Debatable
Copy of Q: How Can Universal Life Insurance Be Classified? Permanent / Whole / Term / Other
Q: How Can Universal Life be Classified? Permanent / Whole / Cash Value / Term / Other Q: Why is Universal Life called Permanent or Whole Life? Maybe Universal Life Shouldn’t be Called Permanent or Whole Life Q: How Else Could Universal Life Be Explained? NAIC Drafting Note: Although highly flexible, Universal Life insurance is…
Read MoreQ: Who Watches the Insurance Regulators?
Q: Who Watches the Insurance Regulators? 2011 0914 – GOV (Senate-Banking/SII) – Emerging Issues in Insurance Regulation, Senator Jack Reed (D-RI) — [BonkNote] (p23) – Daniel Schwarcz (Professor of Law): And I just want to emphasize the way to watch the regulators is to have transparent information so that the public can see what they are…
Read MoreRumors
Rumors (b) Listen to the rumors. One interesting fact about rumors: they are often true. Also, rumors tend to run ahead of public disclosure of significant problems. It is important to pay attention to what is being said in the street about particular companies. It is also important to consider such information carefully so that…
Read MoreLife Insurance and Banking
Life Insurance and Banking Banking and insurance are related, but the insurance industry is fundamentally different, and our approach toward regulators must consider those differences. (p2) — Senator Jack Reed (D-RI) 2011 0914 – GOV (Senate) – Emerging Issues in Insurance Regulation – Congressman Reed (RI) – PDF-51p 1998 – LR – The Law and Finance…
Read MoreQ: How Does US Insurance Regulation Compare to International Insurance Regulation?
How Does US Insurance Regulation compare to International Insurance Regulation? (p4) – Mr. ROYCE (R-CA). Well, with our fragmented regulatory regime over insurance, I think it is very clear that we are lagging behind the rest of the world. Solvency II will be implemented by the EU in the coming months, and that will bring…
Read MoreLow Cost
Low Cost Nevertheless, an insurable person today can generally buy permanent insurance at apparently lower cost than ever before. How has this been achieved? It has been accomplished by mercilessly squeezing profit margins, by assuming recent lapse experience to be a passing phase, by swallowing mortality declines as quickly as they appear, by weakening valuation…
Read MoreQ: Who Can Call Themselves an Actuary?
Who Can Call Themselves an Actuary? Quoting Humpty-Dumpty, “When I use a word it means just what I choose it to mean,” the speaker predicted that the day is passing when the word “actuary” can be used by anybody to mean whatever that person chooses it to mean. Those who apply the word “actuary” to…
Read MoreNo Runs on Life Insurance
No Runs on Life Insurance GOV – Congressman Ross, Holtz-Eakin GOV – Congressman Duffy, Daniel Schwarcz 2011 1116 – GOV (House) – Insurance Oversight and Legislative Proposals – pdf-131p (p15) – Mr. MONROE ( Compliance Officer, U.S. & Canada, for Marsh, Inc., on behalf of the Council of Insurance Agents & Brokers). I will keep…
Read MoreNAIC – Illustration Model Regulation – Comments
NAIC – Illustration Model Regulation – Comments Walker v LSW – Judge – Video NAIC Proc – 1990s – end of Working Group – Good Job One of the first things that a serious reader of the NAIC Life Insurance Illustrations Model Regulation will realize is that it is not a tightly written document. — …
Read MoreFair Consumer Outcomes
Fair Consumer Outcomes GFIA – Global Federation of Insurance Associations: In addition, GFIA is concerned that the meaning of “fair treatment of consumers” may be considered different from, or in addition to, legally prescribed standards. Companies may exceed those standards voluntarily, but supervisors should define “fair treatment” solely in terms of the legally established standards…
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