2021 1119 - LIIIWG - Life Insurance Illustrations Issues Working Group - (A) - NAIC - LIAC Requested Chair Report - Richard Wicka - 5p

  • 2021 1119 - LIIIWG - Life Insurance Illustrations Issues Working Group - (A) - NAIC - LIAC Requested Chair Report - Richard Wicka (Chair - Life Insurance Illustrations Issues Working Group)  ---  [BonkNote]  ---  26p
  • (p3) - [Chair Report] - This context is important to address one of the comments made by the ACLI.
    • Specifically, that the Working Group did not identify any specific issues or problems with current summaries.
      • [ACLI - 2021 0805] - After an exhaustive review process...   No regulator found fault with the information consumers currently receive from companies or agents. - 2021 0805 - ACLI to NAIC (LIAC) - RE: Life Insurance Illustrations Issues (A) Working Group - 3p].
    • (p3) - [Chair Report] - As stated, the ad hoc group did in fact identify specific issues that hindered consumer understanding of life insurance products.
  • (p3) - [Chair Report] - The group also identified three specific issues with the summaries  themselves.
      • First, it was determined that current  summary disclosures were quite lengthy which impeded consumer understanding
      • Second, the summaries showed variations in layout and the accessibility of the language used.
      • Third, the structure of the model regulations drove some of the issues with the summary’s length and made them less consumer friendly.
  • 2018 1015 - ACLI - Emily Email - Illustration Examples
    • 2019 1115 - ACLI to NAIC - RE: Revisions Considered for Life Insurance Policy & Narrative Summaries - 8p
      • The ACLI supplied the NAIC and interested parties with access to numerous sample policy summaries and policy narratives.
  • [Bonk: What's the Problem? Lovendusky: More Granular]
    • 6 Letters -
      • 2015 1120 - (LIAC) - Life Insurance and Annuities (A) Committee National Harbor, Maryland - (6-3)
        • the Committee set a 30-day public comment period to receive comments from stakeholders on their issues and concerns with life insurance illustrations and the Life Insurance Illustrations Model Regulation (#582). In response, she said the Committee received comments from:
        • American Academy of Actuaries (Academy) - 3p
        • American Council of Life Insurers (ACLI) - 2p
        • California Department of Insurance - 1p
        • Massachusetts Mutual Life Insurance Company (MassMutual) - 1p
        • NAIC consumer representatives - 1p
        • [State Farm] - 1p
  • Q: What Do Agents Say to Consumers?
  • 1991 0509 – GOV (Senate) – Insurance Company Solvency – Tom Sutton – ACLI – Pacific Life