LIBG – Life Insurance Buyer’s Guide – Versions

  • NAIC Version (Draft and Final)
  • 1973 – Interim NAIC Life Insurance Buyer’s Guide – <WishList>
  • 1976 – NAIC Life Insurance Buyers Guide 1976-2 549 – 5p 
  • 1982-2, NAIC Proceedings – Life Insurance Buyers Guide – ATTACHMENT TWO – MarkUp – Universal Life/Special Plans – p487-499
  • 1983 – NAIC / ACLI Revised Draft Life Insurance Buyer’s Guide only  – 1983-1 595 – 10p
  • 1983 – NAIC / ACLI Revised Draft Life Insurance Buyers Guide, letter and Disclosure Model Regulation  – 1983-1 523 – 27p
  • 1993 – NAIC / ACLI Life Insurance Buyers Guide – 5p 
  • 1996-1 NAC Proceedings – 6. Discuss Amendments to Life Insurance Buyer’s Guide
    • Mr. Dunlap said that a small group consisting of Tony Higgins [North Caroline – Senior Deputy Commissioner], Brenda Cude (University of Illinois Cooperative Extension Service), and Chris Kite (FIPSCO) and himself had rewritten the buyer’s guide (Attachment One-C).
    • 1996 – NAIC Draft redlined Life Insurance Buyer’s Guide – Draft 1996-3B 931 – 6p 
  • 1996 – NAIC Draft redlined Life Insurance Buyer’s Guide – Draft 1996-3B 931 – 6p 
  • 2000 – NAIC Draft Life Insurance Buyers Guide – PROC-2000-4Q_1 – 4p 
  • 2007 – NAIC Life Insurance Buyer’s Guide  – 10p
  • 2018 – NAIC Life Insurance Buyer’s Guide (Blue) – 8p
  • 2018 – NAIC Life Insurance Buyer’s Guide (Maroon) – 8p
  • State Adoption of the NAIC Model Regulation
  • The 1973 Interim Cost Disclosure Regulation was adopted in Arkansas, California, and Texas, while a modified version was adopted in Pennsylvania. Pennsylvania has recently modified their regulation, which l will discuss later.

—  Richard C. Murphy

1979 – SOA – Cost Disclosure, Society of Actuaries – 18p

  • Other Versions
  • 1973 – Interim Version of the NAIC Life Insurance Buyer’s Guide
  • 1978 – Federal Trade Commission (FTC) – Life Insurance Buyer’s Guide – 12p 
  • 1993 – Wisconsin – Life Insurance Buyer’s Guide – “Adapted from the 1983 Life  Insurance Buyer’s Guide prepared by the National Association of Insurance Commissioners” – 10p
  • 1983 Life Insurance Buyer’s Guide prepared by the National Association of Insurance Commissioners
  • Year?? – Kansas – Life, Annuities and Long-Term Care Shopper’s Guide – 36p
  • 1988 – New Jersey Life Insurance Buyer’s Guide, i591988a – 20p-link
  • Universal life – A variation of whole life insurance that allows you, after your initial payment, to pay premiums at any time in virtually any amount, subject to certain minimums and maximums.
    • You also can reduce or increase the amount of the death benefit more easily than under a traditional whole life policy.
    • Universal life may be a good fit for those who prefer to purchase term insurance at a lower premium cost and invest the difference.
    • With a universal life policy, the amount of premium not used to purchase the death benefit or pay policy expense charges accumulates as interest in a cash value-type account.
    • The interest rate paid on this money may vary with the market.
    • Unlike a regular whole life policy, surrender penalties for early withdrawal are common on this type of policy.

Year?? – Kansas – Life, Annuities and Long-Term Care Shopper’s Guide – 36p

  • 2 sets – (1976-2019) and (before 1976).
  • (1976-2019)
  • Chronological Summary of Actions (all references are to the Proceedings of the NAIC).
  • 1976 Proc. I 7, 10-11, 381, 521, 523-527 (adopted).
  • 1976 Proc. II 15, 17, 397, 542, 545-552 (reprinted with technical amendments and Buyer’s Guide).
  • 1978 Proc. I 13, 15, 348, 472 (corrected).
  • 1984 Proc. I 6, 31, 375, 496, 497-510 (amended and named changed from Life Insurance Solicitation to Life Insurance Disclosure
  • Model Regulation).
  • 1988 Proc. I 9, 19-20, 599-600, 625-626 (amended).
  • 1988 Proc. II 5, 12, 478, 490, 503-510 (amended, regulation reprinted).
  • 1989 Proc. II 13, 23, 414-415, 419-422, 428-429, 430-442 (amended).
  • 1990 Proc. I 6, 27, 438-439, 450-451, 453-463 (amended).
  • 1991 Proc. I 9, 17, 540, 549-557, 558-559 (amended, regulation reprinted, Appendix E adopted).
  • 1992 Proc. I 86, 94, 860, 868, 869-878 (amended and regulation reprinted).
  • 1993 Proc. I 8, 136, 795-800 (amended).
  • 1996 Proc. 3rd Quarter 9, 40, 907, 918, 931-936 (amended Buyer’s Guide).
  • 2000 Proc. 2nd Quarter 21, 22, 67, 99, 101-125 (amended and reprinted).
  • 2000 Proc. 4th Quarter 16, 17, 105, 167-170 (Buyer’s Guide amended).
  • 2018 Proc. 3rd Quarter (Buyer’s Guide removed).
  • The following have all been superseded by the model regulation above.)
  • a. Deceptive Practices in Life Insurance Model Regulation:
    • 1973 Proc. II 18, 21, 471, 532-533, 541-543 (adopted).
    • 1974 Proc. I 12, 14, 405, 440, 442-443 (amended).
  • b. Life Insurance Cost Comparison (Interest Adjusted Index) Model Regulation:
    • 1973 Proc. II 18, 21, 471, 532-533, 538-540 (adopted).
      • 1974 Proc. I 12, 14, 405, 440, 442 (corrected).
  • 2018 National Association of Insurance Commissioners 580-5
  • (before 1976)
  • NAIC Proceedings – 1983 Vol. I xxxi
  • Buyer’s guide: see next entry
  • Cost Comparison – Life Insurance Solicitation Model Regulation:
  • 1976 Proc. I 523-527
  • 1976 Proc. II 545-552 (reprinted with technical amendments and with the Life Insurance Buyer’s Guide – 549-552 as an appendix)
  • 1978 Proc. 1472 (corrected)
  • (The following have all been supplanted by the Model Regulation above.)
    • a. Deceptive Practices in Life Insurance Model Regulation:
      • 1973 Proc. II 541~543
      • 1974 Proc. I 442443 (amended)
    • b. Li/I? Insurance Cost Comparison (Interest Adjusted Index) Model Regulation:
      • 1973 Proc. Il 538·540
      • 1974 Proc. 1442 (corrected)