Sales Strategies

  • Bob Wright (Virginia) said the Society of Actuaries report referred to the fact that companies said they had no control over what agents did.
  • Chair of the LDWG – Life Disclosure Working Group – (A) – NAIC  —  [BonkNote] 

1994-4, NAIC Proceedings

⇒  1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries  —  [BonkNote]  —  142p

  • My Correspondence with Lafayette Life
    • On June 21, 2019, I sent a letter by regular mail to Bryan Chalmer Dunn, the president and chief executive officer of Lafayette Life. I asked several questions about the relationship between Yellen and Lafayette Life. I asked for a response by the close of business on June 28.
  • Text of July 2 Email from Planck to Belth
    • Lafayette Life’s products are sold through independent agents and independent marketing organizations.
      • Our role is limited to providing life insurance policies and annuity contracts.
      • We do not endorse or sponsor any selling system nor do we develop, advertise or promote the marketing content or materials for any selling system.
      • We do not inquire about, attempt to determine, or identify in our systems whether any independent agents appointed to sell our products are users of any specific selling system.
    • Please be assured that Lafayette Life makes it clear through our contracts with those selling our products and disclosures to our customers that our life insurance policies and annuity contracts are insurance products.

2019 0712 – Commentary – Joseph Belth – No. 322: Pamela Yellen-Her Unbelievable “Bank-on-Yourself” Wealth-Building Strategy – [link]

  • Speaking from my IMSA experience, there’s a lot of emphasis on internal replacements, replacement activity, trying to meet those definitions, and track that activity, but beyond that, not much is captured in the applications.
  • But at some companies that I’ve talked to, there’s a real concern about funds coming from a lump sum paid out of a 401(k) plan.
  • The concern is that these are qualified monies, and that somehow a broker/dealer/sales agent rolls them into a non-qualified variable annuity.
  • That would really be ripe for some kind of abuse because you’re probably not helping out that customer.
  • So you have to go through a litany of questions with the customer, like:
    • “Is this the right time to buy this annuity?
    • Are you fully funding your 401(k)?
    • Are you in your deferred comp plan at work?”
  • We need to determine the right choice and order of priority for some of those kinds of issues.
  • Regulators make a comparison with the existing insurance program to determine if a company is really looking at the customer’s profile.
  • [Bonk: IMSA = Insurance Marketplace Standards Association]

—  Dana Rudmose, not a member of the sponsoring organizations, is Director of KPMG Peat Marwick in Columbus, OH

1998 – SOA – Market Conduct: A New Actuarial Frontier, Society of Actuaries – 20p