LIFE INSURANCE: Position: COST OF Oppose proposals requiring specific written disclosures to each policy holder B of a universal life or similar policy, within [x] days of a proposed cost of INSURANCE insurance increase. proposals requiring insurers provide the Insurance Commissioner Oppose Life Insurance: with certain filings not later than [x] days of a proposed cost of insurance Verification of increase. Coverage Compliance Notes: Web Keywords: disclosure regulation, STOLI LIFE INSURANCE: Background: AB ADVANCE A general keyword for life insurance bills for which a more specific keyword B relevant sections GENERALLY can't be found. Position: Monitor any proposal relating to life insurance B ADVANCE LIFE INSURANCE: Position: MULTIPLE POLICY Support Multiple Policy Search Standards Model Regulation (2003) which sets forth guidelines for insurers to utilize to search for additional policies or SEARCHES insurance coverages on the life of an insured upon notification of the death of the insured. Also provides for a “reasonableness” standard, allowing companies to adopt their own written claim processing standards and methodology for searching multiple policies for the same insured. Web Keywords: claim, claims payment, escheat LIFE INSURANCE: Position: B ISC Return of Premium Oppose provisions to prohibit insurers from rescinding policies on the basis Legislation RESCISSION of misrepresentation or false warranty. (RETIRED) Market Conduct Web Keywords: life insurance, market conduct, rescission B Market Conduct LIFE INSURANCE: Position: SETTLEMENT Monitor proposals concerning life insurers offering applicants a number of (Auerbach); ways to provide income to their beneficiaries rather than payment in a lump OPTIONS sum (i.e., interest income option, income for a fixed period option.) Life Insurance Retained Asset Contracts (Auerbach); Accounts Compliance Notes: Include in summary any provisions which provide disclosures to LILS#70 Retained policyholders. Asset Accounts Web Keywords: claims payment, retained asset accounts.
LIFE INSURANCE: COST OF INSURANCE Life Insurance: Verification of Coverage Position: Oppose proposals requiring specific written disclosures to each policy holder of a universal life or similar policy, within [x] days of a proposed cost of insurance increase. Oppose proposals requiring insurers provide the Insurance Commissioner with certain filings not later than [x] days of a proposed cost of insurance increase. Compliance Notes: Web Keywords: disclosure regulation, STOLI B LIFE INSURANCE: GENERALLY Background: A general keyword for life insurance bills for which a more specific keyword can't be found. Position: Monitor any proposal relating to life insurance AB B ADVANCE relevant sections LIFE INSURANCE: MULTIPLE POLICY SEARCHES Position: Support Multiple Policy Search Standards Model Regulation (2003) which sets forth guidelines for insurers to utilize to search for additional policies or insurance coverages on the life of an insured upon notification of the death of the insured. Also provides for a “reasonableness” standard, allowing companies to adopt their own written claim processing standards and methodology for searching multiple policies for the same insured. Web Keywords: claim, claims payment, escheat B ADVANCE LIFE INSURANCE: RESCISSION Market Conduct Position: Oppose provisions to prohibit insurers from rescinding policies on the basis of misrepresentation or false warranty. Web Keywords: life insurance, market conduct, rescission B ISC Return of Premium Legislation (RETIRED) LIFE INSURANCE: SETTLEMENT OPTIONS Retained Asset Accounts Position: Monitor proposals concerning life insurers offering applicants a number of ways to provide income to their beneficiaries rather than payment in a lump sum (i.e., interest income option, income for a fixed period option.) Compliance Notes: Include in summary any provisions which provide disclosures to policyholders. Web Keywords: claims payment, retained asset accounts. B Market Conduct (Auerbach); Life Insurance Contracts (Auerbach); LILS#70 Retained Asset Accounts