NAIC：2013-2017信貸保險和信貸意外及健康保險的經驗報告（119頁）.pdf

1、Credit Life Insurance and Credit Accident state laws on insurance topics; and other regulatory guidance on antifraud and consumer privacy. Capital Markets 60% A 54.91% 74.58% A 30% prima facie, health (by statute) 27.5% creditor + 7.5% general agent, life; 23.75% creditor + 6.25% general agent, A 50

2、% A Accelerated Death Benefit Coverage $.03 per $100 per year Joint Life Decr Term Single Premium: $.77 per $100 per year; Accelerate Death Benefit Coverage $.06 per $100 per year Single Life level Term Single Premium: $.82 per $100 per year; Accelerated Death Benefit Coverage $.05 per $100 per year

3、 Joint Life Level Term Single Premium: $1.43 per $100 year; Accelerated Death Benefit Coverage $.08 per $100 per year $.72 $1.76 (for loan duration of 7-12 months) _ Georgia 60% $.45 $.80 $2.20 (c) - Hawaii 60% (by statute) $.40 $.79 $1.76 - Idaho 50% $.54 $.80 $3.00 - Illinois 50% A 55% A 50% A joi

4、nt life: not to exceed one and two-thirds of the appropriate single life rate; level term life: $1.20 per hundred per annum; monthly outstanding balance: $1.00 per month per $1,000 of insurance. Regulation: 40-5-107 - Kentucky - (i) Gross decreasing term: $.60 ($.65 with dismemberment). (ii) Level t

5、erm: $1.20 ($1.30 with dismemberment). (iii) MOB: $.92 per $1,000 ($1.00 with dismemberment). (iv) Joint life: 150% of the single life rates above. $.91 $2.69 (c) (KRS 304.19- 080 (4)(a) Joint life: 150% of the single life rates above. - Louisiana - (a) Single life declining balance: $.80 per $100 c

6、overage per annum. (b) Single life level balance: $1.60 per $100 coverage per annum. (c) Joint life declining balance: $1.20 per $100 coverage per annum. (d) Joint life level balance: $2.40 per $100 coverage per annum. From $.85 to $10.00 per $100 of coverage depending on the coverage period and wai

7、ting period. Not to exceed the prima facie rate + $10.00 Maine 63% 75% life; 50 80% A must decrease rate by 10% if health questions are asked of individuals. $1.46 $2.11 (m) Service fee to lenders is limited to 10% of prima facie rate. If creditor is a licensed agent, an additional 5% of prima facie

8、 rate may be charged as commission. 2018 National Association of Insurance Commissioners 109 Table 1 CREDIT INSURANCE REGULATORY PROVISIONS As of June 2018 Minimum Prima Facie Prima Facie Limits on STATE Loss Ratio Std. Life Rates (a) A 55% A $.50 per annum for each of the next three years of the te

9、rm of coverage; and $.25 per annum for each year of coverage thereafter (p) - Michigan 60% (f) $.48 (single premium basis with decreasing term) $1.50-$2.20 (single premium per $100, excluding pre- existing conditions) (c) - Minnesota 50% $.40 (t) $.89 $1.88 (g) (t) - Mississippi N/A; Mississippi has

10、 no minimum loss ratio as long as the rates set by the Legislature are charged. $.80 for single life decreasing term $1.60 for single life level term $1.39 for joint life decreasing term $2.80 for joint life level term Statute: 83-53-23 Statute: 83-53-23(3) 45% Missouri 35% (by statute) $.55 (single

11、 life decreasing term) $1.10 (single life level term) $.80 $3.00 (w) 40% producer 10% general agent Montana 38.5% life; 55% disability $.80 ($1.40 for joint life) per $1000 monthly outstanding balance (n) $.41 - $6.18 per $100 of initial indebtedness (includes 7-day retroactive and 7-day non-retroac

12、tive) 37.5% of the net written prima facie premium, with no more than 7.5% apportioned to the producing general agent 2018 National Association of Insurance Commissioners 110 Table 1 CREDIT INSURANCE REGULATORY PROVISIONS As of June 2018 Minimum Prima Facie Prima Facie Limits on STATE Loss Ratio Std

13、. Life Rates (a) A 60% health $.360 $.480 (by class of lender) $1.515 $1.987 (by - New Jersey 40% to 65% (depending on types of coverage, age, or renewability conditions) $.40 $0.94 - $1.99 (h) No limit on compensation New Mexico 55% $.39 $.80 $ 1.25 (c) - New York Vendor (i) (auto dealer, motorcycl

14、e dealer, etc.) 65% 71% life; 62% 69% A $1.10 (per $100 for single premium level term life) effective Jan. 1, 1997 $.95 $2.60; see G.S. 58-57-45 - North Dakota 45% $.62 (per $1,000 monthly outstanding balance)(n) $.94 $1.88 (c) - Ohio 50% life; 60% health $.41 $.70 $1.32 (c) (j) Oklahoma - $.68 $.80

15、 $3.00 40% creditor; 10% general agent 2018 National Association of Insurance Commissioners 111 Table 1 CREDIT INSURANCE REGULATORY PROVISIONS As of June 2018 Minimum Prima Facie Prima Facie Limits on STATE Loss Ratio Std. Life Rates (a) A SP decreasing: $0.38 $0.42 if 64 mos. And $0.59 - $0.65 time

16、s (mos.+1)/20; SP level: $0.68 $0.76 (see OAR 836-060-0026). For decreasing coverage, SP or MOB: see Tables 12 in OAR; for open-end account: $1.26 $1.89 (see OAR 836-060- 0031). - Pennsylvania 55% life; 60% 65% A 21% + 4% general agent, A 30% total (u) South Carolina Non-life 50% (by statute under C

17、onsumer Finance Act 55% A 70% A 30% total 2018 National Association of Insurance Commissioners 112 Table 1 CREDIT INSURANCE REGULATORY PROVISIONS As of June 2018 Minimum Prima Facie Prima Facie Limits on STATE Loss Ratio Std. Life Rates (a) A 52-60% varies by plan A rates for higher periods are high

18、er. For open ended monthly outstanding balance policies, insurers should apply an 80% factor to their calculated rates. (l) Commission is required to publish prima facie rates reasonably expected to produce a 60% loss ratio each triennium. The current triennial began Jan. 1, 2016. (Refer to Chapter

19、37.1 of Title 38.2 of the Code of Virginia for specific information regarding requirements applicable to credit life and credit accident and health insurance in Virginia.) The next triennial will begin Jan. 1, 2019. (m) Maine does not have seven-day or 14-day retroactive or non-retroactive available

20、. (n) Single premium rates calculated by formula based on MOB. (o) New York State Department of Financial Services comments: “Service fees may be paid to the creditors for service actually performed. These are required to be filed with the department. The fees are generally expressed as a percentage

21、 of the prima facie rates. Because New York requires experience rating, this means that low rates have a higher service percentage while high rates have a low one. This results in the creditor receiving roughly the same up-front compensation regardless of the rate level. Commissions may not be paid

22、to the creditor, regardless of whether or not they are a licensed insurance agent. They may be paid to any other licensed insurance agent (not affiliated with the creditor) for the solicitation of the group policy. For both of these, it is required that the rates remain self-supporting. At our loss

23、ratio levels, this is a significant restriction.” (p) The commissioner is required to set the rates for the auto dealer class of business every three years based on inter-company Massachusetts experience. For the period Jan. 1, 2008, through Dec. 31, 2010, the auto dealer rates are: life: $.46 per $

24、1,000 per month for single life insurance and $.74 per $1,000 per month for joint life insurance. A then 40% loss ratio standard must be used. For credit insurance directly written by a state or national bank, the insurer has the option of either using the component-based rates or developing their o

25、wn rates based on the 40% loss ratio standard. (w) The range listed is for 12 months of indebtedness and reflects rates for retro and non-retro benefits. Missouri has a broader range of prima facie rates, with varying periods of indebtedness (range from one month to 120 months). (x) Range of rates g

26、iven represents single premium prima facie rates for: 30 day non-retroactive; 30 day retroactive; 14 day non-retroactive; 14 day retroactive and 7 day retroactive elimination periods for a loan duration period of 12 months. (y) The range listed is for 12 months of indebtedness and reflects rates for

27、 retro and non-retro benefits. Nebraska has a broader range of prima facie rates, with varying periods of indebtedness (range from one month to 180 months). (z) See COMAR 31.13.01.15. For Group credit health insurance issued on the outstanding balance , effective June 1, 2016, a composite monthly ou

28、tstanding balance premium rate shall be used instead of the rates referred to in C of this regulation. The rates under this plan may not exceed those shown in the schedule below, with the rates being based on the amount of insured indebtedness currently being repaid. The composite rate shall be applied to all outstanding balances under the plan each month irrespective of the duration of the loans. 14 Day Nonretroactive - $0.08; 30 Day Nonretroactive - 0.07; 14 Day Retroactive - 0.11; 30 Day Retroactive - 0.09 2018 National Association of Insurance Commissioners 115