1990s - NAIC - LIAC - Life Insurance (A) Committee - NAIC Proceedings Index

1990-1A

Product Development Task Force

☐Policy Information Form for Applicants on Universal Life Policies (Attachment One)  ….453

☐Consumer Disclosure Issues Working Group November 17, 1989 Report (Attachment Two) ………….463

☐September 11, 1989 Report (Attachment Three) ……….464

☐LIMRAs Universal Life Disclosure Form Focus Group Summary

(Attachment Three-A) …….….464

☐Consumer Disclosure Issues Working Group September 11, 1989 Report (Attachment Three-B) ….473

1990-2 

☐Bulletin on Illustrated Interest Projections Exposure Draft (Attachment Three-A) ......................... 578

1991-1A 

Life Insurance Disclosure Model Regulation Amended Exposure Draft

(Attachment Three) ...................................................................................... 549

Consumer Disclosure Financial Review Policy Forms (Attachment Four) ... 557

Life Marketing Practices to Senior Citizens Working Group

December 1, 1990 Report (Attachment Five) .............................................. 558

Life Marketing Practices to Senior Citizens Working Group

November 21, 1990 Report (Attachment Six) .............................................. 559

Resolution Regarding the Rules Governing the Advertising of Life

Insurance (Attachment Seven) ..................................................................... 560

Projected Interest Earnings Working Group Report (Attachment Eight) .....561

Bulletin on Illustrated Interest Projections Amended Exposure

Draft (Attachment Eight-A) ..................................................................... 561

 

Life Insurance Disclosure Model Regulation Draft

(Attachment Nine-A3) ................................................................ .......... 570

 

1991-2A 

CONTENTS

☐Standard Policy Forms Working Group Report (Attachment Four) .............. 701

April 15, 1991 Report (Attachment Five) ........................................................ 701

☐Optional Form of the Life Insurance Disclosure Model

Regulation (Attachment Five-A) .............................................................. 703

 

Agenda

  1. Report of Product Development Task Force
  2. Report of Life & Health Actuarial (Technical) Task Force

 

 

 

1992-1B 

CONTENTS

Senior Marketing Working Group December 9, 1991 Minutes

(Attachment Two) .......................................................................................... 868

Life Insurance Disclosure Model Regulation and Financial Review

of This Policy Disclosure Form (Attachment Two-A) .............................. 869

October 31, 1991 Minutes (Attachment Two-Bl .......................................... 879

September 17, 1991 Minutes (Attachment Two-C) ..................................... 881

Life Insurance Disclosure Model Regulation (Attachment Two-Cl) ..... 882

August 21, 1991 Minutes (Attachment Two-C2J ..................................... 89

 

AGENDA

  1. Report of Senior Marketing Working Group
  2. Report of Life and Health Actuarial (Technical) Task Force

 

 

1992-2B 

Drafting Group for Shopper's Guide to Life Insurance for Older Adults

June 8, 1992 Minutes (Attachment One) ........................................................ 666

 

  1. Report of Life and Health (Technical) Actuarial Task Force

 

 

1993-1

CONTENTS 

March 9, 1993, Minutes ................ ........... ....... ... .................... .. .. ... .......... .... .. ..... ... ... ......... 249

Life Disclosure Working Group March 8, 1993, Minutes (Attachment One) .... .... 251

Summary of NAIC Activity, Life Insurance Disclosure/Illustrations

☐(Attachment One-A) .... ................ ... ... ...... .............. ....... .... ............. ........ ... 252

State Adoption of Life Insurance Disclosure Provisions Found in NAIC

Model Laws (Attachment One-Bl ........... .. ... ........... ........ ...................... ... 253

Statement of National Association of Life Underwriters

☐(Attachment One-Cl ............ ........ ... ........ .......... ......... ................... ...... ...... 257

Statement of the American Academy of Actuaries Task Force on

☐Life Insurance Illustrations (Attachment One-D) ....... .. ......... ...... .......... 263

☐Report of the Technical Resources Group (Attachment One-E) .. ..... ............. 263

 

 

1993-1B

CONTENTS 

Life Disclosure Working Group December 6, 1992 Minutes (Attachment Two) ... 788

Discussion Draft of Proposed California Ledger Illustration Law

☐(Attachment Two-A) ................................. ..... ... ..... .......... ............. ......... .. 789

Preliminary Report of the American Academy of Actuaries Task Force ·

on Life Illustrations (Attachment Two-B) ......... .................................... . 792

Life Disclosure Working Group· November 8, 1992 Minutes

☐(Attachment Two-C) ...... ......... ........ ... ........ ... ...... .... ................. ............... . 794

November 24, 1992 Conference Call Minutes (Attachment Three) ... ... .. ... ..... ... .... 795

☐Guide to Buying Life Insurance After Age 60 (Attachment Three-A) .... .... .. 796

Life Insurance Disclosure Model Regulation Amendment

(Attachment Three-,-B) .. .... ... . .......... ............. ..... ... ................ ............. .... ... 800 .

September 21, 1992 Minutes (Attachment Four) ....... .......... ........ ...... .................... 800

 

Buyer's Guide to Life Insurance for Seniors Drafting Group

September 20, 1992 Minutes (Attachment F.our-B) .... ... .... . .. .... .. ... ... .. ... 803

 

☐Letter From U .S. Senator Howard Metzenbaum Regarding

Consumer Disclosure (Attachment Four-D) .... ....... ...... ............. ........... .. 810

 

 

 

1993-2

CONTENTS 

Life Disclosure Working Group June 21, 1993, Minutes (Attachment Six) ........ 730

Recommendation from Industry Committee on Life Insurance

Disclosure (Attachment Six-A) .............................................................. 732

California Discussion Draft of Ledger Illustrations Rule

(Attachment Six-B) ................................................................................ 734

 

 

1993-3

Life Disclosure Working Group, Sept. 20, 1993, Minutes (Attachment Six) ....... 440

Life Disclosure Working Group, Aug. 19, 1993, Minutes

(Attachment Six-A) ................................................................................ 442

☐Memo from Harold Phillips on Definitions (Attachment Six-Al) ........ 442

☐NCOIL Memorandum on Life Insurance Disclosure

(Attachment Six-A2) ...................................................................... 443

☐White Paper on Life Insurance illustrations (Attachment Six-A3) .....443

Life Disclosure Working Group, July 22, 1993, Minutes

(Attachment Six-B) ................................................................................ 446

 

 

1993-4

Life Disclosure Working Group December 4, 1993 Minutes

(Attachment Three) .............. ...... ... .................................. .............................. 650

Life Insurance Illustrations Model Act Exposure Draft

(Attachment Three-A) ....................... , ....... , ......•.................................... 653

Life Disclosure Working Group November 15-16, 1993, Minutes,

(Attachment Three-B) ................................................................... ....

 

 

1994-1

Life Disclosure Working Group March 5 and 7, 1994, Minutes

(Attachment Four) ......................................................................................... 364

Illustrations Recommended by Technical Resource Advisors

☐(Attachment Four-A) ............................................................................. 367

Illustrations Recommended by FIPSCO (Chris Kite)

☐(Attachment Four-B) ............................................................................. 388

Statement of National Association of Life Underwriters on Life

☐Insurance Illustrations (Attachment Four-C) ...................................... 413

☐Key Features Document from Consumers Union (Attachment Four-D) ..... 424

Life Disclosure Working Group Feb. 23, 1994, Minutes

(Attachment Four-E) ............................................................................. 431

 

 

1994-2 

Life Disclosure Working Group June 11 and 13, 1994, Minutes

(Attachment One) ......................................................................................... 552

☐Statement from Commissioner J. Robert Hunter on Illustrations

Of Future Values (Attachment One-A) ................................................. 555

Life Insurance Illustrations Model Act Draft, (Attachment One-B) ............. 556

Rules Governing the Use of Illustrations in

Connection with the Sale of Life Insurance Draft

☐(Attachment One-C) .............................................................................. 557

Life Disclosure Working Group June 3, 1994, Minutes

(Attachment One-D) .............................................................................. 563

Life Disclosure Working Group May 1·3, 1994, Minutes

(Attachment One-E) .............................................................................. 564

Memo from Commissioner David Lyons Clarifying the Life

Insurance Committee's Position and Intentions

☐(Attachment One-El) .................................................................... 568

 

 

1994-3

Life Disclosure Working Group Sept. 17, 1994, Minutes (Attachment Four) ..... 520

Life Disclosure Standards Draft dated Sept. 17, 1994

(Attachment Four-A) ............................................................................. 522

Technical Resource Committee's Draft Suggestions Concerning the Life

☐Insurance illustrations Model Regulation (Attachment Four-B) ........ 524

☐Sample Policy illustrations (Attachment Four-C) ....................................... 54 7

Life Disclosure Working Group Aug. 21-23, 1994, Minutes

(Attachment Four-D) ............................................................................. 564

Life Insurance Illustrations Model Act Draft

(Attachment Four-D1) ................................................................... 568

Life Insurance Illustrations Model Regulation Draft

(Attachment Four-D2) ................................................................... 569

Life Disclosure Working Group July 14, 1994, Minutes

(Attachment Four-E) ............................................................................. 575

 

 

 

1994-4 

Life Disclosure Working Group Dec. 3 1994, Minutes (Attachment Three) ....... 657

Illustrations Used in Connection with the Sale of Life Insurance Model

Regulation Draft (Attachment Three-A) .............................................. 659

Suggestions for Amendments to Model Regulation

☐(Attachment Three-B) ........................................................................... 664

Memorandum from Carolyn Johnson on Items to Discuss

☐(Attachment Three-C) ........................................................................... 665

Life Disclosure Working Group Nov. 22, 1994, Minutes

(Attachment Three-D) ........................................................................... 666

Life Disclosure Working Group Oct. 26, 1994, Minutes

(Attachment Three-E) ........................................................................... 667

Products to be Exempted from Illustration Requirements

(Attachment Three-El) ................................................................. 671

☐Life Disclosure Standards (Attachment Three-E2) .............................. 671

Life Disclosure Working Group Oct. 5 and Oct. 12, 1994, Minutes

(Attachment Three-E3) ................................................................. 673

 

 

1995-1

Life Disclosure Working Group March 13, 1995, Minutes

(Attachment Two) .......................................................................................... 479

Life Insurance Sales Illustrations Model Regulation Draft

(Attachment Two-A) ............................................................................... 482

Life Disclosure Working Group Feb. 9-10, 1995, Minutes

(Attachment Two-B) ............................................................................... 490

Life Disclosure Working Group Jan. 5-6, 1995, Minutes

(Attachment Two-C) ............................................................................... 495

 

 

1995-2

Life Disclosure Working Group Report (Attachment Three) ................................ 536

Life Insurance Sales Illustrations Model Regulation Draft

(Attachment Three-A) ............................................................................ 540

 

 

1995-3

Life Disclosure Working Group Report (Attachment One) ................................... 676

Life Insurance Illustrations Model Regulation (Attachment One-A) ........... 679

Memo Regarding Concerns with Current Draft Proposal Life Insurance

☐Illustrations Model Regulation (Attachment One-B) ............................ 688

 

 

 

1995-4

Life Disclosure Working Group Dec. 2, 1995, Minutes (Attachment Three) ....... 773

 

Life Disclosure Working Group Nov. 8, 1995, Minutes

(Attachment Six-A) ....................................................................... ...... ... 779

Life Disclosure Illustrations Model Regulation

(Attachment Six-Al) ................................................. ............. ......... 781

 

 

 

1996-1

Life Insurance Committee March 26, 1996, Minutes ................................................... 591

Life Disclosure Working Group March 25, 1996, Minutes (Attachment One) ..... 593

Life Disclosure Working Group Report on Review of NAIC Models

(Attachment One-A) ..................................................................... .......... 595

Letter Regarding Life Insurance Illustrations Model Regulation

☐from Commissioner Robert E. Wilcox (Attachment One-Al) ........ 597

 

Life Insurance Buyer's Guide March 15, 1996, Draft

(Attachment One-C) ............................................................................... 607

 

1996-2 

Life Insurance (A} Committee June 5, 1996, Minutes ................................................. 646

 

Life Disclosure Working Group June 4, 1996, Minutes (Attachment Five) ...... .. 693

Report of the Buyer's Guide Subgroup (Attachment Five-A). ............ .......... 695

☐Draft of Life Insurance Buyer's Guide (Attachment Five-A1) ............. 696

Variable Life Illustrations Subgroup June 2, 1996, Minutes

(Attachment Five-B) ................................. ................ ................... .......... 703

Replacement Issues Subgroup June 3, 1996, Minutes

(Attachment Five-CJ ............................... ............. ................ .................. 704

Work Plan for Study of Life Insurance Practices

☐(Attachment Five-CI) .... ...................... ................ ........ ........... ....... 705

☐Possible Survey Topics (Attachment Five-C2) ..... ...... ................... .. ..... 706

 

Questions on Life Insurance Illustrations Model Regulation

☐(Attachment Five-F) ... ...................... ................ ........... .......................... 720

 

 

1996-3 v2

Life Disclosure Working Group Sept. 28, 1996, Minutes (Attachment Three) ... 916

Report of the Replacement Issues Subgroup (Attachment Three-A) ........... 919

Draft of New Business Practices Company Questionnaire

(Attachment Three-Al) ..... ............................................................. 921

Report of Interim Activity of Life Disclosure Working Group

(Attachment Three-B) ........................................................................... 926

Report of Cost Indices Subgroup of the Life Disclosure Working Group

(Attachment Three-B1) .................................................................. 931

Draft of Life Insurance Buyer's Guide

☐(Attachment Three-B1a) ........................................................ 931

☐Questions on Life Insurance Illustrations Model Regulation As of

July 24, 1996 (Attachment Three-B2) ........................................... 936

☐Discussion Draft of Questions on Life Insurance Illustrations Model

Regulation Dated 8/28/96 {Attachment Three-B3) ....................... 945

 

 

1996-4 v2 

Life Disclosure Working Group Nov. 15 and Dec. 16, 1996, Minutes

(Attachment One) ........................................................................................ 1009

Questions on Life Insurance Illustrations Model Regulation as of

Dec. 17, 1996 (Attachment One-A) ...................................................... 1012

Report of the Replacement Issues Subgroup (Attachment One-B) ............. 1025

Draft of New Business Practices Company Questionnaire

(Attachment One-Bl) ................................................................... 1027

 

 

1997-1 

Life Disclosure Working Group June 7 and 10, 1997, Minutes

(Attachment Three) ............................................................................. 624

Memorandum from GRET Project Oversight Group to NAIC Life Disclosure

Working Group regarding Draft Report on 1998 Generally Recognized

Expense Table (Attachment Three-A) ................................................... 628

Technical Resource Advisors Report dated May 23, 1997

(Attachment Three-Bl ............................................................................ 631

North Dakota Bulletin-Indexed Annuity and Life Products

(Attachment Three-C) ............................................................................ 638

Annuity Disclosure and Sales Illustrations Model Regulation Draft dated

May 9, 1997 (Attachment Three-0) ....................................................... 642

Life Disclosure Working Group April 30, 1997, Minutes

(Attachment Three-E) ............................................................................ 649

 

 

1997-2

Life Disclosure Working Group Dec. 6 and 8, 1997, Minutes

(Attachment Three) ....................................................................................... 782

 

 

 

1998-1

Life Disclosure Working Group March 16, 1998, Minutes (Attachment Eight) ... 712

 

Life Disclosure Working Group Feb. 19-20, 1998, Minutes

(Attachment Eight-C) ........................................... ................................. 728

 

 

 1998-2 v2 

Life Disclosure Working Group June 21 and 23, 1998, Minutes

 (Attachment Three) ....................................................................................... 677

 

American Academy of Actuaries Interim Report on Supportability Testing

of the Disclosure Working Group of the Committee on State Life ·

Insurance Issues Dated June 1998 (Attachment Three-C) ............... 692

American Academy of Actuaries Survey of First-Year Company Experience

Under Life Illustration Regulations Based on the New NAIC Model

☐Dated June 1998 (Attachment Three-D) ........................................... ... 709·

Life Disclosure Working Group May 20, 1998, Minutes

(Attachment Three-E) ................................................................... .... 722

 

 

1998-3 

Life Disclosure Working Group Sept. 13 and 15, 1998, Minutes

(Attachment Four) ............................................. ................... ...... ............. ...... 542

 

Life Disclosure Working Group July 28, 1998, Minutes

(Attachment Four-E) .............................................................................. 565

 

 

1998-4

Life Disclosure Working Group Dec. 7, 1998, Minutes (Attachment Three) ........ 627

Annuity Disclosure Model Regulation Dec. 7, 1998, Draft

(Attachment Three-A) ............................................................................ 629

Life Insurance Illustrations Issues (Attachment Three-B) ........................ ... 632

Life Disclosure Working Group Oct. 20, 1998, Minutes

(Attachment Three-C) ......................................................................... ... 632

 

 

1999-1

Life Disclosure Working Group March 8, 1999, Minutes (Attachment Three) ..... 528

 

 1999-2

Life Disclosure Working Group June 8, 1999, Minutes (Attachment Three) .... ... 509

 

 

1999-3 v2Life Disclosure Working Group Oct. 4, 1999, Minutes (Attachment Three) ........ 773

Life Insurance Disclosure Model Regulation Oct. 4, 1999, Draft

(Attachment Three-A) ............................................................................ 775

 

 

1999-4 v2

 Life Disclosure Working Group Dec. 5, 1999, Minutes (Attachment Three) ........ 858

Life Insurance Disclosure Model Regulation Draft Dec. 5, 1999

(Attachment Three-A) .............................................................................. 859

Universal Life Insurance Model Regulation Nov. 30, 1999, Draft

(Attachment Three-B) .............................................................................. 883