Task Force on Life Insurance Disclosure System – LIDS – NAIC

Task Force on Life Insurance Disclosure System – LIDS – NAIC

• Task Force on Life Insurance Disclosure System – LIDS – NAIC  —  [BonkNote]
  • 1981-1, NAIC Proceedings – Task Force on Life Insurance Disclosure System – LIDS – NAIC  —  [BonkNote] 

• This section will describe the life insurance disclosure system (LIDS) which the task force has concluded will best meet its objectives and serve the consumer, the industry, and the regulators.

1981-1, NAIC Proceedings

• Task Force on Life Insurance Disclosure System – LIDS – NAIC  —  [BonkNote]
• I am William C. Scheel, Associate Professor of Finance and insurance, University of Connecticut, Storrs, Connecticut.
• My remarks today are my own; they are uncompensated and may only coincidentally be views shared by anyone else.
• Introduction
  • During my last encounter with this task force, I questioned whether the group was just playing another game of Dungeons and Dragons.
  • The Chairman assured me that; indeed, pink worms, gnomes, Merlin and ghouls were not on the Committee’s agenda and that we would soon be witnessing the claims of what has proven to be the best D&D game in town for the last decade.
  • Never in my wildest imagination did I think we would be handed by this task force the single most important regulatory proposal in life insurance and annuities — ever!
  • The Life Insurance Cost Disclosure System (LIDS) is, indeed, a crowning achievement. It breathes new life into this creaky mechanism we call state insurance regulation.
    • Some of us who have lost the faith can only humble ourselves and marvel at this reinstatement of independence and new found strength of state insurance regulation.
• LIDS clearly heralds a re-emergence of bold initiative and is an historical turning point. In the words of a well-known celebrity: “How sweet it is.”

1981-4, NAIC Proceedings