2. Discussion on Committee Charge to Review Consumer Guides

• Executive Director McPeak discussed the Committee's charge to review and revise, as necessary, the Buyer's Guides to Fixed Deferred Annuities in conjunction with Appendix A of the Annuity Disclosure Model Regulation and the Life Insurance Buyer's Guide in conjunction with Appendix A of the Life Insurance Disclosure Model Regulation.
  • She recommended that the Committee considered forming a subgroup to carry out this charge. There was no objection to her recommendation.
• David Parsons (AL) volunteered to be a member of the subgroup.
• Executive Director McPeak stated that any other Committee member interested in serving on the subgroup should contact Jolie Matthews (NAIC).
  • She also noted that the American Council of Life Insurers (ACLI) had been working on developing templates for annuity disclosures.
• Karrol Kitt, NAIC Funded Consumer Representative (University of Texas at Austin) offered her assistance and the assistance of Brenda Cude, NAIC Funded Consumer Representative (University of Georgia), to work with the subgroup on completing this charge.
• Brian Atchinson (Insurance Marketplace Standards Association—IMSA) offered his assistance as well.
  • He noted the importance of including consumer input in this process.
• Doug Head (Life Insurance Settlement Association—LISA) noted that the brochure on viatical settlements, that some states require to be given to consumers, was also out of date.
  • He also requested that the Committee monitor for consistency with the buyer's guides the information that is placed on the NAIC Web site regarding the NAIC's Insure U campaign.
• Executive Director McPeak stated that she believed the Committee's charge to revise the buyer's guides was more akin to a guideline than a model law.
  • As such, there was no need to request model law development to proceed with this work. No one disagreed.

2007-1, NAIC Proceedings