LIBG - Life Insurance Buyer's Guide - Versions

  • NAIC Version (Draft and Final)
    • 1973 - Interim NAIC Life Insurance Buyer's Guide - <WishList>
    • 1976 - NAIC Life Insurance Buyers Guide 1976-2 549 - 5p 
    • 1982-2, NAIC Proceedings - Life Insurance Buyers Guide - ATTACHMENT TWO - MarkUp - Universal Life/Special Plans - p487-499
    • 1983 - NAIC / ACLI Revised Draft Life Insurance Buyer's Guide only  - 1983-1 595 - 10p
    • 1983 - NAIC / ACLI Revised Draft Life Insurance Buyers Guide, letter and Disclosure Model Regulation  - 1983-1 523 - 27p
    • 1993 - NAIC / ACLI Life Insurance Buyers Guide - 5p 
    • 1996-1 NAC Proceedings - 6. Discuss Amendments to Life Insurance Buyer's Guide
      • Mr. Dunlap said that a small group consisting of Tony Higgins [North Caroline - Senior Deputy Commissioner], Brenda Cude (University of Illinois Cooperative Extension Service), and Chris Kite (FIPSCO) and himself had rewritten the buyer's guide (Attachment One-C).
      • 1996 - NAIC Draft redlined Life Insurance Buyer's Guide - Draft 1996-3B 931 - 6p 
    • 1996 - NAIC Draft redlined Life Insurance Buyer's Guide - Draft 1996-3B 931 - 6p 
    • 2000 - NAIC Draft Life Insurance Buyers Guide - PROC-2000-4Q_1 - 4p 
    • 2007 - NAIC Life Insurance Buyer's Guide  - 10p
    • 2018 - NAIC Life Insurance Buyer's Guide (Blue) - 8p
    • 2018 - NAIC Life Insurance Buyer's Guide (Maroon) - 8p
  • State Adoption of the NAIC Model Regulation
    • The 1973 Interim Cost Disclosure Regulation was adopted in Arkansas, California, and Texas, while a modified version was adopted in Pennsylvania. Pennsylvania has recently modified their regulation, which l will discuss later.

--  Richard C. Murphy

1979 - SOA - Cost Disclosure, Society of Actuaries - 18p

  • Other Versions
    • 1973 - Interim Version of the NAIC Life Insurance Buyer's Guide
    • 1978 - Federal Trade Commission (FTC) - Life Insurance Buyer's Guide - 12p 
    • 1993 - Wisconsin - Life Insurance Buyer's Guide - "Adapted from the 1983 Life  Insurance Buyer's Guide prepared by the National Association of Insurance Commissioners" - 10p
    • 1983 Life Insurance Buyer's Guide prepared by the National Association of Insurance Commissioners
    • Year?? - Kansas - Life, Annuities and Long-Term Care Shopper’s Guide - 36p
    • 1988 - New Jersey Life Insurance Buyer's Guide, i591988a - 20p-link
  • Universal life — A variation of whole life insurance that allows you, after your initial payment, to pay premiums at any time in virtually any amount, subject to certain minimums and maximums.
    • You also can reduce or increase the amount of the death benefit more easily than under a traditional whole life policy.
    • Universal life may be a good fit for those who prefer to purchase term insurance at a lower premium cost and invest the difference.
    • With a universal life policy, the amount of premium not used to purchase the death benefit or pay policy expense charges accumulates as interest in a cash value-type account.
    • The interest rate paid on this money may vary with the market.
    • Unlike a regular whole life policy, surrender penalties for early withdrawal are common on this type of policy.

Year?? - Kansas - Life, Annuities and Long-Term Care Shopper’s Guide - 36p

2 sets - (1976-2019) and (before 1976).

(1976-2019)

Chronological Summary of Actions (all references are to the Proceedings of the NAIC).
1976 Proc. I 7, 10-11, 381, 521, 523-527 (adopted).
1976 Proc. II 15, 17, 397, 542, 545-552 (reprinted with technical amendments and Buyer’s Guide).
1978 Proc. I 13, 15, 348, 472 (corrected).
1984 Proc. I 6, 31, 375, 496, 497-510 (amended and named changed from Life Insurance Solicitation to Life Insurance Disclosure Model Regulation).
1988 Proc. I 9, 19-20, 599-600, 625-626 (amended).
1988 Proc. II 5, 12, 478, 490, 503-510 (amended, regulation reprinted).
1989 Proc. II 13, 23, 414-415, 419-422, 428-429, 430-442 (amended).
1990 Proc. I 6, 27, 438-439, 450-451, 453-463 (amended).
1991 Proc. I 9, 17, 540, 549-557, 558-559 (amended, regulation reprinted, Appendix E adopted).
1992 Proc. I 86, 94, 860, 868, 869-878 (amended and regulation reprinted).
1993 Proc. I 8, 136, 795-800 (amended).
1996 Proc. 3rd Quarter 9, 40, 907, 918, 931-936 (amended Buyer’s Guide).
2000 Proc. 2nd Quarter 21, 22, 67, 99, 101-125 (amended and reprinted).
2000 Proc. 4th Quarter 16, 17, 105, 167-170 (Buyer’s Guide amended).
2018 Proc. 3rd Quarter (Buyer’s Guide removed).

The following have all been superseded by the model regulation above.)
a. Deceptive Practices in Life Insurance Model Regulation:
1973 Proc. II 18, 21, 471, 532-533, 541-543 (adopted).
1974 Proc. I 12, 14, 405, 440, 442-443 (amended).
b. Life Insurance Cost Comparison (Interest Adjusted Index) Model Regulation:
1973 Proc. II 18, 21, 471, 532-533, 538-540 (adopted).
1974 Proc. I 12, 14, 405, 440, 442 (corrected).

2018 National Association of Insurance Commissioners 580-5

(before 1976)

NAIC Proceedings - 1983 Vol. I xxxi

Buyer's guide: see next entry
Cost Comparison - Life Insurance Solicitation Model Regulation:
1976 Proc. I 523-527
1976 Proc. II 545-552 (reprinted with technical amendments and with the Life Insurance Buyer's Guide
- 549-552 as an appendix)
1978 Proc. 1472 (corrected)
(The following have all been supplanted by the Model Regulation above.)
a. Deceptive Practices in Life Insurance Model Regulation:
1973 Proc. II 541~543
1974 Proc. I 442443 (amended)
b. Li/I? Insurance Cost Comparison (Interest Adjusted Index) Model Regulation:
1973 Proc. Il 538·540
1974 Proc. 1442 (corrected)