GMP – Guaranteed Maturity Premium The Model Regulation assumes that future premiums will be paid at the whole life level, and calls this premium the GMP [the guaranteed maturity premium]. [Bonk: Universal Life Model Regulation – NAIC] —  Shane Chalke 1984 – SOA – NAIC Update, Society of Actuaries – 24p  A regulator had told them that…

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Stochastic STOCHASTIC ANALYSIS OF UNIVERSAL LIFE PRODUCTS, GODFREY PERROTT, 14p https://www.actuaries.org/AFIR/colloquia/Rome/Perrott.pdf

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State Insurance Regulators As a member of a regulatory body it is important that you become involved in self-education to increase your professional knowledge and keep current on developments within the ever-changing business of insurance. 1984-2, NAIC Proc. – Report Of The (EX3) Market Conduct Surveillance Task Force Working Group On Consumer Complaint Analysis Joel…

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Guideline Level Premium 7702 International Revenue Code (IRC) 1996-x, NAIC Proceeding 10 If the guideline level premium will not provide coverage to the end of the term of the contract, does the illustration have to display the annual term charges allowed by § 7702 or can the illustration explain that the coverage will terminate? See…

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VL – Variable Life Insurance 1973 0207 – NYT – Oppenheimer Will Enter Insurance Field, By Robert J. Cole – [link]  The president of one of the giants in the fund industry, who declined to be identified by name, said he thought that all mutual funds might soon be offering the new insurance product. With many…

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Variable Universal Life – (VUL) The product is likely to be sold by sophisticated agents and financial planners. Many of these agents and planners are accustomed to similar investment features in annuities and will be the first to make the transition to variable universal life. Another distribution source for the product is stockbrokers.  — Zafar…

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Consumer Representatives Birny Birnbaum Brenda Cude CFA-Consumer Federation of American Consumer Reports Members of the NAIC Market Conduct & Consumer Affairs Subcommittee Advisory Committee    Mr. Hunter then discussed the matter of consumer representation on the committee and stated his viewpoint that if this truly is to be a market conduct and consumer affairs subcommittee, there…

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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…

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Life Insurance Combined with Annuities – NAIC We submit that the Model Annuity and Deposit Fund Disclosure Regulation and the Life Insurance Disclosure Model Regulation contain disclosure requirements that would explain to the prospect the relative significance of the life and annuity components. Hence, the potential for the so-called “estate conservation” problem would be eliminated.…

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Second Standard Nonforfeiture Law – NAIC The working group is currently studying three different concepts regarding how the proposed “Second Standard Nonforfeiture Law for Life Insurance should operate: 1992 – SOA – Valuation Actuary Symposium Proceedings – Session 1 – The Valuation Actuary – 1992 Developments – 34p 1993-2,  NAIC Proceedings – ATTACHMENT ONE-E  -…

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