Overview of Correspondence with NAIC and State Regulators
In May 2012, I wrote to the NAIC regarding deceptive advertisements run by New York Life and Northwestern. My articles on these deceptive ads can be found at Beware Deceptions. Enclosed with my letter were a list of interrogatories, to facilitate the NAIC’s analysis of the issues with the deceptive ads. The NAIC’s replies received are contained in a separate document.
Similarly in January 2011, I wrote to the NAIC’s 2011 President regarding the pervasive, age-old industry problems and explicitly documented several instances of sales misconduct. I asked the NAIC to consider: 1) agreeing to return some compensation (consent to a clawback), and 2) obtaining a performance bond, guaranteeing that they would finally do their duty. The NAIC President replied, expressing doubts about its ability to secure bond guaranteeing its completion of needed reforms. (PDF)
In an August 2010 letter, I invited the NAIC 2011 President to join with me and participate in my ‘Campaign to Fix the Industry.’ The NAIC President responded, essentially stating that my goals are their goals, and inviting me to get more involved with the NAIC. (PDF)
In August 2010, I also wrote to the President of the Insurance Marketplace Standards Association (IMSA), an organization that the industry established to provide a Good Housekeeping Seal of Approval to life insurers following the sales practices scandals of the 1980s and ‘90s. IMSA never responded, and in fact, the fraudulent IMSA, having never fulfilled its own fundamental, first principles during its 14 year existence, ceased operations before December 2010!
Looking forward to seeing the site's continued improvements. Thanks.
One note: Take a look at the current/old site. I kind of like the light blue lines that break-up the articles listed under Current Popular articles. I recall the pending site had such lines, but they got dropped a couple weeks back when we were cleaning-up the Left NAV. Can they be brought back? Or brought back easily/readily?
(I want to add the following 4 items – after “More About....”
Evaluating Policies, Assessing Needs, Fixing Poor Policies and/or Problems [I want this to link to a page where people need to send an email to request the article. Let’s Say the following: Articles Not Yet Publicly Available; Please complete the Contact Form to request a copy of the current draft version.
Using Breadwinners’ Expertise when Medical History Poses Underwriting Challenges [same link with note as above]
Taking Advantage of the Tax Advantages of Cash Value Policies [same link with note as above]
Disability Insurance, Long Term Care Insurance, and Annuities (forthcoming Summer 2013)
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Use Illustration Analyzer - This tool provides you with a cash value policy’s stream of annual costs, something consumers have always needed and deserved, but previously haven’t been able to obtain, to their great harm.