1973 0221 and 0222 – GOV (Senate) – The Life Insurance Industry – Part 2 of 4 – Philip Hart (D-MI)

  • (p1501) – John Durkin, New Hampshire Insurance Commissioner: As a starting point, there is little regulation of the life insurance industry by the States.
    • The States do little with respect to life insurance regulations for many reasons, mainly because there are very few problems with complaints over claims.
    • Most of the staffs are involved with complaints relating to automobile insurance and health insurance.
    • Life insurance is sort of the stepchild of many, if not most, insurance departments.
  • (p117-120) – Exhibit Il  which shows that, in the last fifty years, no less than 21 different attempts have been made to solve this problem. 
  • Furthermore, enacting a federal statute on life insurance cost disclosure would only address itself to part of the problem.

—  Statement of Stanley C. DuRose, Jr. –  NAIC / Wisconsin Commissioner of Insurance – Wisconsin / NAIC – (p107-131)

1973-2, NAIC Proceedings