On July 27, 2012, the Texas Department of Insurance (the “TDI”) issued Bulletin B-0020-12 (the “Bulletin”) requiring all companies writing individual long-term care insurance for new customers in Texas after August 1, 2012 to submit rate information to the TDI by August 17, 2012.
Read MoreOn December 28, 2011, the New Jersey Department of Banking and Insurance (the “Department”) issued Bulletin 11-31 (the “Bulletin”) revising standards for equity indexed annuities (EIA), which are annuity contracts with a value based on performance of a specified equity-based index (or indices). The Bulletin comes in response to the evolution of EIA product designs, and in light of prevailing low interest rates.
Read MoreThe 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 MoreThe 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 MoreOn 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 MoreLast 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 MoreThe California Insurance Department issued a bulletin (“Bulletin”) on December 6, 2011 regarding annuity training requirements under California Insurance Code Sections 1749.8 and 10509.9 15(a).
Read MoreOn 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 MoreOn 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 MoreThe 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.
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