4 - Illustrations

NAIC - Current / Recent Working Groups

11/14-15/2014 LATF 6-63  

Anthony Ferraro (New York Life) said that one of the goals of the Life Insurance Illustrations Model Regulation (#582) is to make sure that illustrations do not mislead consumers.
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He emphasized that it is important that the accumulated cash flows that the customer sees in the illustration are supportable by the company.
8/16/2015 LIAC CC   Birny Birnbaum (Center for Economic
Justice—CEJ)  said it is important that state insurance regulators determine if illustrations are accomplishing what they are intended to accomplish, how they are being used and whether consumers understand them.
Mr. Birnbaum also suggested that illustrations should be consumer-tested
  • He <Birny Birnbaum> disagreed with Mr. Lovendusky <ACLI>  that an accompanying illustration would reduce the complexity of products for consumers.
    • He said illustrations add to the complexity.

2017/11/16 - LIIIWG CC, Richard Wicka, Chair, 2017-3, NAIC Proceedings