Data Bank

Concept of a Life Insurance Policy Data Bank

  • A national data bank, organized and operated through the auspices of the NAIC, would serve as a depository for raw data on new as well as existing policies for cooperating insurers. It is anticipated that the national data bank would:
  • The data bank would receive information directly from insurers in coded or machine-readable form. The format for the data would be standardized and subject to infrequent changes.
  • Many companies would wish to be data contributors.

1980-2 ???, Proceedings

One point should be mentioned that, from a research point of view, does tie together the proposed NAIC recommendation and the Hart subcommittee activities.

  • That is the data bank that Senator Hart and his staff have accumulated, and may choose to add to, by questionnaire.

The NAIC-drafted proposal envisions that the Hart data bank will be available for calculations and analyses in order to accomplish some of the research projects in their proposal.

Should the Society eventually be engaged in research regarding the various cost disclosure/cost comparison methods, it probably would be with the use of that bank of statistical data.

1973 - PRICE DISCLOSURE AND COST COMPARISON, Society of Actuaries 

Life Insurance Cost Comparison (C3) Task Force: Research Project Reports Available, May, 1975
PROJECT REPORTS - Research Project One

  • (Production of a life insurance cost data base in cooperation with the Antitrust Subcommittee of the U.S. Senate's Judiciary Committee.)

Portions published by the Antitrust Subcommittee as follows:
United States. Senate. Judiciary Committee. The Life Insurance Industry: Hearings Before the Subcommittee on Antitrust and Monopoly

1975-2, NAIC Proc.

1974-1, NAIC Proceedings