CIDWG - Consumer Issues Disclosure Working Group - (A) - NAIC

  • 1990-1A, NAIC Proceedings - NAIC / LIMRA - Universal Life Disclosure Form Test Market Results - CIDWG -Consumer Issues Disclosure Working Group  ---  [BonkNote]  ---  10p
    • 1993 - NAIC - Policy Information for Applicant - Universal Life Policy - 3p
      • Life Insurance Disclosure Model Regulation - Appendix D
      • Located in: 1993 0525 - GOV (Senate) - When Will Policyholders Be Given The Truth About Life Insurance?, Howard Metzenbaum (D-OH)  ---  [BonkNote]
  • Advisory Committee, chaired by John Hurley (Equitable Society)
  • Adopted report of the Consumer Disclosure Issues Working Group, including a time frame for developing a Universal Life Disclosure Form for adoption in December.
    • Received the Life Insurance Marketing Research Association test market results of the universal life disclosure form.

1990-4, NAIC Proc.

  • Ted Becker also took the trouble to fax me a copy of minutes from a December 1989 NAIC Product Development Task Force Meeting, at which consumer disclosure was discussed at great length.
    • A standard "fill in the blanks" type of form, entitled "Policy Information for Applicant," was proposed in that meeting. It was very lengthy.
    • Subsequently one state, Minnesota, adopted a shortened version of it.

 --  Benjamin J. Bock, Transamerica Occidental

1992 - SOA - Life Insurance Sales Illustrations, Society of Actuaries - 16p

  • An amendment to Section 8 of the model regulation was adopted by the Consumer Disclosure Issues Working Group recommending changes to the NAIC Life Insurance Disclosure Model Regulation and the Universal Life Insurance Model Regulations, as well as the Supplemental Transmittal document, and was adopted by the parent committee and the Executive committee as recommended.
  • This amendment added Appendix A – Disclosure Form to the model regulation.

1989 Proc. II - 13, 23, 414, 429, 441-442.