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Florida legislature passes “Safeguard Our Seniors Act”

USA - July 7 2010 On April 30, 2010, the Florida Legislature passed the "Safeguard Our Seniors Act," which modifies a number of provisions of Florida insurance law relating to the sale of annuity products and, to a lesser extent, life insurance to persons aged 65 and over.

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.

Ann Black, Stephanie Fichera

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.

Ann Black, Josephine Cicchetti

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, Ann Black

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").

Ann Black, Sarah Jarvis