Illustration Guidelines for Variable Life Insurance - 1986-2 NAIC Proc. 16 

Rules Governing the Use of Illustrations in Connection With the Sale of Life Insurance. 

ATTACHMENT THREE-A

Guide to Understanding of Ledger Illustrations, 1993-2 NAIC Proc. 1000

Analysis of Illustration Proposals, 1994-3 NAIC Proc. 515

Life Disclosure Standards Draft, ATTACHMENT FOUR-A, September 17, 1994

 

Questions & Answers Life Illustrations Model Regulation as of Dec. 17, 1996, ATTACHMENT ONE-A

August 1993 Position Paper on Life Insurance Illustrations.

1994-3 NAIC Proc. 515

2. Discussion of Draft of Working Group Position Paper

Commissioner Robert Wilcox (Utah) said that the working group had drafted a list of standards that they wish to see included in a model law and regulation eventually adopted (Attachment Four-A).

 

1994-3 NAIC Proc. 515

 

1993-2 NAIC Proc. 1000

ATTACHMENT ONE-H

ARTICLE 9. REQUIREMENTS FOR LEDGER ILLUSTRATIONS USED IN

THE SALE OF LIFE INSURANCE AN ANNUITY POLICIES DRAFT COPY

FOR DISCUSSION ONLY

1993-1 NAIC Proc. 249

ATTACHMENT ONE-A

Summary of NAIC Activity

Life Insurance Disclosure/Illustrations

NALU
1994-1 NAIC Proc 352
13. The Cover Page for any illustration should contain the annual premium necessary to maintain the policy to maturity based solely upon the guarantees in the policy. This will assist the policyowner in understanding the differences between guaranteed and non-guaranteed policy features.
 

1994-1

Mr. Barkacs suggested the illustration concentrate on concept disclosure. He said many consumers can not distinguish between universal life and whole life. He said a narrative explanation was needed because many did not understand the numbers or the fact that a universal life policy might drain the cash value until there was no coverage left.

 

1994-3 NAIC Proc. 515, Technical Resource Committee's Draft Suggestions Concerning the Life Insurance Illustrations Model Regulation

 

ACTUARIAL ANALYSIS OF PROPOSED ILLUSTRATION REGULATIONS, Compiled by Technical Resource Advisors,, 1994-3 NAIC Proc. 515

,

1996-1006
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?
See Question 7.9. Either may be illustrated as long as the insurer discloses the effect of what is illustrated.

 

IV. RECOMMENDATIONS CONCERNING THE NAIC LIFE INSURANCE

ILLUSTRATIONS MODEL REGULATION, 1997-4 NAIC Proc. 1232