1994-1

  • Adopted the report of the Life Disclosure Working Group, which decided that the appropriate illustration should show only policy guarantees and past performance compared to a common index.
  • Mr. Coleman said he was very disappointed with the plan announced.
    • He was critical of the proposal that the future performance could be demonstrated by the guarantees.
    • He said he was very frustrated because there had never been a two-way discussion on the technical resource advisors' proposal.
    • Few questions were asked of his group, he said, and there had been no opportunity to discuss the proposal.
    • He asked the working group to reconsider and open up opportunities to discuss the issues
  • Jim Hunt (National Insurance Consumer Organization -- NICO) registered the same complaint.
    • He said he had not been part of the resource group and had no discussion with the regulators
  • Ms. Faucet responded that people spend more time buying a microwave than they do an insurance policy.

1994-1, NAIC Proceedings

"Special Committee on Metropolitan Life" - NAIC (Executive Committee)

Upon motion duly made and seconded, the Executive (EX) Committee voted to add a charge to the Life Insurance (A) Committee as follows:

  • Receive and consider recommendations from other NAIC committees (such as the (EX) Special Committee
    on Metropolitan Life) for action to enhance review and regulation of life insurance products, disclosure, and
    sales practices to ensure compliance with such regulation and to improve consumer protection.

1994-1, NAIC Proceedings