South Carolina

  • It is not clear whether deliberate misrepresentations are made in the sale of these policies, or whether consumers need to be better educated about the product they are purchasing.
  • In any event, the hearing this morning will serve to educate us about these issues, and to raise public awareness so that consumers themselves will be more knowledgeable.

—  Senator Strom Thurmond (R-SC)

1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]

  • Warren D. Arthur
    • Former Insurance Commissioner
    • 1976-1986 – US State Representative 
    • 1983 – NCOIL – President,  National Conference of Insurance Legislators 
    • 1982-1985 – Insurance Agent 
    • 1981 – SOA – Changes in Life Insurance Laws and Regulations: What Do We Need and How Can We Get It?, Society of Actuaries – 18p
  • Ernst Csiszar – Former Insurance Commissioner
    • 2003 1022 – GOV (Senate) – Federal Involvement in the Regulation of the Insurance Industry, (CSPAN) – Insurance Industry Regulation, John McCain (R-AZ) – [PDF-147, VIDEO-CSPAN] 
  •  Fritz Hollings (D-SC)
    • 1966 to 2005 – US Senator
      • 2003 1022 – GOV (Senate) – Federal Involvement in the Regulation of the Insurance Industry, (CSPAN) – Insurance Industry Regulation, John McCain (R-AZ) – [PDF-147, VIDEO-CSPAN] 
  • Strom Thurmond (R-SC)
    • 1947 to 1951 – State Governor
    • 1954 to 2003 – US Senator
    • Senate – Democratic Party until 1964, when he joined the Republican Party
      • 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  —  [BonkNote]
  • REGULATION FROM A LEGISLATOR’S PERSPECTIVE
  • I hope to give you some insight into state government regulation and the way we feel about the life insurance industry.
  • As a state legislator, I have never had any serious problem with the life insurance industry.
    • One reason for this is because life insurance is strictly voluntary.
      • This is quite different from casualty insurance which has mandated coverages.
      • If a person buys a life insurance policy, he does it on his own free will and this takes us off the hook.
    • Second of all, life insurance has always served a very important purpose in this country. 

—  Warren D. Arthur, IV. (not a member of the Society, is a state representative in the South Carolina legislature.)

1981 – SOA – Changes in Life Insurance Laws and Regulations: What Do We Need and How Can We Get It?, Society of Actuaries – 18p