Snippets
2024 0209 – FSRA – [2023-015] – Comments – Consultation for Proposed Guidance on Life Insurance Agent & MGA Licensing Suitability
2024 0209 – FSRA – [2023-015] – Comments – Consultation for Proposed Guidance on Life Insurance Agent & MGA Licensing Suitability 2024 0209 – FSRA – [2023-015] – Comments – Consultation for Proposed Guidance on Life Insurance Agent & MGA Licensing Suitability — [BonkNote] BonkNote Comment – FSRA’s Life Agent and MGA Suitability Guidance – [2023-015] – 2024…
Read More1960s – Actuarial – Snippets
Actuarial – Snippets – 1960s All these methods are based one way or another on the ancient truth that the present value of benefits, expenses, and margins must equal the present value of premiums. When one considers the interest assumption, it must be remembered that rates are presently very high but may be showing signs…
Read MoreIAIS – Consultation – Snippets
IAIS – Consultation – Snippets GFIA: In addition, GFIA is concerned that the meaning of “fair treatment of consumers” may be considered different from, or in addition to, legally prescribed standards. IAIS: The terms “fair” and “unfair” are well established and understood in the ICPs. The paper must be read with this understanding in mind. …
Read More2010s – Actuarial – Snippets
2000s – Actuarial – Snippets
2000s – Actuarial – Snippets C. Life Insurance is only Balance sheet where 99% of the reserves (the major liability risk item) include no indication of what the company actually believes about the listed future obligations other than that they are adequate. (p49) 2001 12 – AAA to NAIC – Risk Management in the Insurance…
Read More1970s – Actuarial – Snippets
1970s – Actuarial – Snippets The consumerists are having a fine time these days with the life insurance industry about which it seems there is nothing favorable to be said. A distinguished member of the Senate* is agitating for a “truth in life insurance” law and this provoked the following comment from one newspaper: “Probably…
Read More1950s – Actuarial – Snippets
Actuarial – Snippets – 1950s The approach in this paper is to follow the precept of the proverb “Better one picture than ten thousand words!” — by an actuarial proverb– “Better one ratio than ten thousand words!” — Arthur Pedoe 1952 – SOA – The Trend of Life Insurance Company Expenses, Society of Actuaries -…
Read More2010s – NAIC – Insurance Commissioners – Snippets
2010s – NAIC – Insurance Commissioners – Snippets Writing in our pages in February, former New York Insurance Superintendent Eric Dinallo said that “policyholders would have been protected” in the event of an AIG bankruptcy. That seemed clear enough, but then Mr. Dinallo immediately added that an AIG bankruptcy “would have been bad for those…
Read More2000s – NAIC – Insurance Commissioners – Snippets
2000s – NAIC – Insurance Regulators – Snippets (p81) – Thomas Foley said the working group had been charged to make amendments to the Life Insurance Disclosure Model Regulation – (Attachment Three-A) to be consistent with the Life Insurance Illustrations Model Regulation adopted in 1995. (p83) – Thomas Foley said that for a variable product,…
Read More1990s – NAIC – Insurance Commissioners – Snippets
1990s – NAIC – Insurance Regulators – Snippets 1991 0717 – NAIC Testimony – Terence Lennon, New York Department of Insurance – 17p (p4) – Individual Products The most important feature of the new individual products was the unbundling or separation of the fund accumulation from the mortality function. In this way the consumer could be shown his…
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