Starters – Policy Cash Flow Mechanics First thing that I want to say is that there have been some references to Misleading Illustrations. I’m certainly not aware of the Regulators have not found that Illustrations are misleading. That seems to be just an allegation that is left hanging in the air, which is inaccurate.  The…

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Start – Non-guaranteed Elements 2017/11/6 – LIBGWG – NAIC Conference Call American Academy of Actuaries  –  “Because NGEs <Non-Guaranteed Elements> are likely to change, the ongoing performance of products with NGEs should be reviewed periodically after purchase to assess the impact of any NGE changes and consider actions that policyholders may wish to take (e.g.,…

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Start Start – Index Change no Damage?? Market Moving Information P1P2 Mr. Schwartzer reminded the Working Group that the Life Insurance Illustration Issues (A) Working Group came out of concerns raised when the Indexed Universal Life (IUL) Illustrations (A) Subgroup under the Life Actuarial (A) Task Force was working on guidance for IUL policy Illustrations that would…

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Coverage Period Coverage Period – Examples As long as you pay the premium g. Clarifying “Coverage Period Description” The Working Group discussed what information is intended to be included. Mr. Yanacheak said this is intended to capture how long a policy’s term is—a term of years or for life. Mr. Birnbaum said it is intended…

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Congressional Record The Congressional Record is the official record of the proceedings and debates of the United States Congress beginning with the Forty-Third Congress in 1873, published daily when Congress is in session. Predecessors – Annals of Congress, Register of Debates, and Congressional Globe. govinfo.gov///GPO-CRECB-1971-pt10-4-2.pdf 1983 – Congressional Record congress.gov///GPO-CRECB-1984-pt6-6-2.pdf congress.gov///CREC-2010-07-14-senate.pdf Daily Digest congress.gov/congressional-record Tax…

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Ohio 6th Circuit Court of Appeals Richard Cordray  2009-2011 – Ohio Attorney General – January 8, 2009 – January 10, 2011 2012-2017 – CFPB – 1st Director of the Consumer Financial Protection Bureau – January 4, 2012 – November 24, 2017 Joyce Marie Beatty – (D-OH) 2013-Current (as of 2023) – US House H.R. 5059,…

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Iowa 1999 / 2003 – LC – VOS v Farm Bureau and FBL 1999 – District Court 2003 – Iowa Supreme Court – [Google-Scholar-link] Vanishing Premium, Reasonable Expectations, Class Action Denied Dan Andersen director of the Life and Health Insurance Division, chief actuary of the Iowa Insurance Department and chairman of the Cost Disclosure Task Force of…

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Insolvencies Failures In the early 1990s, there were a number of large insolvencies —  Willis B. Howard Jr., NOLHGA – National Organization of Life and Health Insurance Guaranty Associations 1998 – SOA – Once in a Hundred Years, Society of Actuaries – 22p 1991 0427 – Los Angeles Times – State Allegedly Knew Executive Life Was…

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Business of Insurance McCarran-Ferguson Business of Insurance Regulatory Reform Act Dodd-Frank Act Michael McRaith 2022 0908 – GOV (Senate) – Current Issues in Insurance – Brown LC – Pireno Liqudation of Insurance Company Relationship Between Company and Insureds Supreme Court 2010 – Book – Regulating the Business of Insurance in a Federal System, By Joseph F.…

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California Life Insurance Guide – [link] Universal Life:  The policy can also be structured to operate like term insurance. 1996 0703 – California – Assembly Bill 3234 (Knowles) Hearing Date: July 3, 1996, SENATE COMMITTEE ON INSURANCE, Senator Herschel Rosenthal, Chair – [link]  LC – Walker v Life Insurance Company of the Southwest  —  [BonkNote] DFPI…

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