• d. Life Insurance Illustration Issues (A) Working Group
  • Mr. Wicka said the Life Insurance Illustration Issues (A) Working Group has not met since the Summer National Meeting, but the Working Group has minutes from its July 24 and March 10 meetings for the Committee to adopt.
  • He said during these meetings, the Working Group discussed and reviewed two alternate versions of revisions to the Life Insurance Disclosure Model Regulation (#580).
  • He said one version retains the current time frame for delivery of the policy overview at the same time as the buyer’s guide (either at the time of application or at the time of policy delivery if there is a free-look period).
  • The other version has the policy overview delivered at the time of application.
  • Mr. Wicka said the Working Group also reviewed two alternative versions of the sample policy overview for term life insurance policies.
  • One version shows the sample pre-underwriting; the other shows the sample after underwriting.
  • He said the Working Group exposed the sample policy overview for a public comment period ending Aug. 28.
  • He explained that during its discussions of the sample policy review, interested parties and other stakeholders raised questions about the Working Group’s work.
  • As a result, the Working Group temporarily suspended its work until it receives additional guidance from the Committee.

Mr. Wicka said that given this, the Working Group also is requesting an extension of its Request for NAIC Model Law Development while the Committee discusses the Working Group’s work and potential changes to its charges.

2020 1207 - NAIC - Life Insurance and Annuities (A) Committee, Virtual 2020 Fall National Meeting