The NAIC stands firm in protecting life insurance and annuity owners.
In this weeks edition of Speaking of Settlements, Mark Wahlstrom discusses the recent decision by the NAIC to not cave into the pressure of the moment from the life insurance industry to relax the reserve and financial requirements that protect policyholders.
Many life insurance companies, among them Hartford Life, Lincoln Financial and others wanted to be able to put less money into statutory reserves in order to protect the long term guarantees in certain lines of annuity products. This would have affected variable annuity guarantees primarily, but the same requirements would have also lightened up the requirements for regular annuity contracts.
The NAIC decided the safety of the customer was more important then the short term relief this would have provided the life insurance industry. A great move by the NAIC to not cave into the pressure of the ACLI and other lobby groups and to preserve the integrity of the life insurance industry.
Learn more about these protections by visiting www.thesettlementchanne.com
Duration : 0:7:7
In this update on the current concerns about life insurance company and annuity market security, Mark Wahlstrom, host of The Settlement Channel discusses the over blown media coverage that has raised unreasonable fears. While people and advisors need to be reasonably cautious about life insurance company ratings, the fact is that most of the news surrounding life companies and annuities is related to earnings issues and potential ratings downgrades and not an issue related to solvency. Learn the facts about life insurance annuity solvency and protect your annuity or insurance contract. The news isn’t as bad as they say but you need to be aware and careful.
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