Life Insurance Roundup, April 4, 2016


‘Mentor actuaries’ may attract youngsters: Experts | Business Standard News

The Insurance Regulatory and Development Authority of India (Irdai) has given the green signal for appointing actuaries without relevant experience, provided they operate under the supervision of an experienced actuary. Irdai said these ‘mentors’ should guide the actuaries thus appointed on day-to-day basis.

According to R M Vishakha, managing director and CEO of IndiaFirst Life Insurance, this arrangement will motivate more youngsters to come on board and gain practical experience.

To be a qualified actuary, an individual needs to be accredited by a body like the Institute of Actuaries of India (IAI). This is done after the candidate clears all 15 papers in actuarial science and gets a fellowship. Companies also appoint individuals who have passed 10 papers as an associate in the actuarial department. 


Cabinet Re-Opens Search After Deadlocking Over Insurance Chief | WFSU

At Tuesday’s Cabinet meeting state officials conducted interviews with two finalists in a bid to replace Florida’s current top insurance regulator.  Office of Insurance Regulation, or OIR, Commissioner Kevin McCarty will leave the post in early May.  The interview process began with Jeffrey Bragg, a former Treasury official who set up and oversaw the federal Terrorism Risk Insurance Program.

Bragg boasts 40 years in the insurance industry working in the public and private sector, and he’s seen as Governor Scott’s favorite for the position.  He pitched himself as a willing functionary for the Cabinet.

“As the COO I don’t make policy,” Bragg told Cabinet members. “I implement your policy, and I’m responsible to you, and each and every one of you in some cases on a daily basis, to make sure that your policies are carried out.” 


Shehada Khalil Issa charged with shooting his own son because he was gay | Daily Mail Online

An LA father shot and killed his son in an act of premeditated murder because of the youth’s sexual orientation, prosecutors alleged Friday.

Shehada Khalil Issa, 69, was arrested Tuesday after police arrived at his North Hills home to find the bodies of his son Amir, 29, and his wife, who has not been named, dead.

The Los Angeles County district attorney’s office claimed that Issa had threatened to kill his son in the past because of his sexual orientation. 


Insurer may send survey team today – Times of India

nited India Insurance, the insurer of the Vivekananda Road Flyover, is likely to send its inquiry team on Saturday.

This has assumed significance because the amount of compensation the victims will get will be determined by the survey team. The insurance cover for the flyover is likely to be between Rs 190 and Rs 200 crore. The initial construction cost was Rs 164 crore when IVRCL started work in 2009. But the policy takes into account the value of the asset after completion. All the victims are entitled to get the benefit of this insurance and one doesn’t need to have any policy.

An official of this Chennai-based insurer said IVRCL, the contractor, has informed the Hyderabad office of the firm regarding the flyover collapse on Thursday evening. “We will soon send a survey team for a probe. It seems that the policy is in force,” the official said. 


‘Hidden nasties’ in life insurance policies must go

When an industry doesn’t have a code of conduct, is granted exemptions from laws banning unfair terms in contracts and has the power to discriminate, it is little wonder that consumers end up the poorer.

This is certainly the case in the $44 billion life insurance industry, which has all these exemptions, and last month was caught abusing this privileged position. 


BusinessWorld | Sun Life remains Philippines’ top insurer

The tentative ranking, based on companies’ unaudited quarterly statistics submissions to the IC, showed Sun Life ranked first among life insurers, ending 2015 with total premiums of P32.8 billion, slightly better than 2014’s haul of P30.7 billion, Insurance Commissioner Emmanuel F. Dooc said in a briefing yesterday.

Every year, the insurance regulator ranks local insurance firms based on various metrics, such as premium income.

This is the fifth consecutive year that Sun Life topped the industry in terms of premium income, starting in 2011 with P14 billion, then in 2012 with P20.2 billion and 2013 with P29.7 billion.

Sun Life was followed by Philippine AXA Life Insurance Corp. with P22.82 billion (from P18.35 billion); Philippine American Life and General Insurance Co. with P21.17 billion (from P18.31 billion); BPI Philam Life Assurance Corp. with P20.79 billion from (P19.48 billion) and Pru Life Insurance Corp. of UK with P19.81 billion (from P19.35 billion) 


Simple Health Advisors, LLC offers the most affordable life insurance – Press Release Rocket

Simple Health Advisors, LLC offers the most affordable life, health and medical insurance in Melbourne, FL. Their insurance experts design the company’s insurance packages, especially, so that they are affordable for everyone. This is the reason Simple Health Advisors, LLC’s insurances – especially their life insurance is widely-popular in Melbourne. The insurance experts of Simple Health Advisors, LLC fully guide the customers in the consultation session about each and every detail about their insurance package and not only that but they also help them with financial planning


Money Matters: Couple seeks advice on life insurance coverage | News & Observer

Q. We are married with two children and finally have wills in place but we have not purchased any life insurance. My husband has about $150,000 on him and $50,000 on me through his work and it’s really cheap. We know that’s not enough coverage but after meeting with several life insurance agents we are confused about the amount and type of coverage we should buy. The three we’ve spoken with suggest a cash build-up type of insurance versus term due to the ability to borrow from the policy for college and or retirement What do you suggest? 


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