Life Insurance & Annuities

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This blog updates our July 8, 2008 posting.

On October 17, 2008, the Securities and Exchange Commission (“SEC”) published a notice in the federal register reopening the public comment period on new rules regarding indexed annuities that were originally proposed in June 2008 (the “Proposed Rules”). …
Read More SEC Reopens Comment Period on Proposed Rules to Regulate Indexed Annuities

On September 23, 2008, at the NAIC Fall meeting in National Harbor, Maryland, the Life Insurance and Annuities (A) Committee (the “Committee”) covered a number of issues with respect to viatical settlements.  Specifically, the Committee discussed whether it should revise the NAIC Viatical Settlement Model Act to incorporate provisions from the NCOIL Model Act to address, among other things, the issue of stranger initiated life insurance trusts. …
Read More NAIC Life Insurance and Annuities Committee Discussed Viatical Settlements

Today, the AIG Task Force (“Task Force”) of the National Association of Insurance Commissioners (“NAIC’) held a public briefing during which it outlined the Task Force’s efforts with respect to overseeing AIG’s insurance operating units of the troubled insurance giant.

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Read More BREAKING NEWS: NAIC Public Briefing Regarding AIG

Today, Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. 

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Read More TODAY’S WEBINAR: Insurance Implications of Climate Change

On Thursday, August 28, Edwards Angell Palmer & Dodge’s Insurance and Reinsurance Department will host a webinar entitled “Insurance Implications of Climate Change”. This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. …
Read More August 28 EAPD Webinar: Insurance Implications of Climate Change

The Military Personnel Financial Services Protection Act, passed by Congress in 2006, prohibits insurers from entering into or renewing a contractual relationship with an agent or other person who sells life insurance on a military installation unless the insurer has implemented a system to report disciplinary actions taken by (1)  the insurer or (2) any Federal or State government entity against its agents for conduct occurring on a military installation. 

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Read More Kentucky Department Clarifies Regulation of Life Insurance Sales to Military Personnel

On June 26, 2008, the Securities and Exchange Commission (“SEC”) published proposed Rules 151A and 12h-7 (“Proposed Rules”).  The Proposed Rules, if adopted, would clarify the status of indexed annuities (i.e. annuities for which payments to the purchaser are dependent on performance of a securities index) under the federal securities laws, and would provide insurance companies an exemption from reporting requirements under the Securities Exchange Act of 1934 (“Exchange Act”) with respect to such annuities and certain other securities issued by insurance companies that are registered under the Securities Act of 1933 (“Securities Act”) and regulated as insurance under state law. 

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Read More SEC Proposes a New Rule to Regulate Indexed Annuities

On June 2, 2008, the National Association of Insurance Commissioners (the “NAIC”) issued a release announcing adoption of a model bulletin (the “Bulletin”) and Consumer Alert (the “Alert”) to help protect seniors from certain abusive sales practices. 

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Read More NAIC Adopts a Model Bulletin and Consumer Alert Regarding the use of Senior Designations