Project – NAIC – Snippets – 2023

2023 - LIAC - NAIC - my question
- Regulator Responses / Pic
- From NAIC Snippets 2014-2020
- History
  - NAIC, Legal Cases, SOA, Media

2023 0815 - LIAC - NAIC - 11p
- Birnbaum reiterated his longstanding concerns regarding illustrations. He said the Life Actuarial (A) Task Force
  proposed and the Life Insurance and Annuities (A) Committee adopted AG 49-B as a short-term fix to deceptive indexed universal life (IUL) illustrations.
  - He said the Task Force and the Committee acknowledged that illustrations suffered from other problems.
  - He said the illustration model was developed and adopted before indexed products appeared in the marketplace.
  - He asked why there has not been any activity on life insurance and annuity illustrations.

2014 0921 (Updated) - WSJ - New York Probes Indexed Universal Life Sales Practices Benjamin Lawsky Concerned Insurance Companies Giving Optimistic Projections, By Leslie Scism - [link]
- New York's top financial watchdog has launched an investigation into sales practices surrounding one of the hottest-selling products in life insurance, according to a letter from the regulator's office reviewed by The Wall Street Journal
- [Bonk: <WishList> 1) Lawsky Letter 2) Outcome of Lawsky's Investigation. Any Documents>]