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

1991 - GOV - REGULATION OF INSURANCE COMPANIES AND THE ROLE OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS - 286p

  • Why is this flimflammery allowed to continue?
  • Where are the laws to prevent companies from misleading people?

-- Senator Metzenbaum

1993 -  GOV - When Will Policyholders Be Given The Truth About Life Insurance? 

  • 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