Dots - Overview

  • Kanjorski
  • Market Moving - Warren
  • SOA - Inforce Illustrations - Don't want to find out - Future Shock
  • 1991 - GOV - Solvenc -Baldwin United - Regulators
  • Greenspan- FCIC - MFR - Congress - Lawsuits
  • FSOC
  • AIG - DOT
  • Mr. Birnbaum
    • said the actuaries are limited in two important ways:
      • 1) they are limited by Model #582 because it was designed 30 years ago before indexed products existed, and it is woefully out of date; and
      • 2) actuaries are not experts in consumer financial disclosures.
    • He said illustrations are a consumer disclosure, and the technical expertise needed is not that of an actuary but of experts in consumer financial disclosure.
    • He said asking the actuaries to fix problems with IUL illustrations would be like asking the Life Insurance Online Guide (A) Working Group to develop reserving requirements for indexed life insurance.
    • He said he urges the Committee to establish a charge to examine and re-engineer life insurance and annuity illustrations for effective consumer disclosure and consistency of principles across similar products.

2022 0811 -  Proceedings - NAIC LIAC - Life Insurance and Annuities (A) Committee - 17p

Mr. SUTTON (ACLI / Pacific Life).

  • My personal opinion is that I would not have any problem with a kind of disclosure that could be communicated simply but was based on extensive analysis by someone capable of making the appropriate analysis.
  • I would not like a simplistic disclosure that could cause great dislocation because it did not recognize all of the factors in what is, in fact, a very complicated business.  (p280)

1991 - 0227, 0507/09/23 - GOV - Insurance Company Solvency, aka Insurance Company Insolvencies - [PDF-369p-GooglePlay]

  • (p25) - Ms. WEISS: One other comment I might make is that it seems that when Dr. Vaughan and Mr. Schwarcz were talking about consumer affairs, it occurred to me that the conversation that was going on was at two different levels.

2011 0914 - GOV (Senate) - Emerging Issues in Insurance Regulation - Senator Reed (D-RI) - PDF-51p