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For some of the latest news in the world of Insurance Regulation see our newsletters. - Newsletters
Montana joins Arkansas as a new member of the Interstate Compact
Montana closely followed Arkansas as the two states become the 42nd and 43rd members of the Interstate Insurance Product Regulation Commission. Arkansas’s membership will be effective approximately 90 days after legislative adjournment, while Montana’s membership will be effective October 1, 2013. For more information about the IIPRC click here.
Advertising Certifications and Life Insurance Illustrations
The Nevada Insurance has issued the following e-mail to all life insurers:
“This is a friendly reminder to send in your Advertisement Certifications and Life Insurance Illustrations if you haven’t already done so. Please remember to submit everything through SERFF using the correct TOI and Sub-TOI. If you have any questions, please contact Nanci Hoffman at firstname.lastname@example.org or Jack Childress at email@example.com.”
If you need any assistance with these filings, please contact First Consulting.
California Requires Changes to Life Insurance Policies
California has new laws effective January 1, 2013 requiring:
1. all life insurance policies provide a 60-day premium grace period. Notice must be provided at least 30 Days before any lapse.
2. the right in individual life policies to designate another person or persons to receive notice of lapse or termination.
3. a notice at least 30 Days before any lapse to the policy owner, any persons designated, and any assignee.
Any form not in compliance must be revised. Changes to group and variable products must be filed with the Department of Insurance. To contact First Consulting for filing assistance click here.
Interstate Compact (IIPRC) Issues Filing Information Notices
The IIPRC Office has issued two Filing Information Notices. A Filing Information The Interstate Compact (IIPRC) will accept comments on the proposed Group Term Life Insurance Uniform Standards for Accidental Death Benefits, Accidental Death and Dismemberment Benefits and Waiver of Premium While the Employee is Totally Disabled until May 11, 2013. The IIPRC will also accept Hearing Requests regarding its proposed Group Term Life Uniform Standards for Accelerated Death Benefits until Ma7 2, 2013 and will accept comments until June 11, 2013. For more information about the IIPRC click here.
Change in Reserve & Nonforfeiture Interest Rate
The maximum interest rate for reserves held on many life insurance policies issued on and after 1/1/2013 will be 3.5%. The maximum nonforfeiture interest rate will be 4.5% optionally in 2013 and mandated in 2014. For more information click here.
To contact First Consulting for filing assistance click here.
Enterprise Risk Management Guidance
You and your compliance staff may benefit from considering enterprise risk management best practices outlined in this New York Insurance Circular Letter No. 14 (2011). First Consulting can help your company stay ahead of regulatory requirements with the help of our Operational Compliance Services.
First Consulting is pleased to add Compliance 360 as a new Partner. Compliance 360 provides software applications. More details are at FCA Partners.
Compliance and Ethic Institute
In mid-September, C.J. Rathbun attended the Compliance and Ethics Institute sponsored by the Society of Corporate Compliance and Ethics (SCCE). This cross-industry group of compliance professionals on the level of managers, directors and officers impressed C.J. with their purpose, content and openness. To read more about the September conference, click here.
For more information about the IIPRC click here. To receive a copy of our most current update about the Interstate Compact, request it in the notes section of our Contact form (click here) or contact Stacy Koron at Stacy.Koron@firstconsulting.com.
Long-Term Care Annuities
The Pension Protection Act of 2006 creates new opportunities for annuity/long-term care insurance combination products. For more about the benefits and challenges of these products, please click here to see our article.
Long-Term Care Partnership Program
The Long-Term Care Partnership Technical Assistance Website is operated by Thomson Healthcare under a contract with the Office of the Assistant Secretary for Planning and Evaluation in the U.S. Department for Health and Human Services.
This website contains materials related to the implementation of the Long-Term Care Partnership Program as authorized under the Deficit Reduction Act of 2005, (Section 6021).
The purpose for this website is to provide easy access to materials related to the implementation of Partnership programs across the country. Much of the material on this website is state specific and is posted in two places for easy access. Click here to link to the website