Thomas Foley

  • Insurance Commissioner
    • ?-1998-? - - North Dakota 
    • ?-2000-? - - Kansas - Life and Health Actuary 
      • Robert Dineen Award
  • Because I was a company actuary for 20 years before I became a regulator, I have a perspective that a lot of regulatory actuaries do not have.

--  Thomas C. Foley, North Dakota, Regulator/ Actuary

1996 - SOA -  Professional Standards Affecting Life Actuaries, Society of Actuaries - 18p

  • Where were the people that wanted to do that when we were going through the process.
    • Folks, we've been talking about this for a year.
      • We have taken input from anyone and everyone.
    • If we had any sense that we could have had ten-year projections only, if we had any sense that we could have graded interest rates and that it would have gotten any support, believe me, we would have done it.
    • Where were you people when we were developing the model?

--  Thomas C. Foley, North Dakota, Regulator/ Actuary

1995 - SOA - Sales Illustrations, Society of Actuaries - 14p

  • 1995 - JIR / NAIC - Symposium on the Regulation of Life Cost Disclosure and Market Conduct, by Tom Foley, Carolyn Johnson - 48p
  • Tom Foley (FL) said this sounded very much like a tontine policy to him, but those had been outlawed.
    • [Bonk: re: Persistency Bonuses on Illustrations]

1994-3, NAIC Proc. - Life Disclosure Working Group of the Life Insurance (A) Committee - August 21-23,1994

  • Up until 15 years ago, the deal was generally in the contract, but now, a large part of the deal is not in the contract.
    • It is outside the contract because now we have a nonguaranteed element.

--  Thomas C. Foley, North Dakota, Regulator/ Actuary

1996 - SOA - Nonforfeiture Law Developments, Society of Actuaries - 23p

  • As I'm sure you’re aware, in 1995 the Life Disclosure Working Group of the NAIC developed the Life Insurance Sales Illustration Model that has been adopted in several states or is in the process of being adopted.
  • Another key issue is something that we're calling real disclosure.
    • I would like you to think in terms of a friend or a cousin or someone who is not in this business but who reads our disclosure document.

--  Thomas C. Foley, North Dakota, Regulator/ Actuary

1997 - SOA - Keeping Current on Fixed Annuities, Society of Actuaries - 21p

  • (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, if the 12% illustration is used, it can show a very low premium for coverage.
    • If the policy does not attain the 12% return it will not be a permanent policy.
    • He opined that consumers are misled if the 12% is not a reasonable amount over time and consumers are in the same position as they were in the 1980s when "vanishing premiums" were touted.

2000-1, NAIC Proceedings - 2000 0314

  • Thomas C. Foley, Regulator/ Actuary:  ...responded that, if consumers want to compare policies, they have the illustrations to do so.

1999-4,  NAIC Proc.