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New IUL Illustration Rules Will Not Apply To In-Force: Regulators

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A state regulator task force took another step Thursday toward agreement on rule changes designed to rein in index universal life insurance illustrations. In a straw poll vote, Life Actuarial Task Force members voted 13-3 to affirm that any changes will only apply to new IUL policies.

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The NAIC’s Statutory Accounting Principles (E) Working Group adopted three interpretations related to COVID-19 last week.

A bill introduced by State Sen. Annette Taddeo, D, would make Florida the 12th state to elect its insurance commissioner.

New IUL products featuring “multipliers” or “bonuses” prompted the IUL Illustration Subgroup to consider changes to Actuarial Guideline 49. During a Monday conference call, one regulator called for “a total rework of AG 49 from the ground up.”

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Department of Labor officials alerted the White House Monday that is has completed work on a reworked rule to regulate investment advice to workers and retirees. Known the “DOL fiduciary rule” when proposed by former President Barack Obama’s DOL, an appeals court tossed out the rule in 2018.

Linda A. Lacewell

Three insurers agreed to pay more than $2 million in restitution and penalties to New York for annuity replacement transactions that violate the state’s new best-interest standard. Regulation 187 went into effect for annuity sales on Aug. 1, 2019 and life insurance on Feb. 1, 2020.

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