AIRC 421 — Regulation of Life Insurance Products, Sales & Operations

Overview

Compliance and regulatory issues impact numerous aspects of an insurer’s business. Regulation of Life Insurance Products, Sales & Operations (AIRC 421) helps employees understand the regulatory environment in which their company operates and appreciate the complex issues surrounding state and federal regulation of the U.S. life insurance industry, life insurance companies, and life products. It also addresses the regulation of specific life company operations, such as underwriting, claims, reinsurance, market analysis, and product design.

Topics

• Regulation of Product Development
• Regulation of individual Life and Insurance Products
• Regulation of Group Life Insurance Products
• Regulation of Credit Life Insurance Products
• Regulation of Annuities, IRAs, and Retirement Plans
• Insurance Producer Licensing
• Regulation of Producers and Sales Activities
• Regulation of Advertising and Disclosure Requirements
• Regulation of Privacy, Cybersecurity, and Fraud
• Regulation of Life Insurance Claims, Underwriting, and Complaint Handling
• Regulation of Reinsurance
• Market Analysis and Market Conduct Examinations

• Describe the stages of product development and identify stages when an insurer must evaluate whether materials comply with state insurance laws and regulations
• Identify the provisions insurers are required to include in individual life insurance policies, the optional provisions that insurers may include, and the prohibited provisions that insurers may not include
• Identify types of state and federal laws that apply to group life insurance policies and explain the requirements that the Employee Retirement Income Security Act (ERISA) imposes on group life insurance policies
• Distinguish among the various types of fixed annuities and variable annuities, and explain the state and federal requirements imposed on each type
• Distinguish among the various types of individual retirement arrangements and describe the requirements that they must meet to qualify for favorable federal income tax treatment
• Distinguish among the various types of group retirement plans and describe the requirements that qualified retirement plans must meet
• Explain the requirements that state unfair trade practices acts place on insurers and insurance producers and give examples of activities that are considered to be unfair trade practices
• Describe the state regulatory requirements that life insurance and annuity advertisements must meet
• Describe the regulatory requirements that insurers must meet concerning the privacy of consumer information
• Describe measures that the NAIC, SEC, and FINRA have taken to address cybersecurity
• Describe measures that state insurance departments and insurers have taken to increase their capacity to detect and prevent insurance fraud
• Identify the types of market conduct actions that state insurance departments may take and explain the purpose of a target examination

Course Format

LOMA’s popular online interactive courses teach important industry concepts through an engaging, highly interactive, multi-media approach that often includes integrated video, audio and scenario-based learning. Online interactive courses are designation courses with integrated exams—the modularized examinations are built right into the course as part of the learning experience. No separate exam enrollment required!

Exam Format

Integrated Exams

Online interactive courses are non-proctored designation courses—the modularized examinations are built right into the course as part of the learning experience. No separate exam enrollment required!

How to Enroll

Enrolling in an Online Designation Course

1. Log in to your LOMA Learning account using your login ID and password.
2. Browse the Learning Catalog for the course for which you would like to enroll.
3. Select ADD TO CART next to the items for which you would like to enroll.
4. Return to the catalog to continue searching for courses and add additional items to your shopping cart, or click the shopping cart to check out.
   • Note: if you have not already done so, you will be prompted to log in to the LOMA learning system at this time. Once you have successfully logged in, click the shopping cart again to begin the checkout process.
5. Review your shopping cart, and add any promotional or order discount code. Click CHECK OUT to proceed.
6. If you are purchasing a physical product (example: a textbook), complete the SHIPPING information screen.
7. Enter payment information
   • If your company has set up direct billing with LOMA, an account code will appear next to the “Bill My Company” field.
   • If you are using direct-to-company billing method, ensure that the radio button next to the “Bill My Company” field is selected and then click “Next” to continue.
   • If you are paying for your enrollment by credit card, enter all of the required fields for a credit card transaction. Once you have provided all of the required information, click “Next” to continue.
8. Review your order, accept LOMA’s Terms and Conditions, and click BUY NOW. An enrollment confirmation will be emailed to you.