Project - Complaints

  • Teresa Winer (GA) asked if it would be useful to ask states whether they have received consumer complaints about the summaries.
    • Richard Wicka (Chair - WI) said that it would be helpful to have that kind of information but that he is not sure it would be possible to track down complaints to that level of detail.

2016-2, NAIC Proceedings - LIIIWG, Life Insurance Illustrations Working Group - Conference Call

  • Complaints and inquiries related to life insurance and annuity products ... generally concerned consumer dissatisfaction with, or confusion regarding, universal life insurance policies.  (p90)

2018 - Wisconsin OCI - Wisconsin Insurance Report - 219p

  • Over the last five years, DFS has received almost 1,400 complaints from New York consumers about universal life insurance policies.
  • Many consumer groups and media organizations have also reported consumer issues with universal life insurance.

2019-? - New York - Department of Financial Services - Consumer Alert - [link]

⊃  2019 - ThinkAdvisor - New York Financial Superintendent Lacewell Warns of Hidden Costs in Universal Life Policies, By Elizabeth Festa - [link]

  • 33 percent of the sales complaints concerned misrepresentation by agents in the course of a sale. (p8)
  • Such complaints were not new, but due to recent media attention and other factors, have been received and handled in large numbers. (p12)
  • There is ample evidence to suggest that many of the practices at Prudential are, or were, present at other life insurers.

1996 05 - Report of The Multi-state Life Insurance Task Force and Multi-state Market Conduct Examination of The Prudential Insurance Company of America - By the Examiners of The Multi-state Life Insurance Task Force From Several State Departments of Insurance and other State Regulatory Agencies - 270p

  • They are complaints about things that we can’t do anything about because the contract might be a universal life type product with nonguaranteed elements, and there is no regulatory framework to deal with those issues.

  • Those complaints just fall by the wayside because there is nothing that can be done.

--  Larry Gorski, Illinois Insurance Department - Actuary

1996 - SOA - Nonforfeiture Law Developments, Society of Actuaries - 23p

  • Monitoring of litigation may alert regulators to issues that the regulatory system has not yet addressed.

2008-3, NAIC Proc.