Industry Updates

NALC Comment Letter, Funeral Rule

June 1, 2020

The NALC recently submitted a comment letter to the Federal Trade Commission (FTC) on Funeral Rule Requirements. The FTC asked for public comment on whether to make changes to the rule as part of the agency’s systemic review of all current rules and guides.

The Funeral Rule protects consumers from unfair and deceptive practices in the sale of funeral products and services. The rule requires funeral providers to give consumers price information up front, and give consumers the right to buy only the funeral goods and services they want and need from the provider.

The NALC is a trade group of small and mid-sized life and health insurers, and many members write pre-need and final expenses insurance. All but two states allow the sale of life insurance to fund pre-arrangement final expense contracts. The states that allow it have strict guidelines to protect consumers, as well as ensure services are delivered as promised.

The NALC believes that insurance funded pre-arrangement contracts play an important role in providing needed protections to many families. The combination of state and federal laws and regulations is working well to protect consumers, and there is no need for the FTC to institute additional laws or regulations within the Funeral Rule.

Read the Full Comment Letter

An interview by Michael A. Molony, Esq., Young, Clement, Rivers, LLP with incoming NAIC President Ray Farmer in the FORC Journal

December 20, 2019

The South Carolina Director of Insurance will assume the role of President of the National Association of Insurance Commissioners (“NAIC”) on January 1, 2020. This is a significant achievement as it has been almost 20 years since the last time a South Carolina Director, Ernie Csiszar, was elevated to the post. It is an especially impressive achievement given the fact that South Carolina has very few large domestic insurers and is a testament to Director Farmer’s unique talents and capabilities.

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Harry Lee Waterfield II Recognized With Lifetime Achievement Award

September 23, 2019

Resolution of the National Alliance of Life Companies

Whereas, Harry Lee Waterfield II, has served the life insurance industry with great distinction during a career of over fifty (50) years; and

Whereas, his professional service includes growing Investors Heritage Life Insurance Company into a nationally prominent life insurance company located in Frankfort, Kentucky; and

Whereas, he served as Chairman of the Board of Directors, President and Chief Executive Officer of Investors Heritage until his recent retirement; and

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NALC Comment Letter, Annuity Suitability-Best Interest Standard

April 27, 2018

RE: Suitability and Best Interest Standard of Conduct in Annuity Transactions Model Regulation
 
 
Dear Director Cameron and Commissioner Ommen:

The National Alliance of Life Companies (NALC) appreciates the opportunity to submit this comment letter and thanks you for extending the comment period. We appreciate your willingness to seek input from organizations like ours regarding a best interest standard of conduct. We hope you find our comments useful, and we stand ready to answer any questions that you may have. 

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