Comments About - Consumers

  • Now we want to make sure that the consumers are treated fairly and reasonably and have sufficient information upon which to make a decision.  (p318)

--  James P. Corcoran, Superintendent of Insurance, State of New York

1984 0411, 0503, 0510, 0628, 0913 - GOV (House) - Competition in the Insurance Industry, Peter W. Rodino, Jr. (D-NJ) - [PDF-755p-GooglePlay]

  • 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.

--  Walter Miller, Prudential

1991 - SOA - Illustrations, Society of Actuaries - 20p

  • 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]

  • 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