Consumer Representatives – Snippets
Consumer Representatives - Snippets
- On behalf of the consumer representatives.
- Some suggestions to make the advisory committees more relevant to the NAIC include:
- NAIC could assist consumer groups with technical assistance on selected issues, e.g the concept of consumer actuary.
1993 0302 - Letter - Consumers Union to NAIC Subgroup to Study Advisory Committee Procedures and Protocols - (EX) - NAIC --- [BonkNote - Subgroup] - Attachment 2 -
Mary Griffin, Consumers Union, Insurance Counsel, Washington Office
- (p8) - Testimony of Mary Griffin - Consumers Union - When consumers walk into a bank, they are faced with a wide array of choices ranging from mutual funds to stocks to life insurance.
- Notwithstanding the changes that will be brought about by H.R. 10, retail sales of insurance and investment products has been a rapid growth business for banks over the past few years.
- According to the Association of Banks-in-Insurance (ABI) survey, 96% of all banks with assets greater than $10 billion are in the insurance business.
- Banks produced $27.8 billion in insurance premium in 1997, a huge increase from the $16.5 billion reported in 1996, with annuities accounting for 68% of the premium.
- And, 68% of banks selling insurance market other products, including individual life, commercial property/casualty and personal property/casualty.
- (p10) - In our March 1994 issue of Consumer Reports, we reported on the results of an undercover investigation we conducted of 40 bank salespeople from different parts of the country.
- Only 16 of the 40 salespersons contacted even bothered to ask questions that would have indicated what products were suitable for the investigator.
1999 0625 - GOV (House) - Risky Business in the Operating Subsidiary: How the OCC Dropped the Ball, Fred Upton (R-MI) --- [BonkNote]
- 2016 0403, NAIC Proceedings, LIIIWG, Life Insurance Illustrations Issues Working Group, Conference Call
- [Michael] Lovendusky said the ACLI work group discussed whether the charge should include revising the Buyer's Guide, which was a suggested addition to the charge from the American Academy of Actuaries (Academy).
- While the ACLI work group did not oppose including the Buyer's Guide, some on the work group thought that revisions to the Buyer's Guide might work instead of revisions to the models.
- However, Ms. [Brenda] Cude pointed out that the Buyer's Guide has a different purpose from the policy summary and that revisions to one would not take care of the other because the Buyer's Guide is designed to be educational, while the policy summary is informational and explains a particular policy.
- [Michael] Lovendusky- ACLI) said consumers are mostly confused about options, guarantees and riders.
- The ACLI work group was considering asking the Life Insurance and Annuities (A) Committee to narrow the charge to look at only products with options, guarantees and riders, but Ms. [Brenda] Cude said she thinks that it is important to consider how the disclosures for all products could be improved.
- The group first considered a suggestion from Chris Kite (FIPSCO) for a new type of index that would allow consumers to compare the assumptions in the illustration.
- Mr. Kite said his index has the advantage of prompting the prospect to question assumptions used.
- Delmer Borah (MassMutual) suggested that consumers are more concerned about total cost than assumptions.
- Brenda Cude (Cooperative Extension Service) opined that the target audience does not care about assumptions. (p931)
-- 1996-3V2, NAIC Proceedings - 1996 0815 - Report of the Cost Indices Subgroup of the Life Disclosure (A) Working Group
- With that in mind, we started by making a list of basic information about life insurance that first-time buyers probably don't know.
- We didn't find any scholarly research on the topic but did find references to a number of industry sponsored surveys.
2017 0719 - LIBGWG - Consumer Reps Brenda Cude and Karroll Kitt
- Brenda Cude - Comment [BJC2]: Permanent insurance is a term used only by the industry - not by consumer educators.
- We would prefer - Life insurance comes in two basic types: Term and whole life (also referred to as permanent insurance).
2017 1120-?? - NAIC - LIBGWG, Life Insurance Buyer's Guide Working Group - Brenda Cude to NAIC - re: 08-18-2017 Draft Life Insurance Buyer's Guide - 5p - - 6p - [cmte_a_libg_wg_171120_karrol_kitt_brenda_cude_buyers_guide_comments]
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How much do the benefits build up in the policy? How will the timing of money paid and received affect interest? |
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2018 - LIBGWG - Brenda Cude Letter / Markup Life Insurance Buyer's Guide - Revised 2-9-18 for discussion on conference call 2-22-18
- The personalized information in the Policy Overview is the premium for the policy - based on information known to the producer or insurer at the time and subject to change based on additional or revised information - and that information can be provided prior to purchase.
- If an insurer can produce an illustration for a complex, investment type life insurance product prior to the consumer purchase, it is clearly possible for an insurer to provide the premium for a policy prior to purchase.
2019 0830 - Letter - CEJ / Birney Birnbaum to NAIC - LIIIWG - Life Insurance Illustrations Issues Working Group - Birny Birnbaum, CEJ Letter - 12p
- Commissioner Ommen asked whether Mr. Birnbaum is aware of any consumer testing of illustrations or research that has already been done that looks at consumer understanding in this area.
- Birny Birnbaum [CEJ] said ..... he is not aware of any consumer testing in this area.
2020 1110 - NAIC - LIAC - Life Insurance and Annuities (A) Committee Virtual Meeting
- re: Life Insurance with LTC Benefits
- Bonnie Burns, Consumer Representative - Can somebody show us how these policies work?
- Steve-?
- North Dakota Woman-? - Have people / States been getting Complaints about these products? Or are we going to get complaints 15 years down the road?
2025 0610 - NAIC - Seniors Issues Task Force - (B)
