Abstracts » Insurance

Will illustration model solve compliance woes?

Article Abstract:

The benefits to the industry of the National Association of Insurance Commissioners' new model regulation on policy illustration could be great, but many insurers are worried that their compliance costs will increase and their market competitiveness will be impacted. The regulation sets the illustration's format, defines the terms to be used and requires that the 'allowable values' used in the illustration meet certain actuarial conditions. While the regulation will increase the complexity of illustration software and may ultimately be ineffectual, according to some insurers, the potential market benefits are there for insurers that incorporate it carefully into their operations.

Contracts, Insurance policies, National Association of Insurance Commissioners

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The sales police: agents with New York Life Insurance Co. may remember February 1994 as the month company Chairman Harry Hohn turned their world upside down

Article Abstract:

Life insurance agents must carefully market their products because of regulations imposed by state governments and codes established by life insurance companies. In 1994, New York Life Insurance Co had to issue sales materials that had been approved by New York State Insurance Commissioner Salvatore Curiale. At the same time, deceptive sales tactics were identified in use by Metropolitan Life Insurance Co's sales representatives.

Investigations, New York Life Insurance Co., Metropolitan Life Insurance Co., New York. Department of Insurance

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Plenty of fireworks

Article Abstract:

The American Council of Life Insurance (ACLI) alerted the public through television that the government wanted to tax those who had purchased life insurance policies. In response, constituents wrote members of Congress to eliminate such taxation. The ACLI, once considered a sluggish group, suddenly found new fame and a new image as a grass roots leader, and the organization gained new strength and power.

Public Finance Activities, Taxes NEC, Taxation, Economic policy, United States. Congress, Public opinion, American Council of Life Insurance

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