1996-1

Data Access

  • Dr. Yager said he attended some of the NAIC computer sessions in Detroit and he found the NAIC databases to be fascinating but that he could not afford to pay the user fees required to access the databases, particularly the Common User Interface.
  • Mr. Adkins said he would like access to the NAIC databases but cannot afford to pay the user fees.
  • Superintendent Atchinson asked NAIC staff to determine the NAIC's cost of providing database access to interested consumers.

1996-1, NAIC Proceedings

6. Discuss Amendments to Life Insurance Buyer's Guide

  • Mr. Dunlap said that a small group consisting of Mr. Higgins, Brenda Cude (University of Illinois Cooperative Extension Service), and Chris Kite (FIPSCO) and himself had rewritten the buyer's guide (Attachment One-C) keeping in mind a number of basic concepts:
    • 1) revise the illustrated policy interest rates to conform to the newly adopted life illustrations model;
    • 2) rewrite the sections describing the type of life insurance to reflect the products available in today's market;
    • 3) address the importance of maintaining the policy in force rather than replacing a policy; and
    • 4) update to better address the cost comparison indices.
  • Mr. Dunlap said the subgroup needed the assistance of the whole working group in determining the value of cost indices to determine how to revise that section.
    • He said once that revision had been accomplished, he thought the product would be ready to adopt.
  • Commissioner Wilcox asked if this meeting was the first exposure of the draft.
    • He said it was very important to get comments and invited those in attendance to respond to the draft in writing to Ms. Johnson.
    • He invited comments also on the issue of cost indices.
  • Mr. Foley suggested using the term "permanent insurance" rather than "cash value" because of the possibility of a change in the life nonforfeiture law.
  • Commissioner Wilcox suggested that this change might be far enough in the future that it may not be appropriate to include in this draft but should be considered.

1996-1, NAIC Proceedings