Industry Updates

NALC Comment Letter, Funeral Rule

June 1, 2020

Re: Funeral Rule Regulatory Review- 16 CFR Part 453, Project Number PO34410

Dear Commissioners:

I am writing on behalf of the National Alliance of Life Companies (the NALC), a trade group of small and mid-sized life and health insurers from across the United States. Our members write insurance in all fifty states, and our group includes most major writers of pre-need and final expense insurance. We are pleased to share our thoughts regarding the Funeral Rule, as well as share some insights regarding the interplay of existing state and federal laws and regulations that are providing robust consumer protection.

Continue Reading

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.

Continue Reading

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

Continue Reading

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. 

Continue Reading