Product Approval

  • Today, life insurers compete directly with non-insurance financial services institutions, such as banks and mutual funds.  (p12)

--  William B. Fisher, Vice President And Associate General Counsel, Massachusetts Mutual Life Insurance Company, On Behalf of the American Council Of Life Insurers  (ACLI)

2001 0621 - GOV (House) - Insurance Product Approval: The Need for Modernization, Richard H. Baker (R-LA) - [PDF-208p, VIDEO-?]

  • The Task Force also believes that manipulative patterns of COl deductions will be weeded out by their GMP test.
  • Examples have been given to the regulators that a whole life product filed in their state today that offered cash values that were equal to 1941 CSO 2.5% values would probably be approved, as long as the paid-up values were on the more current non-forfeiture basis, but a similar UL product would not be approved.

--  Philip K. Polkinghorn

1988 - SOA - Update on Universal Life Reserves and Non-Forfeiture Values, Society of Actuaries - 36p