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I don't know if we need what you have today. You need to come up with something else.”
- Jillian Froment, Deputy Director at the Ohio Department of Insurance
"And if WAMO is playing Danny's Song by Loggins and Messina at 3:12 PM
on your policy anniversary we will credit 15% compound interest to the daily benefit but only if our General Account credits 5% interest which will be based off of Loggins and Messina's record sales in the cut out bin at Jim's Records in Squirrel Hill. Otherwise your inflation protection will be based off of the daily number drawn in your state lottery on your policy anniversary multiplied by 0.032."
"The current products just don't work."
-Eric Cioppa, Maine Insurance Commissioner
“You're going to price yourself out with this product. We'll find other solutions. That's what happens. The market corrects itself. I don't know if we need what you have today. You need to come up with something else.”
- Jillian Froment, Deputy Director at the Ohio Department of Insurance
Pretty strong words spoken to an LTCI audience by state insurance regulators
For over a year, McInerney has been saying we need regulatory reform that will allow the creation of new types of products. People on this forum mocked his suggestion.
And now we are introducing Leading 70's Singer Songwriter Performance Lottery LTC
"And if WAMO is playing Danny's Song by Loggins and Messina at 3:12 PM
on your policy anniversary we will credit 15% compound interest to the daily benefit but only if our General Account credits 5% interest which will be based off of Loggins and Messina's record sales in the cut out bin at Jim's Records in Squirrel Hill. Otherwise your inflation protection will be based off of the daily number drawn in your state lottery on your policy anniversary multiplied by 0.032."
originally posted by Mr_Ed
And, what type of new LTC product would McInerney like to create?
one that has regulations regarding premiums that are similar to the regulations for medicare supplements.
originally posted by Mr_Ed
I'm not sure I understand.
Are you saying that the feds or each state's DOI should dictate the design, benefits & price for each LTC policy?
Therefore, each policy will have the same benefits from every company and will be priced the same.
That being the case, we'd all be out of a job, wouldn't we?
That's not going to happen in my lifetime.