• My topic this morning is required cash surrender values for Universal Life products. 
• A few of the questions I will address include:
  • What is the status of NAIC activity in this area?
  • What are the prospects of the NAIC adopting the current ACLI nonforfeiture proposal?
  • As I personally do not believe that a verbatim adoption of the ACLI proposal is very likely, what objections may be addressed by the NAIC?
• In order to resolve these objections, I will propose a new definition of what constitutes an equitable cash surrender value for insurance issued through a stock company.

--  Michael F. Davlin

1983 - SOA - Universal Life (rsa83v9n32), Society of Actuaries - 22p