Government Hearings - Snippets - 1990s
We are seeing a real crisis in confidence:
- That, in my mind, is probably the worst thing that could happen.
- There is not a company in the country that can stand runs that Commissioner Weaver was talking about, where people ask for $1 billion in policy loans and surrenders in a 2-week period. <page 13>
--- William McCartney, William, Director of Insurance, State of Nebraska and Vice President, National Association of Insurance Commissioners
- Why is this flimflammery allowed to continue?
- Where are the laws to prevent companies from misleading people?
-- Senator Metzenbaum
- Overwhelming numbers of Life Insurance buyers do not even understand which, if any, elements of their sales illustrations are guaranteed.
- For instance, as we demonstrated in our hearing, an Alexander Hamilton illustration did not make it clear that there was no guaranteed death benefit after 12 years.
-- Senator Howard Metzenbaum, letter to the NAIC
1993 - GOV - When Will Policyholders Be Given The Truth About Life Insurance? - p196