Search results for: howard metzenbaum
Solvency
Solvency Failures Insolvent Insolvencies Surplus Notes Solidity (Solvency) During the early 1990s, however, the solvency problems of the life insurance industry increased, climaxing in the failure in 1991 of several large insurers– Executive Life Insurance Company, First Capital Life Insurance Company (EF Hutton) Fidelity Bankers Life Insurance Company, Monarch Life Insurance Company, and Mutual Benefit…
Read MoreLDWG – Life Disclosure Working Group – (A) – NAIC
LDWG – Life Disclosure Working Group – (A) – NAIC The working group’s concern was how to bring about a change without damage to the market place. (p656) 1993-4, NAIC Proceedings – LDWG – Life Disclosure Working Group – (A) – NAIC LDWG – Life Disclosure Working Group – (A) – NAIC — [BonkNote] 1993-2003 -…
Read MoreQ: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other
Q: How Can Universal Life be Classified? Permanent / Whole / Cash Value / Term / Other Why is Universal Life called Permanent or Whole Life? Maybe Universal Life Shouldn’t be Called Permanent or Whole Life How Else Could Universal Life Be Explained? NAIC Drafting Note: Although highly flexible, Universal Life insurance is generally considered…
Read MoreJames Hunt
James Hunt NICO – National Insurance Consumer Organization, CFA – Consumer Federation of America ?-? – Insurance Commissioner – Vermont? 1982 NAIC Proceedings – UL = WL 199x NAIC Proceedings – LIBG – Call UL Permanent 1995 – JIR / NAIC – Life Cost Disclosure: Prospects for True Reform, by James H. Hunt – 20p…
Read MoreJudy Faucett
Judy Faucett ?-1991-? – Coopers and Lybrand. Head of the task force on policy illustrations for the American Academy of Actuaries. Actuarial Consultant to the NAIC 1991 04 – SOA – Product, Market, and Distribution Strategies, by Judy A. Faucett, The Actuary, Society of Actuaries – 16p Chairperson of the SOA Task Force for Research on…
Read MoreBill Hager
Bill Hager Bill Hager youtube.com/@ExpertInsWitness – 1980s-? – AAA, American Academy of Actuaries – General Counsel 1986-1990 – Iowa Insurance Commissioner – 7/1/1986 6/1/1990 Universal & Other Plans (A) Task Force – NAIC Product Development Task Force – NAIC Focus Groups : CIDWG – Consumer Issues Disclosure Working Group – (A) – NAIC — [BonkNote]]…
Read MoreReplacements
Replacements 1035 Exchange Churning Disintermediation Twisting 1976 1208 – NAIC – Life Insurance Replacement Regulation (C3) Task Force – p611 At the annual meeting of the National Association of Insurance Commissioners in New Orleans, Louisiana, on June 8, 1976, the Life Insurance (C3) Subcommittee appointed Director E. Benjamin Nelson, Nebraska, to chair a Life Insurance…
Read MoreTony Spano
Tony Spano ?-? – ACLI – American Council of Life Insurers Tony Spano, ACLI: Our proposal involves a method known as the “range” approach”. …provide illustrations based on different assumptions. This would serve to demonstrate to the consumer the effect on future benefits of changes in assumptions. Also, illustrations based on other than the company’s current…
Read MorePolicy Mechanics / Cash flow / Works
Policy Mechanics / Cash flow / Works Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life Insurance and the Buyer, by Anna Rappaport, Society of Actuaries – 2p-Article Buyers of life insurance are entitled to descriptions of their policies and how they work. But…
Read MoreRalph Nader Didn’t Say It
Ralph Nader Didn’t Say It Note that the data is not from Ralph Nader, but from LIMRA and the NALU [NAIFA]. — Randall P. Mire 1983 – SOA – The Future of Whole Life Insurance–A Debate, Society of Actuaries – 24p Basing an industry of this size on public gullibility is a completely unsound premise.…
Read More