Universal and Other New Plans Task Force - A - NAIC

  • 2. Discussion of task force charges
    • Commissioner Hager (Iowa) indicated that two components of the task force charges were to be the focus of the discussion:
      • (1) the activity of the actuarial task force and;
      • (2) whether there are disclosure problems with universal and variable products. 
  • The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were.  (p566)

1988-2, NAIC Proc. - 1988 0603 - Universal & Other New Plans (A) Task Force - Attachment Two

  • Universal Life (A5) Task Force (See Also Universal Life Task Force) - FIRST and Last: 1983-4 NAIC Proc. (Only Reference)
  • 1986-1 NAIC Proc.
    • So policy value would then be completely defined for its use in the Montgomery Method. - The Reserve Adjustment Factor (RAF)
  • 1988-2, NAIC Proc.
    • (p72)
      • 9. The Universal and Other New Plans (A) Task Force was directed to address disclosure requirements in universal life policies, the practice of not including "mortality charges" when pricing these products, and to review the possibilities of using principles in mutual funds disclosure for the sale of variable life products.
      • Director Washburn also recommended that pricing information be expanded.
    • (p76)
      • UNIVERSAL AND OTHER NEW PLANS (A) TASK FORCE
        • 1. Examine valuation and nonforfeiture sections of the Universal Life Insurance Model Regulation and consider proposal for revision.
        • 2. Consider adoption of amendment to Actuarial Guideline IX regarding structured settlements.
        • 3. Consider adoption of amendment to Model Regulation on Variable Life Insurance regarding minimum death benefit guarantee.
        • 4. Study issues involving reserves and nonforfeiture values of single premium life insurance.
        • 5. Study issues regarding disclosure of information on universal life products.
        • 6. Study issues regarding appropriate disclosure for variable life products.The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were.  (p566)
    • 1988-2, NAIC Proc. - 1988 0603 - Universal & Other New Plans (A) Task Force - Attachment Two
      • The main concern was that an unsophisticated buyer purchased a policy and did not know what the coverages, benefits and limitations were.

LIFE INSURANCE (A)COMMITTEE

  • FIRST: 1983-2, NAIC Proc.
  • LAST: 1988-2, NAIC Proc.
  • 1983
    • 1983-2, NAIC Proc.
  • 1984
    • 1984-2, NAIC Proc.
    • 1984-4, NAIC Proc.
  • 1985
    • 1985-1, NAIC Proc. 
      • EXECUTIVE (EX) COMMITTEE
      • TECHNICAL SERVICES (EX5) SUBCOMMITTEE; Life and Health Actuarial (EX5) Task Force
    • 1985-2, NAIC Proc.
    • 1985-2, NAIC Proc.
    • 1985-4, NAIC Proc.
      • TECHNICAL SERVICES (EX5) SUBCOMMITTEE; Life and Health Actuarial (EX5) Task Force
  • 1986
    • 1986-1, NAIC Proc.
    • 1986-2, NAIC Proc.
      • TECHNICAL SERVICES (EX5) SUBCOMMITTEE; LIFE AND HEALTH ACTUARIAL (EX5) TASK FORCE
    • 1986-4 NAIC Proc. 
  • 1987
    • 1987-2, NAIC Proc.
    • 1987-4, NAIC Proc.
  • 1988
    • 1988-1, NAIC Proc.
    • 1988-2, NAIC Proc.