1993-1B

Ms. Faucett noted that she had served as the chair of the SOA Task Force on Life Illustrations and that the task force had conducted an extensive survey of life insurance companies and insurance departments on the nature and extent of problems that exist with respect to policy illustrations.

As a result of the survey the task force determined that consumers do not understand illustrations or how they should be used. (p788)

1993-1B, NAIC Proceedings

  • Tony Higgins (N.C.) noted that considerable work and effort had been expended in the mid-1980s to revise the Model Life Insurance Disclosure Regulation to address concerns with policy illustrations, particularly with respect to universal life insurance.
  • It was suggested that these revisions should be used as a starting point for evaluating additional steps to take in
    response to new and increasing concerns currently being expressed regarding policy illustrations.

    • The NAIC staff was directed to provide copies of the revisions to the members for their review.

1993-1B, NAIC Proceedings

NAIC/NCOIL JOINT COMMITTEE 

Harold Duryee, Chair-Ohio
Louis E. Bergeron, Vice Chair-N .H

  • December 6, 1992 Minutes ................................ 1473
  • NCOIL Resolution on Interstate Compact (Attachment One) ...................... 1474

7. Discuss Development of Training Program

  • Director McCartney noted that $10,000 of the 1992 funds will be carried over into the 1993 year to provide for a training program for funded consumer representatives.
  • GUARANTY FUND (EX4) TASK FORCE