NCMC - Section 8: Regulatory Considerations

The NAILBA Case Manager Certification Program helps train and develop new case managers on the life insurance case management process, while certifying existing case managers on the key skills, responsibilities, and best practices that are essential for their role. The program, which has been designed with a life insurance focus, is comprised of eight online learning modules with mastery quizzes for each module.

Section Overview:

PART I – INSURANCE REGULATORS, LICENSING, AND CONTINUING EDUCATION
When we talk about regulatory considerations in the life insurance process, we are talking about the legal, state, federal and other carrier regulatory requirements for writing and representing life insurance. The goal is to protect consumers from harmful sales practices. In this video, we will discuss the role of insurance regulators, licensing and continuing education (CE) requirements, fixed vs. variable life insurance compensation, and recommended practices for illustrating variable and indexed universal life policies.

PART II – REGULATION 187 BEST INTEREST (REG BI)
Regulatory considerations continually evolve, and new legislations affect day to day procedures in the case management process. In this video, you will learn about one of the more recent legislations and rulings that affect financial advisors, BGAs, and insurance professionals – Regulation 187 Best Interest.

PART III – REGULATION 60 AND ANTI-MONEY LAUNDERING
Regulatory considerations can be state-specific, carrier-specific, or mandated at the federal level. This video provides an overview of two key regulations. The first is New York Regulation 60, which is a consumer protection law that applies to the replacement of life insurance or annuity contracts in the state of New York. The second is a federal law called the USA Patriot Act which creates additional scrutiny and required case management procedures to prevent money laundering within the financial industry.

PART IV – GENERAL SUPERVISORY REQUIREMENTS
Financial advisors, BGAs, and insurance specialists will often have specific regulatory and compliance requirements set forth by the companies or institutions they affiliate with. This video discusses how advisors and insurance specialists may be supervised by their corporate regulatory bodies, and the BGA’s and case manager’s responsibilities in the regulatory process.

FIELD DEVELOPMENT COMMITTEE

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