Life Insurance Illustrations Model Regulation - 582 - NAIC
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- 1994, PROBLEMS AND SOLUTIONS FOR PRODUCT ILLUSTRATIONS
“ GEORGE COLEMAN: The engine for the current effort at the NAIC, which I was involved in from the start or almost from the start, were hearings conducted by Senator Metzenbaum in the fall of 1992.”
https://www.soa.org/globalassets/assets/library/proceedings/record-of-the-society-of-actuaries/1990-99/1994/january/rsa94v20n229.pdf
- 1996, Professional Standards Affecting Life Actuaries
“Frank S. Irish <ASB>: The whole process started in the NAIC, as it had to. If radical changes in the way we illustrate policies were going to be made, they had to start at the NAIC. The NAIC was only too well aware of the fact that sales illustrations were the subject of innumerable abuses and they wanted to correct those abuses. Furthermore, the NAIC was being pushed by Senator Howard Metzenbaum who wanted to accuse the regulatory structure of not doing its job and then to bring regulation up to the federal level.”
https://www.soa.org/globalassets/assets/library/proceedings/record-of-the-society-of-actuaries/1990-99/1996/january/rsa96v22n3121pd.pdf
- 1995, CURRENT DEVELOPMENTS SURROUNDING REGULATIONS AND STANDARDS OF LIFE AND ANNUITY PRODUCTS
“MR. Wilcox <Chair / Chair> : Whatever we did to illustrate those contracts when they were sold, the policyholders did not understand the contingent nature of that vanish. That's the underlying reason we got into this. MR. ATKINS: You mean just because they didn't understand the vanishing premium illustration, we have all this regulation being imposed?
https://www.soa.org/globalassets/assets/library/proceedings/record-of-the-society-of-actuaries/1990-99/1995/january/rsa95v21n28.pdf