LIOGGWG - Life Insurance Online Guide Working Group - (A) - NAIC - OLIBGWG

  • 2018 0917 - LIOGWG (Canceled??)
  • 2018 1010 - LIOGWG - SN - Wilderness Trip - QQQ
  • 2019 0318 - NAIC - LIOGWG Life Insurance Online Guide (A) Working Group
  • 2019 0610 - NAIC - LIOGWG Life Insurance Online Guide (A) Working Group
  • 2019 0708 - NAIC - LIOGWG Life Insurance Online Guide (A) Working Group
  • 2019 0724 - QQQ - NAIC - LIOGWG Life Insurance Online Guide (A) Working Group
  • 2020 0224 -QQQ - NAIC - LIOGWG Life Insurance Online Guide (A) Working Group
  • 2020 1020 - NAIC - LIOGWG Life Insurance Online Guide (A) Working Group
    • Laura Kane
  • 2021 1216 - LIAC - NAIC - Executive (EX) Committee and Plenary - Attachment Four -
    • 4. The Life Insurance Online Guide (A) Working Group will:
      • A. Develop an online resource on life insurance, including the evaluation of existing content on the NAIC website, to be published digitally for the benefit of the public.
  • 2021 1231 - LIAC - NAIC - 2021 Fall National Meeting - 62p
    • 7. Consider Adoption of its 2022 Proposed Charges—Commissioner Glen Mulready (OK)
      • A. Discuss the Life Insurance Illustration Issues (A) Working Group “Chair Report”
        • CEJ - Birnbaum - He said this is the only effort that remains at the NAIC that is seeking to improve life insurance disclosures for consumers.
      • B. Discuss the Life Insurance Online Guide (A) Working Group
    • Mr. Aufenthie asked Mr. Birnbaum to explain his understanding of the difference between non-medical data and non-traditional data.
  • 2022 0811 - LIAC - NAIC - Agenda - 2p
    • 4. Discuss the Life Insurance Online Guide (A) Working Group - —Director Judith L. French (OH)
    • 6. Discuss Enhanced Cash Value Products—Director Judith L. French
  • 2022 0811 - NAIC Proceedings - NAIC LIAC - Life Insurance and Annuities (A) Committee - 17p
  • 2018 1010QQQ -
    • (13m)  Consistency between information, Life Insurance Buyer's Guide, Online Life Insurance Buyer's Guide, Policy Over (Life Insurance Illustrations Issues Working Group)
    • Mary Mealer - (MO-Chair): I'm not going to reinvent the wheel if I don't have to.
      • ⇒  If I could borrow someone else's products that's already been fully vetted and send a consistent message that's ideal.
    • [Teresa Winer (GA) / Donna Megregian (AAA/RGA)] - discussing how consumers use the information
    • Birny Birnbaum (CEJ):  I just completely disagree ... The Life Insurance Buyer's Guide <paper> is a highly curated set of questions...
    • Emily Micale (ACLI):  to our members it's already laid out ... in the paper Life Insurance Buyer's Guide....
    • (27m) Birny Birnbaum (CEJ): fine, but the Paper Life Insurance Buyer's Guide isn't the framework for guiding the consumer through a decision.
    • Emily Micale (ACLI):  Don't want the online Buyer's guide to become something that gives recommendations. Which is a high concern of our members. We have no objection to providing as much educational information as the consumer needs.  In fact our members would endorse that.  decisions without professional helping, fiduciary /liability concerns
    • Mary Mealer (MO-Chair): I want this to be strictly educational.  I just want to arm them ... information...to make their own decisions.  
  • 2022 0407 - LIAC - NAIC
  • 5. Discussed Next Steps for the Life Insurance Online Guide (A) Working Group
    • Director French gave a brief history of the Life Insurance Online Guide (A) Working Group. She explained that the Working Group initially considered developing an online resource that could allow for a deep dive into complex content in a way that would not be possible in paper format. She also said the Working Group struggled with how best to structure the content, as well as how it might look and function.
    • Director French said the idea of a decision tree came up, but while a decision tree could be a great in theory, it is, for several reasons, beyond the scope of what the Working Group or even the NAIC can undertake. She said her goal is to come up with something achievable.
    • Director French explained that the details about life insurance are state-specific. She also said the NAIC is not where people are going to go to find out about life insurance, nor can the NAIC provide any advice about what life insurance to purchase. She said people need to go to their state or an insurance producer. Director French asked Laura Kane (NAIC) to give an overview of what is on the NAIC website. She explained that information about what is currently on the NAIC website will enable the Committee to better consider what content should be added to the website and what the Working Group can reasonably achieve under its charge.
    • Ms. Kane gave an overview of the statistics collected for the life insurance pages on the NAIC website. She said there have been 23,147 unique page views over the past year. She explained the breakdown of the percentage of those who viewed the pages. She said 13% were age 18–24, 21% were age 25–34, 23% were age 35–44, 20% were age 45–54, 13% were age 55–64, and 10% were age 65 or older. Of those, the 23% that were age 35–44 spent the most time on page, the 13% that were age 18–24 spent the second-most amount of time, and the 10% who were age 65 or older spent the least amount of time.
    • Ms. Kane explained that the purpose of the consumer pages is to: 1) educate consumers about the purpose of each insurance type; 2) guide consumers to know what to ask a licensed agent; 3) remind consumers to check their state’s department of insurance (DOI) website to confirm that the agent and the company are licensed in the state; and 4) let consumers know their state DOI is there to help with any questions or issues. She summarized the information that is on the web pages and identified information that she found on some other DOI websites that might be good to consider including on the NAIC website. For example, Kansas has good shopping tips, Nevada has a good “Understand the products you are buying” section, New York has a good statement of purpose around life insurance, and Texas has a good chart comparing the major types of life insurance. Ms. Kane mentioned that the NAIC could consider linking to a glossary of terms, as well as translating the Buyers Guide to Spanish and other languages. Director French asked for volunteers to work with her staff and Ms. Kane to participate on the Working Group to update the NAIC web pages on life insurance.
  • 2019 0316 - OLIBGWG
    • Mary Mealer (MO-Chair):  whole purpose…useful for consumers…. NaIC web people can help with design….. Chicken egg situation….  Can we do that Jennifer….
    • Jennifer Cook (NAIC): Chicken egg thing…. Put something down, react,,, need to find a way to move forward, get reactions, adjust as we go… find a way to get something started.
    • Randy Foster from AIG: reinventing… agent training / study……deep in  spots…. Start generally…then go down to more specifics… Place to start.. Well vetted…. Access to it….  Language vetted by states… language that people understand and are using it all the time.
    • Mary Mealer (MO-Chair):  doesn't like that idea>…pretty heavy in the ???? for their targeted audience <Advisors>.   ....what we've encouraged people to do is to.... borrow something from a Consumer group or information or a company for consumers…….therefore it is for our targeted audiences….I don't think that we can implement what you suggested  whole hog.  I sit in on the Agent Review questions every year and I do believe they exceed and are wording in a way that not all consumers..  because we should write this ....also Cude…7th or 8th grade level,,  But if you can find useful information... my problem is that we don't have access to the actual presentations by the ????, but I would have access to all of the consumer information.
  • 2022 0811 - NAIC Proceedings - NAIC LIAC - Life Insurance and Annuities (A) Committee - 17p
  • 5. Discussed the Life Insurance Online Guide (A) Working Group
    • Director French reminded the Committee that during its July 20 call, it heard a presentation from NAIC Communications Director Laura Kane, about the updates the Communications Division made to the life insurance material on the NAIC website.
      • She said that Ms. Kane identified some content, based on a review of other insurance department websites, that might make sense to add to the NAIC website, including a comparison chart from the Texas Department of Insurance (DOI) website and information about common riders.
      • She also mentioned that the Communications Division is planning to translate the buyer’s guides on the website into Spanish.
      • Director French reminded the Committee that Ms. Kane said the Communications Division would need assistance from subject matter experts (SMEs) to assist with these recommended revisions.
      • She said this work is consistent with the Life Insurance Online Guide (A) Working Group’s charge to “Develop an online resource on life insurance, including the evaluation of existing content on the NAIC website, to be published digitally for the benefit of the public.”
    • Mr. Herrick said he would be happy to assist with the development of content for the website based on the chart on the Texas DOI website.
    • Commissioner Schmidt also agreed to help.
    • Director French said any other states willing to volunteer should reach out to Jennifer Cook (NAIC).