A new direction for the life industry

Article Abstract:

The life insurance industry faces formidable challenges with a major restructuring looming ahead, as 1997 ushered in a new structure and direction for the sector. Among these challenges is operating in a converged marketplace, with major financial services providers increasingly offering products and services that previously were not allowed. A more informed consumer base is also expected to be the driving force behind insurance companies' attempts to stay competitive.

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Genetic testing creates opportunities, challenges

Article Abstract:

Advances in genetic testing are causing moral and ethical challenges for risk-based underwriters. Genetic screening would allow underwriters to identify health conditions which could pose substantial financial risks. However, genetic testing challenges society's demand that insurance products are available for all citizens. Several states are preparing laws and regulations to limit the use of direct genetic testing information in the underwriting process.

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It's time to reengineer the regulatory system

Article Abstract:

The large amount of standards and requirements that life and health insurance companies must deal with should be reduced. Elimination of many of these rules would help lower operation costs and help reduce the complexities insurers must face. For example, instead of continuing with the National Association of Insurance Commission's Insurance Regulatory Information System tests, the commission should eliminate the tests.

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