NCOIL - National Council of Insurance Legislators

  • Sen. Hackett (R-OH) -  stated that one of the problems that the life insurance industry has been experiencing for several years is that when universal life was sold years ago interest rates were so much higher and these policies are really going to blow up much earlier.  (p165)

2020 12 - NCOIL - 30 Day Materials and Tentative General Schedule, NCOIL Annual Meeting, December 9 - 12, 2020 - 220p 

  • State insurance regulation was not a factor in the economic downturn and should not be swept into any proposed financial services overhaul.

2009 0402 - Letter - NCOIL to GOV (Senators Dodd, Frank, Shelby, Bachus) - 2p

  • 2017 0306 - InsuranceJournal - At NCOIL, State Lawmakers Look to Claw Back Power from NAIC, By Ian Adams - [link]
    • 2018 - LR - Is U.S. Insurance Regulation Unconstitutional?, by Daniel Schwarcz - 67p
  • 2003 1105 - GOV (House) - Reforming Insurance Regulation: Making the Marketplace More Competitive for Consumers, Richard H. Baker (R-LA) - [PDF-200p, VIDEO-?] 
    • NCOIL - Neil Breslin, Senator, New York State, on behalf of the National Conference of Insurance Legislator
  • 2007 1030 - GOV (House) - Additional Perspectives on the Need for Insurance Regulatory Reform, Paul Kanjorski (D-PA)  ---  [BonkNote] 
    • NCOIL - Craig Eiland, Texas House of Representatives, on behalf of the National Conference of Insurance Legislators
  • 2008 0610 - GOV (House) - H.R. 5840, The Insurance Information Act of 2008, Paul Kanjorski (D-PA)  ---  [BonkNote]
    • (p14) - NCOIL - Brian P. Kennedy, Representative, Rhode Island House of Representatives, and President, National Conference of Insurance Legislators
  • Tony Higgins (N.C.) referred the group to a resolution of the National Conference of Insurance Legislators (NCOIL) urging state insurance departments to become aware of disclosure and abuse issues in life insurance solicitation (Attachment Six-A2).
  • 1993-3, NAIC Proceedings - 1992 0724 - Letter - NCOIL to State Governors - Re: Full Disclosure/No Misleading Advertising in the Sale of Life Insurance, Attachment Six-A2 - [link-pic]
    • To encourage full disclosure and combat misleading advertising in the sale of life insurance, the Executive Committee of NCOIL urges that state insurance departments:
      • (1) Require full disclosure of withdrawal charges and actual pure net interest when interest rates are used to advertise and sell life company products;
      • (2) Stay alert and keep ongoing records to review insurance companies and agents who have complaints filed against them regarding life insurance replacement; 
      • (3) Review their existing statutes and regulations and to the extent possible, make companies and agents aware of those existing statutes and regulations with regard to false or misleading advertising in the sale of life insurance policies.

1993-3, NAIC Proceedings 

  • 2008 1120 – NCOIL - Life Insurance & Financial Planning Committee Minutes - National Conference of Insurance Legislators - 6p
    • PRINCIPLES-BASED RESERVING
    • Commissioner Voss said the NAIC Life, Health, and Actuarial Task Force (LHATF) was nearing completion of a new Standard Valuation Law.
      • She said certain types of new life insurance products, like level premium term life insurance, universal life insurance with secondary guarantees, and variable annuities with secondary guarantees were often under-reserved, while other life insurance products were required to maintain redundant reserves.
      • Adoption of a new principles-based system of reserve standards would, she said, allow companies to maintain reserves that represented their actual risk.
      • Commissioner Voss said the NAIC hoped to complete the Standards Valuation Law by year-end.
    • Dave Sandberg with the American Academy of Actuaries (AAA) ... said companies in Australia, the United Kingdom, and Canada were subject to principles-based reserving requirements, and had remained solvent despite the far-reaching impacts of a global credit crisis.
      • He said the current reserving requirements in the United States hid the real risks. 

More complex products sold to individual consumers (e.g., universal life policies) tend to generate more market conduct problems than simple products (e.g., term life insurance).

2003 0701 - Report - For NCOIL - The Path to Reform – The Evolution of Market Conduct Surveillance Regulation, by PricewaterhouseCoopers and Georgia State University - 117p

  • (p6) - I do note that on reinsurance issues, there does need to be a national debate on what we do with reinsurance issues.
  • We have been discussing this along with NAIC, and there are very technical, detailed things that have to happen on a worldwide basis, not just what we do.

--  Craig Eiland, Texas House of Representatives, on behalf of the National Conference of Insurance Legislators (NCOIL)

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