Industry News
Kathy Donovan
Senior Compliance Counsel
Insurance Compliance Solutions
Tuesday, November 3, 2009
LHCA Fall Meeting Presented a Bounty of Information for
Life and Health Insurers
The Life and Health Compliance Association held their 93rd Meeting entitled
“Harvest the Knowledge” last week in Des Moines, Iowa. Attendees took advantage
of the opportunity to submit many questions in advance of the meeting covering
life, annuity, and health insurance issues, which allowed for informative
discussion of state compliance topics and an exchange of ideas and suggestions.
Sponsors of this meeting included three “Special Session” topics in the agenda,
featuring an Indexed Annuity SEC Rule 151A Compliance Update, a look at Health
Insurance Reform, and a Stranger Originated Life Insurance (STOLI) presentation
on current regulatory issues. The presentation on Indexed Annuity SEC Rule 151A
by Sheryl J. Moore, President and CEO of Advantage Group Associates, Inc.,
provided attendees with detailed information on the industry’s concerns with the
SEC rule, as well as an update on the court case and proposed bill on Capitol
Hill. Bob Gunia, Senior Vice President, Physicians Mutual, provided attendees
with insights into the current Federal health insurance reform efforts. The Life
topic presented was Stranger Originated Life Insurance (STOLI), with current
perspectives and a legislative update. I indicated the current trend among the
states to adopt the NCOIL Life Settlements Model Act, or a variation, as well as
changes to a state’s insurable interest provisions. A special luncheon speaker,
Tom Alger, Communications Director with the Iowa Insurance Division, also
provided key updates on the Division’s legislative, regulatory, and enforcement
activities so far this year.
As an attendee at the meeting, I was fortunate to be able to speak with both
Brenda Spree of the CUNA Mutual Group, one of the host companies for this Fall
meeting, and Mark Wessel of Liberty Life, Chairperson of the Executive Committee
about the opportunities that the LHCA provides. I would like to share some of
the key perspectives they have regarding involvement in hosting the meetings, as
well as the benefits of participation.
Q. Brenda, as a co-host company representative this year, what were the
highlights of the meeting from your perspective as one of the co-hosts?
A. One of the highlights for me personally occurred when 2 first-time attendees
approached me and told me how beneficial the meeting was to them. They both
commented that they hadn’t known what to expect, but they were both so glad they
had attended because they had learned so much and felt that they had made some
great contacts that they would certainly use in the future. I remember my first
meeting very vividly and remember feeling that same way, so it’s good to receive
confirmation that our meeting was successful in providing a great forum for
networking and to provide value to all attendees.
Q. In general, what are the benefits of being a meeting host?
A. Being a meeting host is like being a cast member in a play rather than simply
a member of the audience! As a meeting host, you automatically become part of
the executive committee for the next 3 years and have a voice in the future
direction of the association.
Q. What do you think is the most compelling reason for compliance professionals
to include LHCA Meetings in their travel plans for 2010?
A. The opportunity network with peers across the United States who are focused
on Life, Health and Annuity compliance topics. We provide ample opportunity to
really get to know the persons in attendance who are the subject matter experts
on various topics of interest. There is truly an open exchange of compliance
information, based on questions submitted in advance by attendees. We are also
very excited to be introducing a new Q&A forum for “members only” on our
website. It will be a way for members to get answers to questions without
cluttering up their inbox, and without fear that a question they’ve sent via
e-mail may be forwarded to someone they did not intend to receive it!
Q. Mark, given your many years of involvement with LHCA, and your current role
as Chairperson of the LHCA’s Executive Committee, how have you benefited from
participating in the many meetings that the LHCA has held?
A. There are many benefits in attending LHCA meeting and becoming a member. Two
significant benefits are the professional relationships that are developed
during the networking sessions and meeting format. You develop professional
relationships that I have not seen at any other compliance meeting. You feel
comfortable calling these folk and asking questions to resolve many issues. Some
folks have been in the business for many years and are willing to assist almost
at any time. The second benefit is of course the Q&A sessions offered. Others
have tried to duplicate but the questions and forum and Life and Health in my
opinion is still the best.
Q. What does the LHCA offer insurance compliance professionals that is unique?
A. The Q&A format is still unique.
Q. What would you say are the top priorities for the LHCA as you look ahead to
2010?
A. Updating the website has been a priority for the last year. We have added
advertising opportunities and now have a Q&A format limited to association
members. We really like the new Q&A tool. Preparing for the Spring meeting and
scheduling the fall 2010 meeting are also top priorities.
The next LHCA
Meeting, hosted by Western & Southern Life Insurance Company, is scheduled
for April 28th through the 30th in Cincinnati Ohio.
