NASAA/NAIC Joint Regulatory Insurance Products Study Committee
(B) Presented a letter of November 28, 1979 from Arkansas Securities Commissioner, Harvey L. Bell, current President of the North American Securities Administrators Association (NASAA), to William H.L. Woodyard, III. 3
This letter invited the NAIC Executive Committee to consider forming a joint committee with NASAA.
- The joint committee would study "other than traditional" life products and examine possible regulation of tax-oriented financial advisor services.
- The Executive Committee adopted a motion to allow the President and Executive Committee Chairman to make the appropriate response to the letter. (p39)
1980-1, NAIC Proceedings
LIFE COST DISCLOSURE (A) TASK FORCE
Oklahoma City, Oklahoma - April 5, 1982
- Commissioner Foudree reported the existence of some fundamental differences with regard to the regulation of new life products within the NASAA/NAIC joint committees.
- The two committees have not been able to resolve their differences and have, therefore, decided not to continue their joint relationships.
- He also stated that the NASAA committee may now have been dissolved.
NASAA/NAIC Joint Regulatory Insurance Products Study Committee
- 1980-1
- p39 - December 7, 1979
- p42-43 - NASAA Letter to NAIC - November 28, 1979
- 1980-2, Attachment 2,
- p27 - EX Committee - June 20
- North American Securities Administrators and NAIC Joint Study Committee renamed Task Force on Inter-relationship between Federal and State Securities and Insurance Regulations
- p29 - NAIC/NASAA Joint Regulatory Insurance Products Study Committee Report - ATTACHMENT TWO - June 18
- p81 - EX Committee - May 7, 1980
- p101 - EX Committee - 5/7/80
- p27 - EX Committee - June 20
- 1981-1
- p51 - EX Committee - December 5, 1980
- (b) Heard report of the NASAA/NAIC Joint Regulatory Insurance Products Study Committee.
- p51 - EX Committee - December 5, 1980
- 1981-2
- p36- EX Committee -
- p41-43 - REVISED REPORT OF THE NASAA/NAIC JOINT REGULATORY INSURANCE PRODUCTS STUDY COMMITTEE
- p44 - NAIC resolution on NASAA/NAIC committee (Attachmcnt Two-A) - June 12, 1981
- p106
- p122
- p127
- p129
- p137-138 - Correspondence and report of NASAA/NAIC Joint Regulatory Insurance Products Study Committee - (Attachments Ten-C and Ten-Cl) (Attachmcnt Two-A)
- p147
- p36- EX Committee -
- 1982-1
- p106 - EX Committee
- p117-139p, SECURITIES AND INSURANCE REGULATION (EX) TASK FORCE, October 18-20, 1981
- 1982-2
- p99 - on
- p499-500 - April 5, 1982 - Life Cost Disclosure Task Force
- 1983-1
- p96-97
- p96 - Concerns to be communicated to National Conference of Commissioners on Uniform State Laws
- p132 - Draft of Uniform Securities Act revisions - NASAA
- p134 - Draft of revisions proposed by Joe Long for drafting committee
- 1984-1
- p117-118
- 1984-2
- p45 - on
- 1985-2
- p70 - Securities and Insurance Regulation Task Force merged with NASAA/NAIC Joint Committee
- p149 - Merged with NASAA/NAIC Joint Committee
- Bruce Foudree, Chairman - Iowa
- Executive Committee
- SECURITIES AND INSURANCE REGULATION (EX) TASK FORCE - 1982-1
- Uniform Securities Act.
1981-2, NAIC Proceedings
- NASAA/NAIC JOINT REGULA TD RY PRODUCTS STUDY COMMITTEE Report (6-8-81) ...
- Adopted with amendment by Executive Committee. Synopsis ...
- Resolution on continuation of study (6-12-81) ...
- Functions differentiated from those of Task Force on Interrelationship between Fcderal and State
- Securities Laws and Insurance Regulation
- Responsibilities reviewed ...
- Responsibilities described ...
- Statement (2-27-81) ...
- Received by Executive Committee ...
- See NASAA/NAIC Joint Insurance Products Regulatory Study Committee Position Paper drafted in Phoenix, Arizona,February 27, 1981 (the "Phoenix Position Paper").
1982-1, NAIC Proc.
1980-2, NAIC Proc.
13. NASAA/NAIC Joint Regulatory Insurance Products Study Committee.
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NASAA/NAIC Joint Regulatory Insurance Products (EX) Study Committee The NASAA/NAIC Joint Regulatory Insurance Products Study Committee met today, June 18, in the Statler Room of the Denver Hilton at 2:00 p.m. A quorum was present consisting of the following: Richard Malmgren, (Co-Chaii-man), John F. Archer, William 8. Brady, Michael Unger, all of NASAA and Robert L Ratchford Jr., (Co-Chairman), Edward Birrane Jr., E. V. "'Sonny" Omholt, William H. L..Woodyard Ill, all of NAIC. .
Both the NASAA and the NAIC committee Members agreed to have the first working session scheduled for August 13-14, 1980 in Wisconsin.
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NASAA/NAIC Joint Regulatory Insurance Products Study Committee 1. Discussed the committee's understanding that they would consider activities and products in both the insurance and securities industry that may need either regulation or may have regulatory overlap. 2. Scheduled a public meeting for August 13 and a closed meeting for August 14, 1980. 3. Adopted position that after the August 13 meeting, future meetings at which regulatory policy is discussed would be closed except that final recommendations would be public and subject to comments. |
The Task Force on the Interrelationship between Federal and State Securities Laws and Insurance Regulation is about to undertake some joint discussions with its counterpan from the North American Securities Administrators Association (NASAA). |
- (b) Heard report of the NASAA/NAIC Joint Regulatory Insurance Products Study Committee.
1981-1, NAIC Proc.
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1982-1, NAIC Proc.
15. NASAA/NAIC Joint Committee
- The revised report of the NASAA/NAIC Joint Regulatory Products Study Committee was adopted as amended (Attachment Two).
- The amendment substituted a resolution for the position paper adopted by the Joint Committee in Phoenix (Attachment Two-A).
1982-2, NAIC Proc.
Oklahoma City, Oklahoma - April 6, 1982
Report on Joint NASAA/NAIC Committee
The chairman brought the members of the task force up to date on the main issues discussed at the October 1981 meeting in Burlington, Vermont.
- At that meeting the joint committee decided to suspend all further activities because of fundamental differences between the NASAA members and the NAIC members on the issue of the regulation of new life insurance products.
- Commissioner Omholt noted that while the NASAA part of the joint committee had been dissolved soon thereafter, it will probably be revived in the near future.
1982-2, NAIC Proc.
3. Report on the Study of Securities Laws and Their Application to Life Insurance
Commissioner Foudree indicated that the task force has not pursued this item since suspension of the Joint NASAA/NAIC Committee's activities at the Burlington, Vermont meeting.
- He suggested that the task force should study the state insurance laws to decide whether changes are needed in view of the new life products being sold.
- To facilitate such a study, the task force adopted a motion that the NAIC staff contact all the states to ascertain what administrative and/or enforcement activities have been undertaken with regard to the new life products.
- Philip R O'Connor, Illinois insurance director, noted that on Wednesday, April 6, 1982, he planned to present to the Executive Committee an Illinois Insurance Department report on the universal life type products,
- He agreed to provide copies of this report to task force members who indicated interest in receiving it.
1. Report of the Activities of Joint NASAA/NAIC Committee
- The chairman also noted that the task force met independently of the joint committee on October 19 and 29 to discuss possible approaches to the regulation of new and innovative life insurance products such as universal life.
- The chairman briefly summarized universal life and indicated the importance of studying such products and, if necessary, developing safeguards to protect consumers.
In summary, the insurance regulators on the committee felt that the NAIC and NASAA positions on the regulation of new life insurance products are so fundamentally different that they do not presently lend themselves to reconciliation.