Life Insurance & Annuities

Subscribe to Life Insurance & Annuities via RSS

The Interstate Insurance Product Regulation Commission (“IIPRC”) issued a press release on January 6, 2012 (the “Release”) announcing that Illinois will accept variable life and annuity product filings using Interstate Insurance Compact (“Compact”) standards.  The Compact is a modernization initiative promoting uniform product standards across states. …
Read More Interstate Insurance Product Regulation Commission Announces That Illinois Accepts Variable Product Filings Through the Compact

The Connecticut Insurance Department issued a bulletin on December 19, 2011 (the “Bulletin”), explaining the training requirements mandated by Sections 38a-432a-1 to 38a-432a-8 of the Regulations of Connecticut State Agencies (the “Regulation”) for insurance producers who sell annuity products.  The Regulation goes into effect on February 18, 2012, and implements the National Association of Insurance Commissioners Suitability in Annuity Transactions Model Regulation in Connecticut. …
Read More Connecticut Issues Guidance on Annuity Suitability Training Requirements

On December 12, 2011, the Illinois Department of Insurance issued a revised bulletin (the “Bulletin”) regarding the use of retained asset accounts by life insurance companies.  Retained asset accounts, for purposes of the Bulletin, are mechanisms by which an insurer or entity acting on behalf of an insurer may settle proceeds payable under a policy by depositing such proceeds into an account, and retaining them in accordance with the terms of supplementary contract not involving annuity benefits. …
Read More Illinois Issues Revised Bulletin on Use of Retained Asset Accounts

Last month, the Life Insurance and Annuities (A) Committee of the National Association of Insurance Commissioners (“NAIC”) formed a sub-group charged with reviewing issues surrounding contingent annuities.  The charge comes in response to industry disagreement over the classification of contingent annuities. …
Read More NAIC Examines Contingent Annuities

On November 3, 2011, the New York Attorney General and the New York State Comptroller announced a joint initiative to investigate possible unpaid life insurance benefits.  Attorney General Eric Schneiderman called the new collaborative effort, “the largest and most comprehensive investigation of life insurance practices in the country.” …
Read More New York Attorney General and Comptroller Launch Joint Investigation into Unpaid Life Insurance Benefits

On November 3, 2011, Eileen Rominger, Director of the SEC’s Division of Investment Management (the “Division”), in a speech to attendees of the ALI-ABA Conference on Life Insurance Company Products, focused on several issues regarding the regulation of variable insurance products and how the current market has seen a multitude of product design innovations. …
Read More Director of the SEC Division of Investment Management Spoke about Disclosure Issues in the Rapidly Changing Variable Insurance Market

The National Association of Insurance Commissioners (“NAIC”) issued a press release on October 12, 2011 announcing, among other things, amendment to the Annuity Disclosure Model Regulation (#245) (the “Model”), adopted by  a joint executive/plenary session.  The amendments are designed to improve disclosure and reduce consumer confusion regarding annuity purchases. …
Read More NAIC Amends Annuity Disclosure Model Regulation

This updates our March 24, 2010 blog posting.  The National Association of Insurance Commissioners (“NAIC”) issued a press release on October 12, 2011 announcing, among other things, adoption of a bulletin (the “Bulletin”) regarding stranger originated annuity (“STOA”) transactions. STOA transactions involve a producer and/or investor offering a third party a fee for the use of the individual’s identity as the annuitant in an annuity. …
Read More NAIC Adopts Bulletin on Stranger-Originated Annuities

This updates our June 22, 2011 blog posting.

At its July 15, 2011 meeting, the National Conference of Insurance Legislators (“NCOIL”) Life Insurance and Financial Planning Committee resolved to pursue amendments to the Beneficiaries’ Bill of Rights Model Act relating to payment of life insurance proceeds to beneficiaries. …
Read More NCOIL Resolves to Address Unclaimed Property Issue