2026 0331 - NAIC - LIAIWG - Call - Life Insurance and Annuities Illustrations Working Group - (A)
- 2026 0331 - NAIC - LIAIWG - Call - Life Insurance and Annuities Illustrations Working Group - (A) --- [BonkNote]
- Agenda
- Materials
- 2026 0331 - NAIC - LIAIWG - Letters - Life Insurance and Annuities Illustrations Working Group - (A) --- [BonkNote]
- 1- Ben Slutsker, Chair Minnesota
- NAIC Spring National Meeting
- Presentation / Observations - Annuity and Life Insurance Illustrations - LIAC - Life Insurance (A) Committee
- Double Digit Returns - 20+%
- <WishList> - Presentation
- NAIC Spring National Meeting
- 5 - Donna Megregian, AAA - American Academy of Actuaries - From Letter
- The LPrC observed the lack of adoption of the amended Model 245 and would benefit from understanding why it has not been adopted by a majority of the states. We were also curious whether the variations in disclosures and illustrations gathered by the Working Group were observed within states that had adopted the amended Model 245 versus those that had not adopted the amended Model 245. If the adoption of the amended Model 245 mitigates the concerns raised regarding the amount and the range of annual returns disclosed or illustrated, we would suggest that the Working Group focus on education by encouraging nationwide adoption.
- Illustrations are not predictions of performance and, based on our understanding, were never intended to be.
- Recognizing that consumers learn in various ways, we encourage collaboration with consumer groups to explore how visuals and other media might be leveraged to understand the volatile and variable nature of returns from product features.
- Can't call illustrations "projection"
- Richard Weber, NAIC Consumer Rep, LICAC, Life Insurance Consumer Advocacy Center