NAIC outlines plan for handling of ULSG and term UL product reserves
Feb 03, 2012
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The association representing state insurance commissioners released a draft framework providing guidance for evaluating the reserves of universal life with secondary guarantee and term universal life products.
The National Association of Insurance Commissioners (NAIC) said its Joint Working Group of the NAIC’s Life Insurance and Annuities Committee and the Financial Condition Committee was created to address the issues surrounding Actuarial Guideline XXXVIII (AG 38) and statutory reserve requirements for insurers offering the two products.
The public may comment on the draft framework through Jan. 30
Car Insurance for Women
Jan 26, 2012
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It is a not a rumor that women can get cheaper car insurance than their male counter-parts. Women are usually better drivers, therefore they don’t submit as many claims, and they tend to not drive as reckless as a man.
Women should shop around a while when looking for insurance. Men usually do not like to shop and will settle for the first or second insurance policy quoted. If women spend a little more time shopping, they will be rewarded with a cheaper policy. Several factors will help women obtain a less expensive insurance policy –
- Women tend to drive less sporty vehicles, and rarely drive pickups. Compact four-door cars, small SUVs and vans are usually the choice of women drivers. The
Prudential offers optimism, despite concern, for financial markets
Jan 06, 2012
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Prudentials market experts showed “optimism” for gains in the financial markets this year, but said some risks could weigh on investors earnings.
Calling it an “unusual uncertain time,” Ed Keon, managing director of Quantitative Management Associates, said Europe remains his top concern, noting that China, India and other economies and global hot spots could face major problems in 2012 that could disrupt U.S. markets. Turmoil in U.S. politics adds to the worries,” he said in a statement.
“A stronger-than-expected 2012 stock market is more likely than a very weak one, with U.S. economic da
WI Legislature Changes Minimum Coverage Requirement
Jan 03, 2012
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The Wisconsin state legislature recently passed new legislation which lowers the state minimum liability insurance coverage. The new law was signed by the Governor and went into effect on November 1, 2011. The new bill reverses the changes made in 2009 which raised the minimum coverage required and was fairly costly to insurance customers. The lower coverage requirements will take effect on all new business written after November 1, 2011 or on policies which renew after November 1, 2011.
Wisconsin car insurance customers should expect to receive a letter in the mail from their insurance company or insurance agent detailing the changes made by the legislature.
SME’s prefer cash reserves to insurance
Dec 16, 2011
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Research by AXA UK suggests that the UKs small and medium-sized enterprises (SMEs) have a lower level of business insurance than similar firms across continental Europe.
According to the study, only 39% of Britains SMEs currently have business interruption cover in place, while 47% of respondents hadnt even drawn up a business continuity plan.
At the same time, the UKs smaller firms are less reliant on bank debt than in the rest of Europe, and would therefore appear to be reacting to perceived risk by stock piling cash.
Thirty six per cent of UK SMEs questioned were holding three months or more of cash, compared to 30% across the remainder of the EU.
According to AXA, the industry needs to convince firms that insurance can provide the peace of mind they are looking for and free up rainy day cash for investment.
The groups commercial lines chief executive officer, Amanda Blanc, comments: It is clear that whilst they are worried about rising costs, regulation and tax burdens business continuity planning among SMEs in the UK is not as advanced as it is in many other countries.
Purchasing condominium unit owners insurance in Tampa
Dec 14, 2011
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A common mistake made by condominium residents in Tampa is that the master insurance policy offered by the condominium association is enough to cover them for any kind of property damage in the event of a disaster or accident. Many people seem to think that by living in a condominium in Tampa, they are automatically entitled to insurance coverage without the need to spend any more money on their own.
What people don’t know is that the condominium association’s master policy normally only insures the basic structure of the condominium, such as the walls, roof, floors and elevators, but not the interior fixtures in a condominium unit like cabinets, wall coverings, and sometimes the interior walls. Read more…