Archive for March 2021
Regulators – Time in Office
Regulators – Time in Office As Steve mentioned, I’ve had the privilege of serving as Director of the Illinois Department of Insurance for just less than two years and given the history of tenure of commissioners….. I may be becoming an endangered species. — Stephen Selcke, Director of the Illinois Department of Insurance 1993-2, NAIC…
Read More1993-2, NAIC Proceedings
1993-2 Finally, I want to offer a comment on recent action taken by the NAIC that I think has served to provide some confusion, if you will, to regulators, regulated industries and consumer participants. That has to do with our decision to abolish formal advisory committees. I think we recognize the need to refine our…
Read MoreState vs Federal Regulation
State vs Federal Regulation McCarran-Ferguson Optional Federal Charter Now, consumers don’t care who regulates insurance. We really don’t care if it is Federal or State. But we do care if it is any good, and it isn’t good today. — Statement of J. Robert Hunter, Director of Insurance, Consumer Federation of America 2007 1030 -…
Read MoreACLI – Benefits
ACLI – Benefits ….provide illustrations based on different assumptions. This would serve to demonstrate to the consumer the effect on future benefits of changes in assumptions. (p183) 1988-2, NAIC Proceedings – ACLI – A Statement on Behalf of the American Council of Life Insurance to the NAIC Market Conduct Surveillance (EX3) Task Force – 3p …
Read MorePromises
Promises At the 1986 Annual Meeting of the American Council of Life Insurance ACLI Chairman John Pearson stated: Our products must do what we say they do. Our companies must fulfill their promises. All the words in the world – the best government relations, the best public relations-will not be enough without performance. (p2) 1987 01…
Read More1970 – Joint Special Committee of Life Insurance Costs
1970 – Joint Special Committee of Life Insurance Costs 1970 – Report of the Joint Special Committee on Life Insurance Costs – (p720-748) – 29p Report to American Life Convention, Institute of Life Insurance, Life Insurance Association of America 1973 — GOV (Senate) – The Life Insurance Industry – 4 parts – Senator Hart – Part…
Read More1973-1, NAIC Proceedings
1973-1 II. Proposed Changes in the Standard Valuation Law Draft of November 20, 1972 1973-1, NAIC PROCEEDINGS lt may be of interest to convey some of the highlights, — excerpts of these communications follow: We could accept the judgment of many, but not all, financial experts that we are now in a “new era” of…
Read MoreAgent – Consumer Interaction
Agents – Consumer Interaction Sad to say there are large numbers of producers – including big earners – who are screwing the insurance buying public through their own ignorance. (p161) — Arthur Shievitz, Letter 1991 0613 – GOV (House) – Insurance Competitive Competitive Pricing Act of 1991 – [PDF-237p-GooglePlay, Larry Gorski of the Illinois department…
Read MoreAgent – Recruiting
Agent – Recruiting It could be said that there are two basic ways to acquire a sales force- one is to build your own and the other is to buy trained manpower. — C. David Silletto 1967 – SOA – New Company Problems, Society of Actuaries – 38p N. T. FUHLRODT, speaking on section A,…
Read MoreAgent – Training
Agent – Training Agent Training – Walker v LSW Mr. Higgins agreed that there was a problem with lack of education of the agents. 1993-4, NAIC Proceedings If your training process for your agents is to sell at target premium, for example, and target premium carries the policy to maturity at a 7 percent rate,…
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