2026 - IAIS - Consultation - Customers Receiving Value From Insurance Products

  • value
  • fair outcomes
  • intangible
  • complex
  • Understanding
  • pricing structures
  • informed choices
  •  
  • Summary - 1p - iais.org/uploads/2026/04/Summary_Draft-Issues-Paper-on-customers-receiving-value-from-insurance-products.pdf
    • However, insurance products do not always deliver a compelling value proposition to their customers which can lead to poor customer outcomes and, in some cases, a broader erosion of consumer trust.
    • The Issues Paper aims to enhance understanding of the importance of insurance products delivering meaningful value to customers and of ways to achieve this. The paper suggests that depending entirely on a “buyer beware” approach, which places the full responsibility on consumers to avoid low-value insurance products, may not be fair or effective.
    • ICP 19.0.2 reinforces this perspective by highlighting that fair treatment of customers extends beyond only information provision to include, amongst other outcomes, minimising the risk of sales that do not align with customers’ interests and needs.
  • 1961 – Book – Modern Life Insurance, by Robert I. Mehr
    • (p1) … in gaining a life insurance education, one problem does present itself… the basic question is where to begin. 
  • 1993-4, NAIC Proceedings - LDWG - Life Disclosure Working Group - NAIC
    • (p655) - William Koenig (Northwestern Mutual) suggested that the parties all needed a common understanding of the terms used in their discussion.
  • 1991 - SOA - Illustrations, rsa91v17n4a18 - Society of Actuaries  ---  [BonkNote] 
    • (p16) - Walter Miller, [Prudential] - The educational task is huge, and it's not just with the customers; it's with our agents also.
    • I would say to all of you that if you think that you don't have any customers or any agents who fail to understand what a nonguaranteed illustration really means, you're kidding yourself.
  • 2025 1110 - InsuranceNewsNet - Kyle Busch Case: A day of reckoning for indexed universal life?, by John Hilton  ---  [BonkNote]  ---  [link]
    • Lawsuits by disgruntled customers unhappy with the performance of their indexed universal life policy are nothing new. 
    • But a new complaint from race car driver Kyle Busch and his wife, Samantha, is something else entirely.
  • 2009 - LC - Blumenthal v. New York Life  ---  [BonkNote]
    • 2010 0302 - LC - Blumenthal v. New York Life - Deposition of Irving Blumenthal - 85-1 and 85-7 - Exh 1 and 6 - 61p
      • (p91) – [Defense Attorney - Phillip E. Stano] - Q - Are you blaming Mr. Marlin for your voluntary signing of this piece of paper?
      • [Policyholder - Plaintiff] - A - I would actually say that Mr. Marlow [sic] had – I don't know why I signed it. I have no idea. He had – he had to do something to allow me to sign it, that I didn't know what I -
      • [Defense Attorney - Phillip E. Stano] - Q - Do you believe in the philosophy of accepting personal responsibility for your actions?
      • [Plaintiff Attorney - MS. EMMONS] - Objection.
      • [Policyholder - Plaintiff] - A - THE WITNESS: I don't see what that has to do with this policy, period.