State Government - Snippets

  • 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 

  • Regarding the NAIC role in this proposal, NCOIL believes that giving the NAIC a primary role in the Office of Insurance Information allows the tail to wag the dog.
    • State regulators, four-fifths of which are gubernatorial appointees, are authorized by legislators to interpret and enforce the statutes that we develop. H.R. 5840 would dramatically enhance the authority of the NAIC at the expense of the State officials to whom they, as insurance regulators, are accountable.
  • It is unprecedented that the Federal Government would give  such power to a private trade association—I repeat, a private trade association—or to what NAIC immediate past resident Walter Bell of Alabama in an April 9, 2007, letter called: ‘‘a 501(c)(3) nonprofit corporation with voluntary membership and not a State government entity.’’
    • This NAIC president went on to say that: ‘‘When individual insurance commissioners gather as members of the NAIC, they are not considered a governmental entity or a public body as defined by the various open meeting laws, but rather are a private group. As an organization, the NAIC does not have any regulatory authority.’’

--  (p14) - NCOIL - Brian P. Kennedy, Representative, Rhode Island House of Representatives, and President, National Conference of Insurance Legislator.

2008 0610 - GOV (House) - H.R. 5840, The Insurance Information Act of 2008, Paul Kanjorski (D-PA)  --- [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