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California Commissioners Announce Laws For Life Insurance Overhaul Aren't Ready

Commissioner Dave Jones has cautioned other states that an overhaul with regulations concerning life insurance should be given more time and thought before moving forward.

Dec. 2, 2012 - PRLog -- As reported from Live Insurance News, California commissioners had gathered to discuss outlines for new regulations with life insurance, specifically how current insurers would need to tweak their current system which uses formulas from the industry for determining exactly how much money should be reserved in order to dole out payments to the benefactors and policy holders.

In that, California commissioner Dave Jones encouraged officials to postpone the discussions and regulation voting until further research was done. The new laws would mean that insurance companies would need to be reliant on their own data, claim risks and other statistics, rather than merge data from a multitude of companies.

The vote was supposed to go as scheduled later this week, when Jones compiled a four-page letter going over in detail on how there needs to be research on both sides of the argument, in order to gain more insight and determine the risks/rewards of the new regulation.

To help learn more about this development, or to try and find some of the best term life insurance quotes, visit http://www.mgilifeinsurancesolutions.com

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