Accountability

  • Second, it was observed that ….. there is virtually no accountability for any of the participants in the sale,
    • ..not for the company, not for the agent, and interestingly, the white paper discussed accountability on the part of the purchaser as well.

—  Robert E. Wilcox,  Utah Insurance Commissioner and Chairman of the Life Disclosure Working Group (NAIC)

1994 – SOA – Problems and Solutions for Product Illustrations, Society of Actuaries – 28p

2010-Blumenthal v New York Life - Deposition - Universal Life Policy 2010-Blumenthal v New York Life – Deposition – Universal Life Policy
  • Neither model was intended to generate Buying Guides or to relieve consumers of their own individual responsibilities to understand the product that they are spending their hard-earned money to buy after all. 

—  Michael Lovendusky, ACLI, American Council of Life Insurers

2018 1009 – NAIC Conference Call – LIIIWG, Life Insurance Illustrations Working Group – [Bonk: Not in NAIC Proceedings]