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Model Unclaimed Life Insurance Benefits Act adopted by NCOIL

USA - November 28 2011 On November 20, 2011 the Executive Committee of the National Conference of Insurance Legislators ("NCOIL") approved the Model Unclaimed Life Insurance Benefits Act (the "Unclaimed Benefits Model Act"), which requires insurers to periodically review the Social Security Administration's Death Master File for deceased life insurance policyholders and retained asset account ("RAA") owners.

Stephanie Fichera, Steven Kass

To insulate or to not insulate

USA - March 27 2012 As part of the NAIC's ongoing review of general account guaranteed insurance products funded by a separate account, the Separate Account Risk (E) Working Group (SARWG) was charged to study the need to modify existing regulatory guidance related to separate accounts where in recent years various products and contract benefits have increased the risk to the general account.

Josephine Cicchetti, Steven Kass

Florida proposes unlawful inducement rules

USA - March 8 2010 Florida's Unfair Insurance Trade Practices Act ("UITPA"), Florida Statutes § 626.951 et seq., prohibits insurers and other persons from engaging in unfair or deceptive practices involving the business of insurance, including the making of "unlawful rebates."

Karen Benson, Steven Kass

NAIC developments regarding the Suitability in Annuity Transactions Model Regulation

USA - December 23 2009 On December 21, 2009, the Life Insurance and Annuities (A) Committee (the"A Committee") unanimously adopted the revisions to the Suitability in Annuity Transactions Model Regulation (the "Suitability Regulation") developed in substance by the Suitability in Annuity Sales Working Group (the "Working Group").

Sarah Jarvis, Steven Kass

Iowa leads the way issuing guidance on annuity illustrations

USA - April 5 2013 April 5, 2013 -- On April 3, 2013, Iowa Insurance Commissioner Nick Gehart issued Iowa Insurance Department ("IID") Bulletin 13-01 providing guidance…

Ann Furman