Life Insurance Consumer Advocacy Center

The Life insurance Consumer Advocacy Center (“LICAC”) has proposed a bill entitled the Life Insurance Consumers’ Bill of Rights, with the goal of protecting consumers from losing their savings in Life Insurance Investment Schemes.  The concept for the bill was first discussed with representatives of the California Department of Insurance in February 2020.  The reforms…

In the Spring of 2020, the National Association of Insurance Commissioners (“NAIC”) adopted a new “model regulation” that purports to protect consumers by toughening the standards that must be followed by agents and insurers selling annuities to consumers.[1]  The new model regulation, called the Suitability in Annuity Transactions Model Regulation (No. 275), was met with…