1981-4, NAIC Proceedings

  • Task Force on Life Insurance Disclosure System – LIDS – NAIC  —  [BonkNote]
  • I am William C. Scheel, Associate Professor of Finance and insurance, University of Connecticut, Storrs, Connecticut.
  • My remarks today are my own; they are uncompensated and may only coincidentally be views shared by anyone else.
  • Introduction
    • During my last encounter with this task force, I questioned whether the group was just playing another game of Dungeons and Dragons.
    • The Chairman assured me that; indeed, pink worms, gnomes, Merlin and ghouls were not on the Committee’s agenda and that we would soon be witnessing the claims of what has proven to be the best D&D game in town for the last decade.
    • Never in my wildest imagination did I think we would be handed by this task force the single most important regulatory proposal in life insurance and annuities — ever!
    • The Life Insurance Cost Disclosure System (LIDS) is, indeed, a crowning achievement. It breathes new life into this creaky mechanism we call state insurance regulation.
      • Some of us who have lost the faith can only humble ourselves and marvel at this reinstatement of independence and new found strength of state insurance regulation.
  • LIDS clearly heralds a re-emergence of bold initiative and is an historical turning point. In the words of a well-known celebrity: “How sweet it is.”

1981-4, NAIC Proceedings