Universal-Flexible Factor
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- 1982 - New Jersey - Universal/Flexible Factor: life insurance informational hearing.
- Department of Insurance, New Jersey. Department of Banking & Insurance
- [Bonk: the NAIC also has it in their Database, but it is currently unavailable for viewing (as of 2023)]
- 1982 - New Jersey - Universal/Flexible Factor: life insurance informational hearing.
- Bill White, chief actuary, New Jersey, reported on their special project pertaining to universal life. - <WishList>
- Their commissioner, on June 25, 1982, declared an 81-day moratorium on "Universal-Flexible Factor" type of policies.
- His staff was directed to
- (1) study the matter and issue a position paper on the subject;
- (2) conduct public hearings on March 10-11;
- (3) terminate the moratorium April 16 with the publishing of a set of guidelines. - <WishList>
- Reports and results have been mailed to each insurance department.
- Some of the questions New Jersey conveyed included:
- (1) are these policies participating or non-participating;
- (2) the "Bait and Switch" potential;
- (3) disclosure;
- (4) Federal Income Tax aspects;
- (5) non-forfeiture values;
- (6) replacement problems.
- The concern was not just with the "twisting" replacements, but was the impact of justified replacements on the solvency of replaced companies.
1982-2, NAIC Proceedings