Associate Members
Parkway Advisors: The Insurance Perspective
This third volume of 2020 includes our Economic Commentary written by our Director of Consulting, Kyle Timmermann, as well as a special write up on Seeking Income in a Low Interest Rate Environment by Trevor Rupe.
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KBRA Research: Quarterly (Re)Insurance Insights: COVID-19, Cats, and Pricing
KBRA releases its Quarterly (Re)Insurance Insights report in which we provide our views on key insurance and reinsurance industry trends in the U.S. life, U.S. property/casualty (P/C), and global reinsurance subsectors.
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KBRA Affirms the Rating for Modern Woodmen of America
Kroll Bond Rating Agency (KBRA) affirms the AA- insurance financial strength rating (IFSR) for Modern Woodmen of America (Modern Woodmen or MWA). The Outlook for the rating is Stable.
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Equisoft Live Webinar: Tackling Your Digital Customer Experience Challenges Key Strategies for Life Insurance Carriers.
The rapidly evolving life insurance landscape has heightened customer needs for digital, multi-channel, real-time engagement. Solving this customer experience challenge has become a top priority for carriers around the world.
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Compliance
First Consulting Compliance Updates by State
Check out this latest information from First Consulting on their Legislative Monitoring Tracking Chart. *Please take note that two new search terms are added to the chart – Wildfires and Hurricane.
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The Alliance would like to bring your attention to:
Alabama Insurance Department Publications: Bulletin 2020-18 09-24-20.
The DOI issued a directive providing a 60 day grace period for hurricane victims who are required to perform any act or transmit information or funds on or after September 15, 2020. The time limit is extended to and including November 15, 2020 with no interest, penalties or other charges. This directive does not apply to new policies issued on or after September 16, 2020.
Oregon Insurance Department Publications: Emergency Order of September 25, 2020
The Division of Insurance (DOI) issues this wildfire emergency order which is in effect through 10/17/20. This order amends the September 18, 2020 Wildfire Emergency Order. Outlines in detail the actions ALL insurers are required to immediately take for the reporting of claims and other communications about claims; immediately institute a grace period for premium payments; and take actions regarding cancellations and non-renewals.
Fixed and Variable Deferred Annuity Outline
On October 6, 2020, the New York Department of Financial Services published an updated Individual Fixed and Variable Deferred Annuity Product Outline to replace the version updated May 20, 2014.
WI Bulletin dated October 13, 2020
Wisconsin reports that it has a new electronic Financial Filing Portal available for companies to make financial related filings.
Delaware Universally Applicable Bulletin No. 5 (UPDATED)
Certain portions of the Insurance Data Security Act were to be implemented no later than August 1, 2020. This bulletin changes the Department’s email address to which a notice of data breach is to be sent. Also, insurers are required to submit an annual certification of compliance with this law no later than February 15 with an affidavit.
Best Interest Standard for Annuities – Update from First Consulting
As more states begin to discuss passing the 2020 revision to the Suitability in Annuity Transactions Regulation, additional questions have surfaced. Those questions and answers dealing with the “best interest standard of conduct” are captured in the FAQ document.
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