The Actuarial Update

  • The Actuarial Update - American Academy of Actuaries
  • 1983 02 - SOA - The Actuarial Update - (A5) Task Force Considers Universal Life Model Bill, Society of Actuaries, NAIC Report by Bill Hager - 8p
    • Commissioner Sabbagh of Massachusetts, chairman of the (A3) Life Cost Disclosure Task Force...
  • 1990 08 - The Actuarial Update - Junk Bonds and Life Insurer Solvency, by Jeanne Casey - 12p
  • A proposal to draft a universal life model bill was set forth by the advisory committee to the (A5) Universal Life Insurance Task Force.
  • The advisory committee chairman, James Jackson of Transamerica Occidental Life, indicated that the drafting of such a model bill would be contingent on the ability of the advisory committee to adopt a "workable, acceptable" definition of universal life.  (p7)

1983 02 - SOA - The Actuarial Update - (A5) Task Force Considers Universal Life Model Bill,NAIC Report by Bill Hage, Society of Actuaries - 8p

  • [NAIC - Life Cost Disclosure Task Force]
  • A representative of the ACLI said their submission would incorporate seven new elements into the NAlC regulation:
    • (1) the concept of a "nonguaranteed element" to measure the extent to which policy costs can be affected by premiums, benefits, or other items that are subject to change by the company without the consent of the policyholder;
    • (2) a "special plans" section to accommodate the unique features of non-traditional plans such as universal life insurance;
    • (3) provision for disclosure of dividend practices to both new and existing policyholders, in accordance with recommendations presented to the NAlC by the Committee on Dividend Principles and Practices of the American Academy of Actuaries;
    • (4) provision for disclosure to regulators and policyholders of unusual patterns of premiums and benefits, in accordance with recommendations from the NAlC Advisory Committee on Manipulation;
    • (5) provision for policyholders to request additional information relating to future premiums, benefits, and other items affecting policy costs;
    • (6) revision of the requirement relating to disclosure of the policy loan interest rate in order to accommodate the features of the NAlC Model Policy Loan Interest Rate Bill; and
    • (7) a new Buyer's Guide, with changes designed to take account of recent product developments and to enhance the guide's readability and usefulness. (p8)

1983 02 - SOA - The Actuarial Update - (A5) Task Force Considers Universal Life Model Bill, Society of Actuaries, NAIC Report by Bill Hager - 8p