CFA - Consumer Federation of America - Snippets

  • James Hunt (Consumer Federation of America) said that the illustrations of variable life that he had seen had been relatively cleaner than those illustrations of nonvariable life.

    • He was unaware of the reason why the SEC chose 12%, because the highest average return he had seen for historical returns on stock funds was approximately 10%.

1996 0602 - NAIC - Variable Life Illustrations Subgroup of the Life Disclosure (A) Working Group 

  • Insurance is not a product like a can of peas.  (p23)

--  J. Robert Hunter, Director of Insurance, Consumer Federation of America 

2003 1022 - GOV (Senate) - Federal Involvement in the Regulation of the Insurance Industry, (CSPAN) - Insurance Industry Regulation, John McCain (R-AZ)

  • No one could deny that State insurance commissioners have a poor record when it comes to market conduct oversight of the insurance industry, and consumers have been abused as a result.

  • We could go through many examples.  (p13)

It is hard to fix a system that has not been analyzed.  (p14)

  • There should be suitability rules in place, particularly for cash value life insurance policies to assure that sales of proper products are made.  (p14)

--  J. Robert Hunter, Director of Insurance, Consumer Federation of America (CFA)

2003 0506 - GOV (House) - Increasing the Effectiveness of State Consumer Protection, Sue W. Kelly (R-NY)  ---  [BonkNote]

  • (p29) - Senator Richard SHELBY (R-AL) - Mr. Hunter, do you agree with his statement (Michael McRaith (Illinois Insurance Commissioner / NAIC)?

    • What is your take on it.

  •  J. Robert HUNTER (CFA). - I didn't hear him answer the question.

  • Chairman DODD. He did--

  • Mr. HUNTER. I don't think it could handle-I don't think the guaranty funds could handle it, no.

  • Senator SHELBY. Couldn't handle it--

  • Mr. HUNTER. That was your question, and I don't think they--

  • Senator SHELBY. It would be too big for them to handle, would it not?

  • Mr. HUNTER. Of course. Yes.

  • Senator SHELBY. I thought so, too. Thank you.

2009 0317 - GOV (Senate) - Perspectives on Modernizing Insurance Regulation, Chris Dodd (D-CT)  ---  [BonkNote]