1970s - NAIC - Insurance Commissioners - Government Hearings
- 1975 1203 and 1204 - GOV (Senate) - Veterans Insurance Information Disclosure, Richard Stone (D-FL) --- [BonkNote]
- (p36) - William H. Huff III (Iowa) - President of NAIC, Statement
- (p44) - NAIC - Mr. William H. HUFF III - (IA): If the Society of Actuaries' research is accurate, and I assume that it is, the additional disclosures really didn't make much difference in the ranking of how these various ranked in cost I would have a feeling, and I've been in this for about years, and we've been very active in the complaint area, too, you have two problems with a complicated formula.
- If you turn them off, they're not going to buy anything. They aren't going to understand it....
- ....the other problem, the agent out In the field, and unless he's carrying a book around with him, I'm not sure that he could explain what all of this is either.
- Senator STONE: In other words, your impression on a practical level is that the likelihood of the veteran or the consumer, in this it would be the veteran, would not necessarily be enhanced by the more complicated approach but very well be and would be enhanced as to relevance and as to relative cost by the NAIC model approach ?
- Mr. HUFF: We would hope so. I'm also the "blue sky" administrator in Iowa, and we know pretty much that if we don't get everything that should be disclosed In the first four pages it's not going to be read, and things that we really want disclosed we put on the front page and put it in big type.
- Senator Stone: In other words, you're saving if it's in the fine print it's the same thing as not ever being disclosed?
- Mr. Huff: That's right.
- Senator Stone: If It's too much fine print nobody reads it.