NASAA/NAIC

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
  • 1981-1
    • p51 - EX Committee - December 5, 1980
      • (b) Heard report of the NASAA/NAIC Joint Regulatory Insurance Products Study Committee.
  • 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
  • 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 NASAAJNAIC joint committee
    • p149 - Merged with NASAAINAIC joint committee
  • Bruce Foudree, Chairman - Iowa
  • Executive Committee
  • SECURITIES AND INSURANCE REGULATION (EX) TASK FORCE - 1982-1
  • Uniform Securities Act.

1981-2

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 FcderaJ and State
Securities Laws and Insurance Regulation
Responsibilities reviewed, .
Responsibilities described ...... , ... .
Statement (2-27-81) • , .•. , • , ••. , ••
Received by Executive Committee ...
890
902
. 38
. 36
147
129
. 41
. 36
147
, 44
106
12.
129
138
122

(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

  • 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.

  • The committee received and adopted the report of the NASAA/NAIC Joint Regulatory Insurance Products Study Committee and approved Director Ratchford 's request to appoint Director Low to the Study Committee.
  • The Executive Committee also adopted a motion renaming the Study Committee the "Task Force on Inter-relationship Between Federal and State Securities and Insurance Regulations."
  • The committee expanded the scope of the task force's charge by directing it to monitor and report on securities issues as they may relate to insurance products and insurance regulations including those items contained in the NAIC priorities.
  • The committee in its direction emphasized the general nature of this charge.

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.                                     .

  • After co-chairman Ratchford welcomed the committee  to the NAIC's summer meeting, the committee had a general dis­cussion on possible areas that the committee would review in its deliberation.
  • It was the general understanding that the committee  would  look at certain activities and products in both  the insurance and securities industry that may lead to questions of either the need for regulations or the  possibility of regulatory overlap.

Both the NASAA and the NAIC committee Members agreed to  have the first working session scheduled for August 13-14, 1980 in Wisconsin.

  • A general education process is anticipated where representatives of both the securities and insurance industries will make presentations to the committee on  various  products being marketed by the industry.
  • The meeting on the 13th will be open to the public.
  • The meeting on the 14th will be closed to the public.
  • The presentations may identify marketed products that mayor may not fall within the regulations of a state's insurance or securities laws.
  • The committee determined that future sessions at which  regulatory policy would be discussed would be closed. 
  • Any final recommendations of the committee however, would be subject to full disclosure to the insurance and securities industries and would be subject to their comments.

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.

 

  • STATEMENT OF THE AMERICAN COUNCIL OF LIFE INSURANCE BEFORE THE NASAA/NAIC JOINT REGULATORY INSURANCE PRODUCTS STUDY COMMITTEE, ATTACHMENT ONE-A, August 31, 1981
  • STATUTORY PROVISIONS RELATING TO UNFAIR TRADE PRACTICES OF INSURANCE COMPANIES IN VARIOUS STATES
  • Statement of the NAIC Submitted to the Securities and Exchange Commission, File No. 57-742 p. 16-20
  • OUTLINE OF EXISTING INSURANCE REGULATION, ATTACHMENT ONE-B
  • To: NASAA-NAIC Insurance Committee, From: Professor Joe Long
  • NASAA/NAIC JOINT REGULATORY INSURANCE PRODUCTS STUDY COMMITTEE, Burlington, Vermont - October 18-20, 1981

 

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.

LIFE COST DISCLOSURE (A) TASK FORCE
Oklahoma City, Oklahoma - April 5, 1982

  • Commissioner Faudree 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.

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.