We hope that you had a wonderful summer and that you were able to take a vacation. It seems as if the season flew by, especially after Summer National Meeting in New York. As we head into fall, the NAIC Communications team will be busy with our Life Insurance Awareness Month campaign.
Insurance Scam Warning
Recently, the California Department of Insurance alerted the NAIC and state DOIs of a scam that has made a comeback. To help spread the word about this scam, we sent you an email that provided an example of what's being sent around to consumers. The scam targets people shopping for privately funded loans, likely for real estate.
The perpetrators allegedly contact consumers who have inquired online about securing a loan, using the name Val Taylor/Val Taylor Investments. (This person is also a victim.) The perpetrators then tell the consumer they can arrange the loan, but the borrower must first purchase a “Loan Payment Protection Insurance” policy that will pay the loan, in the event the borrower is unable to make payments and avoid default.
To appear legitimate, the scammers provide a certificate of insurance that appears to be issued by the state of California, includes the Great Seal of the State of California and bears the name of the borrower. The certificate is FRAUDULENT. The California DOI is a state regulatory agency and DOES NOT issue insurance certificates, but rather regulates the insurance industry.
We are aware of victims in at least three states. If you have reports of this type of fraud, please coordinate with Nancy Goldberg (Nancy.Goldberg@insurance.ca.gov) in California so the investigation can be as robust as possible. We encourage you to spread the word in your respective states, using the information we sent you earlier. If there is anything the NAIC can do to support your efforts, please let us know.
Life Insurance Awareness Month
September is Life Insurance Awareness Month. The industry-wide campaign is aimed at raising awareness about the importance of life insurance and educating consumers about helping them get the coverage they need.
You should have received a Life Insurance tool kit and most recently a Buyer's Guide. These tools are designed to help you create your own campaign and send out education materials. It contains three press releases, two Consumer Insights, graphics and much more.
Perhaps one of the biggest and most successful media components has been our Life Insurance Policy Locator (LIPL).
Since its November 2016 launch, the locator service has matched 44,219 beneficiaries with lost or misplaced life insurance policies or annuities, totaling $643 million being reported by companies.
NAIC Sr. Electronic Communications Specialist David Dunston supplied you with graphics you can use to go with the tool kit. If you have any questions about it, please email him at email@example.com
We encourage you to use the information distributed and promote the LIPL with the numbers from your state. You can get that information by logging into iSite+. If you have trouble logging in, try logging out of the Application and then sign back in. If you're still having trouble, it could be due to missing roles for LIPL access; if so, you will need to talk to your state's information technology (IT) liaison for access to be requested. If you need more help, email Sr. Communications Specialist Stefanie Bryant at firstname.lastname@example.org, and she will connect you with our NAIC Help Desk.
Upcoming Twitter Chat
We encourage you to spread the word and participate using the hashtags #ProtectTomorrow and #NAICInsuranceChat.
The Regulators Podcast
As you know, we launched our new podcast called “The Regulators” in August at the Summer National Meeting in New York. In this month's episode, NAIC CEO Mike Consedine, who serves as host, sits down with NAIC Secretary-Treasurer and Idaho Insurance Director Dean L. Cameron and talks annuity suitability. Director Cameron discusses the challenges facing consumers and with regulation. Please subscribe to “The Regulators” podcast on Spreaker or Spotify and help us promote it using the hashtag #TheRegulatorsPodcast.
Consumer Insight and Consumer Alert
Be on the lookout for a Consumer Insight on the two types of life insurance and a Consumer Alert on free meal seminars. We're sending them out for Life Insurance Awareness Month.
Words of the Week
Listed below are the words for the month. Please feel free to use and distribute these on your social media channels using the hashtag #WotW.
Sept. 4 – Policy Owner
Sept. 11 – Beneficiary
Sept. 18 – Term Life Insurance
Sept. 25 – Death Benefit
News and Alerts