Surveys

  • Paul Graham, ACLI, stated that the NAIC should condition a survey to determine the impact on the industry.
    • He said he would be willing to assist the NAIC in developing and distributing such a survey, and suggested the NAIC hire an independent consultant to accumulate the results.

2010-1, NAIC Proceedings - Principles-Based Reserving (EX) Working Group

  • 2019 - SOA - Universal Life and Indexed Universal Life Survey Results, Society of Actuaries - 7p
  • 1993-1, NAIC Proc. - LIAC - The mission of this committee is to consider problems relating to life insurance and annuities, review new life products and establish priorities of the Life and Health Actuarial Technical Task Force.
    • 3. Survey consumers to evaluate the effectiveness of Life Insurance Buyer's Guide (p21)
    • 1. Results of Survey of the States
      • Darry Sragow (Calif.) reported that the responses from the states had been compiled and were being distributed to the subgroup
        members.
      • He indicated that 44 of the 55 NAIC members had responded to the survey.
      • After some discussion regarding the survey results by the subgroup members, it was agreed that the survey results would be kept confidential. (p90)
  • 1993-2, NAIC Proc.
    • Urban Study - There will also be a need for collecting information outside of the data call with regard to interviews with agents and companies to get a clearer picture of their market practices. (p173)
  • The Market Conduct Issues Working Group is presently reviewing various alternatives for monitoring and testing market conduct activities. (p39)

2000-2, NAIC Proceedings

  • 3. Report of Product Development Task Force
    • Reginald Berry (D.C.) presented the report of the Product Development (A) Task Force.
    • He stated that NAIC staff had been directed to survey the states concerning corporate owned life insurance products and to have the survey results available prior to the June meeting.

1990-2, NAIC Proceedings

  • Commissioner Yancey discussed the Life Insurance (A) Committee direction to NAIC staff to conduct a survey of the states regarding their concerns on graded death benefit policies and senior citizen life insurance products marketed at substandard rates.

1990-1A, NAIC Proc.

  • 2014 - SOA - Modeling of Policyholder Behavior for Life Insurance and Annuity Products, Society of Actuaries - 92p
  • 2003 0313 - The Washington Post - A survey last year by the National Association of Insurance Commissioners found that only 28 percent of people with insurance -- life, auto, home, health or disability -- really understood the details of their coverage. - [link]
  • 1972-2, NAIC Proceedings - Commissioner DuRose spoke briefly on the proposal to launch a major study of the life insurance industry.
    • A summary of a preliminary survey for a major study of the life insurance industry was presented by Commissioner Dick L. Rottman.
    • The summary indicated that 100% of those responding felt that some type of major investigation was needed at this time.
  • 1979-2, NAIC Proceedings - Consumer Reaction to Cost Disclosure: An Annotated Bibliography of Studies

  • 1981-2, NAIC Proceedings - Survey of Industry Experience with Market Conduct Examinations

  • 1982 - SOA - The Universal Life Update - Society of Actuaries (rsa82v8n22) - 16p
    • Christian DesRochers
      • Current questions, derived from survey responses from fifty Universal Life experts will be discussed.
      • Let us now consider the survey results with respect to compensation patterns and product design. 

  • 1982-1, NAIC Proceedings - Reviewed the results of the regulators' market conduct survey

  • 1985-1, NAIC Proceedings - Review Form for Reporting Potential Regulatory Problems to NAIC/SSO - <Complaints>
    • A memorandum summarizing the results of that survey is attached here as Attachment One
  • 1986-1, NAIC Proceedings - 2f. Universal Life Survey - A survey is proposed for universal life business in force at the end of 1985 and new business written in 1985.

  • 1988-2, NAIC Proceedings -  6. Heard report on survey of states on identifying consumer/disclosure concerns regarding universal life, variable life and other interest sensitive products.

  • 1989-2, NAIC Proceedings - 4. Report on Prioritization of State Survey Concerns
  • 1990-1, NAIC Proceedings - Survey of state banking/insurance issue - (p84)

  • 1994-3, NAIC Proceedings - Analysis of Illustration Proposals Technical Resource Committee [A Survey of Different Opinions]

  • 1996-2, NAIC Proceedings
    • Work Plan for Study of Life Insurance Practices (Attachment Five-C1) - (p705)
    • Possible Survey Topics (Attachment Five-C2) - p706

    • Included is a report from the Replacement Issues Subgroup which is working on a survey of life insurers replacement practices.

  • 1996-4V2, NAIC Proceedings - 2. Report of Life Disclosure Working Group

  • A 1979 survey in New Jersey  found that 62 percent did not know what kind of insurance they had and 23 percent mistakenly thought premiums were set by a state agency.
  • The study was prepared for the Federal Trade Commission by Roger Formisano, an assistant professor of insurance at the University of Wisconsin.

1982 0216 - Life Insurance is Misunderstood, Confusing - Newspaper -  by MICHAEL deCOURCY HINDS, The Dispatch (N. Y. Times, News Service) - [LINK to Article]

  • Current questions, derived from survey responses from fifty Universal Life experts will be discussed.
  • Discussion will assume a high level of product knowledge by the audience.

1982 - SOA - The Universal Life Update - Society of Actuaries (rsa82v8n22) - 16p

  • Current questions, derived from survey responses from fifty Universal Life experts will be discussed.

1. Review Form for Reporting Potential Regulatory Problems to NAIC/SSO

Mary Hall (Mo.) provided background information on the Regulatory Reporting Form and a report of the survey of the states concerning the form that was conducted by the SSO.

  • A memorandum summarizing the results of that survey is attached here as Attachment One.
  • There was considerable discussion concerning the form, including the fact that the form was intended to be used for situations when complaints indicate that a problem may be developing concerning the market conduct of a company and not for individual complaints.
  • The proposed procedure would call tor the states to complete the Regulatory Reporting Form and send it to the SSO.
    • The SSO would then record the information, compile a report and distribute it to the states in a form similar to the existing NAIC Regulatory Information and Retrieval System (IRIS).

Laura Sullivan (State Farm), chairman of the task force advisory committee, noted that the form had been circulated to the members of the advisory committee.

  • She said she concurred with task force members that the form was not intended to create a national bank of consumer complaints but was to be "used in instances where, prior to formal regulatory action, it might be beneficial to other states to know of a developing problem.

 

2f. Universal Life Survey - A survey is proposed for universal life business in force at the end of 1985 and new business written in 1985.

5. Conduct an annual survey of universal life business until such time as such information is incorporated in the Life and Health Financial Reporting Blank.


1986-1, NAIC Proceedings

 

  • .... surveys indicate that a large percentage of consumers do want this permanence.

-- Myron H. Margolin

1981 - SOA - The Future of Permanent Life Insurance, Society of Actuaries - (rsa81v7n36) - 22p

4. Possible NAIC Recommendations for Amending the Uniform Securities Act 

  • a. At the present time, the NAIC, including the Securities and Insurance Regulation Task Force, is studying the many "new-life" insurance products that are being sold by approximately 30 insurance companies.
  • Simultaneously, the NAIC is considering whether changes in existing insurance laws are warranted as they apply to such products.
  • It is also surveying its various member states to determine whether they have encountered problems with respect to these products.

However, to date, no specific abuses or consumer problems have been brought to the attention of the Securities and Insurance Regulation Task Force.

1982-2, NAIC Proceedings

2. Report of Life Disclosure Working Group

  • Included is a report from the Replacement Issues Subgroup which is working on a survey of life insurers replacement practices.

1996-4V2, NAIC Proceedings

TO: Market Conduct Surveillance (EX3) Task Force - Orlando, Florida
FROM: Tony Schrader (Iowa), Subgroup Chairman
DATE: December 7, 1986

RE: Final Report of Subgroup on Life Insurance Coupled with Student Loans

The Subgroup was asked to investigate the issue regarding the tie-in of student loans with the purchase of life insurance.

A survey was sent to all the states in June of 1986 and the results of that survey were reported in the minutes of the Sept. 7 Des Moines meeting.

  • On the basis of the report in those minutes, the Subgroup has concluded that the issue is not a continuing problem and that further action, including development of a model regulation, would not be recommended.
  • The results of the survey, as well as other discussions with market conduct staff throughout the states, has indicated that where the problem did exist, sufficient statutory authority was invoked to handle the situation.
  • We incorporate the results of the survey which are found as Attachment Five-B to the Sept. 7, 1986 meeting as part of our final report and request that no further action be taken.

Therefore, we request that the chairman discharge the Subgroup as it has completed its charge.

1988-1, NAIC Proceedings - (p141)

With respect to stock companies, we took a survey of current practices.

The results of the survey confirmed our worst fears.

  • We know there was an immense diversity of practice in payment of policy dividends by stock companies, however, we didn't imagine what the diversity actually was.
  • It became clear that the "standard deviation" of this diversity was much larger than the same measurement would have been among mutual companies.
  • Furthermore, it was clear that most of the current stock company practices did not conform to the recommendations of the Committee.

--  Harry D. Garber

1981 - SOA - Current Topics: U.S. Insurance, Society of Actuaries - 20p