LDWG - Life Disclosure Working Group - (A) - NAIC - Selections

  • LDWG - Life Disclosure Working Group - (A) - NAIC  ---  [BonkNote]  
  • 1982-2, NAIC Proceedings -
    • [ULMR - Universal Life Insurance Model Regulation - MDL-585 - NAIC]
    • This model began its development when an interested party* gave a brief description of the background and concern of the new so-called "Universal Life" products to the NAIC Life Insurance (A) Committee.
      -- [Bonk: interested party* = Jim Jackson of Transamerica / Occidental Life]
  • ULMR - Universal Life Insurance Model Regulation - MDL-585 - NAIC  ---  [BonkNote]  ---  22p
    • p3 - The guaranteed maturity premium for flexible premium universal life insurance policies shall be that level gross premium, paid at issue and periodically thereafter over the period during which premiums are allowed to be paid, which will mature the policy on the latest maturity date, if any, permitted under the policy (otherwise at the highest age in the valuation mortality table), for an amount which is in accordance with the policy structure.1 The guaranteed maturity premium is calculated at issue based on all policy guarantees at issue (excluding guarantees linked to an external referent). 
  • 1989-1, NAIC Proc. - LIAC - p24
    • p24 - The Life Insurance (A) Committee also adopted the report of the Life Cost Disclosure Task Force
      which assured that a yield index exposure draft would be distributed in March 1989. The committee
      further adopted the report of the Product Development Task Force which prepared for exposure
      sample disclosure documents designed for distribution to prospective buyers of universal, variable,
      and other interest-sensitive life insurance products
  • 1989-1, NAIC Proc. - Life Cost Disclosure (A) Task Force - p672
    • Margurite C. Stokes, Chair - District of Colunbia
      • Leroy Morgan, Vice Chair - Kentucky
      • Roxani Gillespie - California
      • Louis E. Bergeron - New Harrpshire
      • Kenneth D. Merin - New Jersey
  • 1989-1, NAIC Proc. - Consumer Disclosure Issues Working Group of the Product Development (A) Task Force
    • (p673) - [Letters/ Feedback] - 2. The guaranteed ending date of the policy.
      • A statement which says: Based on guaranteed interest rates, guaranteed mortality charges and the payment of the scheduled premiums, coverage will end on--------
      • RoseMarie is insisting that the Policy Schedule Page identifies the date when the policy will lapse based on paying the planned premium and guaranteed assumptions of interest and mortality rates.
  • 1990-1A, NAIC Proceedings - NAIC / LIMRA - Universal Life Disclosure Form Test Market Results - Focus Group - 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]
  • 1990-2 - LIAC - June 6, 1990 Report ... 563
    • Accelerated Benefits Working Group Reports (Attachment One) ...... 566
    • Life Marketing Practices to Senior Citizens Working Group June 4, 1990 Report (Attachment Two) ... 569
    • Marketing Practices to Senior Citizens and Graded Death Benefits Working Groups May 14, 1990 Joint Meeting Report (Attachment Two‐A) .... 570
    • Applicability of NAIC Model Rules Governing Advertising of Life Insurance to Concerns of Working Group (Attachment Two‐Al) ..................... 571
    • Life Insurance Marketing Practices for Senior Citizens Working Group Action Plan (Attachment Two‐A2) .... 572
    • NAIC Rules Governing the Advertising of Life Insurance State Pages (Attachment Two‐A3) ...................... 573
    • Memorandum Addressing State Regulation of Life Insurance Advertising (Attachment Two‐A4) ............. 575
    • Projected Interest Earnings Working Group June 4, 1990 Report - (Attachment Three) ............... 577
    • Bulletin on Illustrated Interest Projections Exposure Draft (Attachment Three‐A) ... 578
    • Projected Interest Earnings Working Group April 1 7, 1990 Report (Attachment Three‐Bl) ... 578
    • March 27, 1990 Report (Attachment Four)........... 579
  • 1991-1A, NAIC Proceedings
    • Life Insurance Disclosure Model Regulation Amended Exposure Draft (Attachment Three) .................... 549
    • Consumer Disclosure Financial Review Policy Forms (Attachment Four) ... 557
    • Life Marketing Practices to Senior Citizens Working Group December 1, 1990 Report (Attachment Five) ..... 558
    • Life Marketing Practices to Senior Citizens Working Group November 21, 1990 Report (Attachment Six) ...... 559
    • Resolution Regarding the Rules Governing the Advertising of Life Insurance (Attachment Seven) .......... 560
    • Projected Interest Earnings Working Group Report (Attachment Eight) ..... 561
    • Bulletin on Illustrated Interest Projections Amended Exposure Draft (Attachment Eight-A) ................ 561
  • 1996-4V2, NAIC Proceedings - ATTACHMENT ONE-A - Questions & Answers Life Illustrations Model Regulation - as of Dec.17, 1996 - p1012-1024 - 13p
    • 7.8 What is the term of the contract referenced in Section 7B(2) for a contract without a maturity date?
      The working group has not addressed this issue. It would seem reasonable to use the limiting age underlying the valuation table or to use age 100, consistent with the tabular detail specified in Section 7E(l).
    • 7.9 Sec. 7B(2) requires that the illustrations show the premium outlay that must be paid to guarantee coverage for the term of the contract, subject to the maximum premiums allowable to qualify as life insurance under the Internal Revenue Code.
    • 7.10 If the guideline level premium will not provide coverage to the end of the term of the contract, does the illustration have to display the annual term charges allowed by § 7702 or can the illustration explain that the coverage will terminate?
  • 1993-1 p249-265 LDWG 17p
  • 1993-1B p779 LIAC Index 1p
  • 1993-1B p781 LIAC Ip
  • 1993-1B p788-804 LDWG 17p
  • 1993-1B p810-811 LIAC - Metzenbaum Letter - 2p_Redacted
  • 1993-1B p1399 LATF Ip
  • 1993-1B p1437-1445 LATF 9p
  • 1993-2 730-736 LDWG 7p
  • 1993-2 p428 LIAC Ip
  • 1993-2 p1008 LATF Ip
  • 1993-3 p40 LIAC 1p
  • 1993-3 p464-465 LIAC 2p
  • 1993-3 p440-447p LDWG 8p
  • 1993-3 p719 LATF Ip
  • 1993-4 p46 LIAC Ip
  • 1993-4 p550-560 LDWG lop
  • 1993-4 p642-645 LIAC 4P
  • 1993-4 744 LIAC 1p_Redacted
  • 1993-4 p928 LATF Ip
  • 1994-1 p355-356 LIAC 2P
  • 1994-1 p364-431 LDWG 68p
  • 1994-1 p711 LATF Ip
  • 1994-2 p53 LIAC Ip
  • 1994-2 p552-572 LIDG 21p
  • 1994-2 p983 LATE Ip
  • 1994-3 p70 LIAC 1p
  • 1994-3 p516 LIAC Ip
  • 1994 3 p520-575 LIDG 56p
  • 1994-4 p46 EX Ip
  • 1994-4 p177 Internal Administration Ip
  • 1994-4 p652 LIAC Ip
  • 1994-4 p657-676 LDWG 20p
  • 1995-1 p63 EX Ip
  • 1995-1 p476 LIAC Ip
  • 1995-1 p479-499 LDWG 21p
  • 1995-1 p536-548 LDWG 13p
  • 1995-2 p52 EX Ip
  • 1995-2 p531-532 LIAC 2P
  • 1995-3 p30 EX Ip
  • 1995-3 p674-675 LIAC 2P
  • 1995-3 p676-688 LIDW 13p
  • 1995-4 p53 EX Ip
  • 1995-4 p763-764 LIAC 2P
  • 1995-4 p763-766 LIAC 4p
  • 1995-4 p773-775 LIDG 3p
  • 1995-4 p780-789 LDWG lop
  • 1995-4 p1162-1163 Consumer Participation Board of Trustees 2P
  • 1996-1 p53 LIDG 2P
  • 1996-1 p136-137 EX 2P
  • 1996-1 p591-599 LIAC 8p
  • 1996-1 p607-611 LIBG 5p
  • 1996-2 p647 LIAC Ip
  • 1996-2 p693-706 LIDG-BSG 14p
  • 1996-2 p1026 Consumer Participation Board of Trustees Ip
  • 1996-3V1 p53-54 LIDG 2P
  • 1996-3V1 piii Research Proceedings Ip
  • 1996-3V2 p907 LIAC Ip
  • 1996-3V2 p916-960 LIDG 45p
  • 1996 0917 - 1996-3V2 p1268-1269 Letter Brenda Cude - 1996 2p
    • This is a follow-up on my April 9 memo asking the board to discuss in the appropriate forum changes that would improve the readability of NAIC materials written for consumers.
    • I noted that when materials are written and edited by committee, readability generally isn't even an issue
  • 1993-2-  LATF - p1008) - Non-Guaranteed Element Annual St.at:ement Interrogatories -
    • The actuarial task force is monitoring work being done by the American Academy of Actuaries group considering this area.The task force decided at its June 1993 meeting this project should be combined with Project 14 "Disclosure and SalesIllustration Practices." Accordingly, the actuarial task force recommends that this be deleted as a separate project in June.  This project is a priority 2 project. Disclosure and Sales TI1ustration Prartires. The actuarial task force is monitoring work being done by the Society of Actuaries and the American Academy of Actuaries and the Actuarial Standards Board in this area and is also monitoring the work of various states covering this area. Many problems with respect to illustrations exist at the present time. The California Insurance Department has developed a proposed regulation which might be studied as the basis for a model regulation (Attachment One-H). This project is a priority 1 project.
    • The Life Insurance {A) Committee has recently established a Life Disclosure Working Group, with &b Wright (Va.} as chair.
    • The actuarial task force hopes to establish a liaison relationship with that working group. If this can be accomplished, both groups can provide maximum assistance in studying problems with illustrations and finding solutions for these problems.

 

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  • 1993-3 Life Disclosure WG

P40 LIAC - 6. Adopted the report of the Life Disclosure Working Group, which discussed the position paper developed by the working group with possible solutions to problems with life insurance illustrations.

P428 - LIAC- 6. Report of Life Disclosure Working Group

P440-447 (2207-2214)

  • 1993-4 Life Disclosure WG
  • 1994-1 Life Disclosure WG
    • (p50) - LIAC - March 8 1994 • Denver Co1orado
  1. Appointed working groups on Life Disclosure, Vtatical Settlement and Synthetic GICs.

LDWG (p364-431) /406-473

  1. / 753-  // LATF

 

  • 1993-1 - NAIC Proceedings - (249- 265) / (131-147)
    • 1993 0309 - LIAC - Minutes ... 249
    • 251 - Life Disclosure Working Group March 8, 1993, Minutes (Attachment One) 
    • 252 - NAIC - Summary of NAIC Activity, Life Insurance Disclosure/Illustrations - (Attachment One‐A) 
    • 253 - NAIC - State Adoption of Life Insurance Disclosure Provisions Found in NAIC Model Laws (Attachment One‐B1) 
    • 257 - NALU - 1993 0308 - Statement of National Association of Life Underwriters - (Attachment One‐C)
    • 263 - AAA - 1993 0308 - Statement of the American Academy of Actuaries Task Force on Life Insurance Illustrations (Attachment One‐D) 
    • 263 - TRG - Report of the Technical Resources Group (Attachment One‐E)