1994-3
- Commissioner Wilcox next asked Ms. VanLeer to show the illustrations she had prepared that used the standards in the technical resource advisors' draft to prepare an actual illustration (Attachment Four-C). (p522)
1994-3, NAIC Proceedings
- Commissioner Robert Hunter (Texas) asked if the assumptions being discussed in Section V of the standards paper would be disclosed in the policy.
- Commissioner Wilcox responded that they did not need to be disclosed in the same manner that they would be disclosed to an actuary, but that some information would be required.
1994-3, NAIC Proceedings
- Mr. Wright <Commissioner> reported that the NAIC had agreed to hire an actuarial consultant to assist the working group in its task.
1994-3, NAIC Proceedings
- Jim Johnson (Mutual Group) said the most important part of the illustration was the footnotes at the end.
- He suggested that instead of many footnotes there should be a simple, clear explanation at the beginning.
- He said consumer understanding was important and suggested a set of common definitions.
1994-3, NAIC Proceedings
- Ed Coover (National Travelers Life) said the problem was explaining to consumers that the illustration was only a snapshot.
1994-3, NAIC Proceedings
- Fred Nepple (Wis.) asked if the working group would actually end up proposing two different models with opposite approaches.
- Mr. Montgomery said that he did not see much other choice because some regulators were very much opposed to illustration of non-guaranteed elements and other regulators supported that approach to a great extent.
1994-3, NAIC Proceedings