an exposure draft. 
    • Following discussion and upon a motion duly made and seconded, the subcommittee referred this exposure draft to the Evaluation Life Insurance Cost Disclosure Task Force for consideration as to whether this type product can be treated under the Model Life Insurance Solicitation Regulation or whether a separate regulation must be used to properly disclose factors pertaining to this product.
  • 1994 - SOA - NAIC Model Investment Law Update, Society of Actuaries - 24p
    • Larry Gorski
  • 1995 - SOA - NAIC Model Investment Law, Society of Actuaries - 20p
  • Model 830: Valuation of Life Insurance Policies Model Regulation (Regulation XXX)
    • 2009 - 40p
      • Chronological Summary of Action
        • December 1994: Model adopted.
        • December 1998: Model amended.
        • September 2009: Model amended
    • 1995.pdf
    • 1998 - MDL 830.pdf
    • MO830.pdf
    • ST830_0.pdf
    • model-laws-project-history-830.pdf
  • Model 910: Market Conduct Record Retention and Production Model Regulation - MDL-910
    • 1994.pdf
    • MO910.pdf
    • ST910.pdf
    • model-laws-project-history-910.pdf
  • Synthetic Guaranteed Investment Contracts Model Regulation - [GICs] - NAIC - MDL-695 - 32p
    • 1999 - AAA to NAIC - Synthetic Guaranteed Investment Contracts Model Regulation, American Academy of Actuaries - 19p
  1. Adopted, Active
    • Model 568:  Military sales practices model regulation - 8p
      • ...separate file for a chart of state adoption of named model law. - 5p
    • Model 582:  Life Insurance Illustrations Model Regulation, MDL-582 - 38p
    • Model 580:   Life Insurance Disclosure Model Regulation, MDL-580 - 5p
      • Formerly Known As Life Insurance Solicitation Model Regulation, 1984-1
      • Life Insurance Buyer’s Guide removed in 2018, 2018-3
    • Model 570:  Advertisements of Life Insurance and Annuities Model Regulation, MDL-570 - 30p
    • Model 880:  Unfair Trade Practices Act, MDL-880 - 51p
    • Model 585:  Universal Life Insurance Model Regulation, MDL-585 - 12p
    • Model 613:  Life Insurance and Annuities Replacement Model Regulation , MDL-613 - 36p
  2. Adopted, Not Active
    • Deceptive Practices in Life Insurance Model Regulation:
      1973 Proc. Vol.II p541
      1974 Proc. Vol.II p, 442 (amended)
    • Life Insurance Cost Comparison Interest Adjusted Index Model Regulation:
      1973 Proc, Vol. II p538
      1974 Proc .Vol. l. p.442 (corrected)
    • Model Life Insurance Replacement Regulation:
      1970 Proc. Vol. Ip. 345
  3. Not Adopted
    • Model Regulation Concerning the Sale of Life Insurance Products and Annuities. Life Insurance Products Coupled with Annuities Subgroup - Market Conduct Surveillance (EX3) Task Force, Market Conduct and Consumer Affairs (EX3) Subcommittee
      • “Discussion of Marketing of Life Insurance Products Coupled with Annuities.” 1985-1, page 168.
      • Draft, Attachment FIVE-A, 1987-1, pages 146-147.
      • “Some of the earlier reported problems with combining life insurance products with annuities appear to have diminished. Disclosure provisions which were a key element in the proposed Life Insurance Coupled With Annuities Model Regulation were incorporated into the amendments to the NAIC Rules Governing the Advertising of Life Insurance. This charge appears to be completed.” 1988-1, page 130.
    • Second Standard Nonforfeiture Law for Life Insurance
      • “The Nonforfeiture Law Working Group, consisting of five members of the actuarial task force and with a number of nonregulatory technical consultants, has been appointed to work on Project 3g, "Revision of Standard Nonforfeiture Law for Life Insurance, 1993-1, page 1004.
      • Second Standard Nonforfeigure Law for Life Insurance - Exposure : 6/22193, ATTACHMENT ONE-E, 1993-2, pages 1015-1028.
      • “With regard to the life nonforfeiture model, Ms. Lautzenheiser <actuary> saw the main problem as the difference between the fund-based (Universal Life) policies and the non-fund-based products.”
  • Model Regulation to Define Standards and Commissioner’s Authority for Companies Deemed to be in Hazardous Financial Condition
  • Model 520 - Life and Health Insurance Guaranty Association Model Act - 68p
    • Life and health insurance guaranty association model act: chronological summary of action - [link]
  • The National Association of Insurance Commissioners (NAIC) Investments of Insurers  Model Acts Govern Derivatives Transactions by Life Insurers
  • NAIC Model Open Competition Rating Law (First Draft, dated May 9, 1979). Section 9 of that model is entitled CONSUMER INFORMATION and reads: (David Swankin) -  (p533)

1980-2, NAIC Proc. 

  • We submit that the Model Annuity and Deposit Fund Disclosure Regulation and the Life Insurance Disclosure Model Regulation contain disclosure requirements that would explain to the prospect the relative significance of the life and annuity components.
  • Hence, the potential for the so-called "estate conservation" problem would be eliminated. by the use of these models, because the applicant would then be an informed consumer.  (p151)

1987-2, NAIC Proc. 

  • Funded Plans of Life Insurance (Universal Life) and Annuities (Later Changed to Universal Life and Related Plans of Life Insurance and Annuities)
    • A. General Features
    • The Technical Staff Actuarial Group discussed the appropriateness of the name given to this topic on the

1982-1, NAIC Proceedings

  • NAIC - (EX3) Task Force - Market Conduct Surveillance - San Francisco - March 9, 1986
    • 1. Heard report on subgroup on insurance sales and student loans.
    • 2. Received as an exposure draft Model Regulation on Life Insurance Products Coupled With Annuities.