Words – [BonkNote]

Reasonable Expectations 3. Heard a Federal Update on the Implications of the DOL Fiduciary Rule – Brooke Stringer (NAIC) Micah Hauptman (Consumer Federation of America—CFA) said there are gaps in the current regulatory framework. He said he does not believe consumers’ reasonable expectations are being met. He said the DOL should require a fiduciary duty, regardless…

Life Insurance Buyer’s Guide – LIBG LIBG – VersionsLIBGWG – Life Insurance Buyer’s Guide Working Group – NAICLIOGGWG – Life Insurance Online Guide Working Group (A) – NAIC6 – LIBGBuyer’s Guide SubgroupLIBG – Comparison ChartNon-Guaranteed Elements Work Group – NGEWG – AAAShoppingPolicy PerformanceWhat’s the Problem / Goal?Life Cost Comparison Working Group – NAIC (p43) -…

Benchmarks Rodney C. Wilton: We cannot stop people trying to sell or design gold bricks. As actuaries, all we can do is make it so people have a better chance of knowing what they are buying. The simpler a product, the more chance the prospective policyholder has to know it is a gold brick. For…

Resolution Resolution Authority FSB 2011 – FSB – Key Attributes of Effective Resolution Regimes for Financial Institutions in the Insurance Sector FSB adopted the Key Attributes in 2011 VIDEO-Youtube – 10 Years of the FSB Key Attributes of Effective Resolution Regimes for Financial Institutions bis.org/fsi/fsisummaries/fsb_key_attributes.htm fsb.org/2014/10/key-attributes-of-effective-resolution-regimes-for-financial-institutions-2/ 2011 10 – FSB – Key Attributes of Effective…

Unsuitable 1979 – LR – Remedies for the Buyer or Beneficiary of an Unstable Life Insurance Plan, by Wilbur C. Leatherberry, 32 Rutgers L. Rev. 431 – 53p

Common Sense The fact that we charge people fees that we have disclosed and that fees reduce the value of your policy, and if your policy keeps reducing in value, it will lapse, is not a fraud. That’s common sense. That’s how life insurance works. (p171) — Closing Argument by Mr. Martens, (Defense Attorney, LIfe…

Loopholes gaps Now as usual, things that are prohibited can nonetheless be done if you do them right. The way to do it is either comply with an exemptive rule or get an exemptive order. — W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues 1993 -…

Municipal Ambac – American Municipal Bond Assurance Corporation MBIA – Municipal Bond Insurance Association Municipal Bonds Municipal GICs Municipal Securities Rulemaking Board (MSRB)

Loads 1984 – SOA – Rear End Loaded Funds, Society of Actuaries – 22p

Knowledge When there is so much to be known, when there are so many fields of knowledge in which the same words are used with different meanings, when everyone knows a little about a great many things, it becomes increasingly difficult for anyone to know whether he knows what he is talking about or not.…