The National Association of Insurance Commissioners gave final approval to a significant life document here at its fall meeting.
The NAIC “plenary,” the body that includes all voting members of the NAIC, Kansas City, Mo., voted to adopt Actuarial Guideline TAB, which will help appointed actuaries use the mortality rates in the 2001 Commissioners Standard Ordinary Preferred Class Structure Mortality Table.
Actuaries came up with the preferred table by splitting the main 2001 table into preferred and non-preferred versions.
The NAIC plenary also:
- Made it clear that the new NAIC long term care model act requires producers involved in long term care insurance partnership programs to have at least 8 hours of initial training and 4 additional hours of training every 24 months. The plenary also made it clear that it wants the 8-hour initial training requirement to apply to producers who already sell LTC insurance.
- Learned that 15 states with a combined total of 466,075 active duty military personnel had adopted the new military sales practices model regulation as of Sept. 28, and that 15 more states expect to implement the model by the end of the year.
The remaining states and non-state insurance regulatory jurisdictions should adopt the military sales model by March 31, 2008, according to Margaret Witten, a Georgia insurance regulator.
Congress asked the NAIC to develop the model and get it implemented when it passed the Military Personnel Financial Services Protection Act of 2006.