Product Development Task Force - (A) - NAIC

  • FIRST: 1989-4 NAIC Proc. 673 / LAST: 1991-4 NAIC Proc. 604
  • 1988-2 NAIC Proc. - Name Changed - John Montgomery (CA) suggested a change in the name ... Changed name from "Universal and Other New Plans Task Force" to "Product Development Task" Force."
  • 1980’s
    • 1989-1 - NAIC Proc. (p673)
    • 1989-2 NAIC Proc. 428 x (1152-1198)
    • 1989-2 NAIC Proc. 453 x (1199-1220)
    • 1989-4 NAIC Proc. 673 x (1339-1385)
  • 1990’s
    • 1990‐1A
    • 1990-4 NAIC Proc. 450 x (1783-1825)
    • 1991-2B, NAIC Proceedings
    • 1991-4 NAIC Proc. 604 1947-1949
  • 1989-1, NAIC Proc. (p673) - [Letters/ Feedback]
    • 2. The guaranteed ending date of the policy. A statement which says: Based on guaranteed interest rates, guaranteed mortality charges and the payment of the scheduled premiums, coverage will end on----
  • 1989-2, NAIC Proceedings
    • p446 - 1989 0301 - The purpose of the meeting was to hear comments on the sample disclosure statements prepared by Ted Becker (Texas). (Attachment Three-A1) 
  • To: Commissioner Harold C. Yancey, From: John M. Coomans, Date: October 20, 1988 - Subject: Proposed disclosure statements for interest sensitive products
  • (p680) - 2. The guaranteed ending date of the policy.
    • A statement which says: Based on guaranteed interest rates, guaranteed mortality charges and the payment of the scheduled premiums, coverage will end on--------
    • RoseMarie is insisting that the Policy Schedule Page identifies the date when the policy will lapse based on paying the planned premium and guaranteed assumptions of interest and mortality rates.
  • (p889) - Verbal misrepresentation by omission involving these products occurs frequently.
    • It is assumed that the disclosure statements will be presented under the heading of Statement of Policy Cost and Benefit Information, according to the NAIC Life Insurance Solicitation Rule.
      • RoseMarie is insisting that the Policy Schedule Page identifies the date when the policy will lapse based on paying the planned premium and guaranteed assumptions of interest and mortality rates.
      • She is returning policy filings that do not clarify this.
        • She is doing this based on 31A-21-301 UCA, which refers to disclosing the beginning and ending dates of insurance protection.
        • RoseMarie Parkinson 

Consumer Disclosure Issues Working Group of the Product Development (A) Task Force

1989-1, NAIC Proc. (p673) - [Letters/ Feedback]

  • To date, no state has adopted these forms.
    • Why this complete lack of action after all the effort in developing the forms?
  • One possible reason is that, during the early part of the year, state insurance departments are generally busy dealing with the  legislatures, which customarily are in session then.
  • Also, it takes a few months for new NAIC regulations to be officially published, distributed, and adapted for individual state use.
  • Many states also have been occupied with more urgent concerns, such as automobile and health insurance rates and solvency questions.

--  Tony Spano, ACLI

1990 - SOA - Quality of Life Insurance Sales Illustrations, Society of Actuaries - 16p

  • Tony Spano, ACLI:  I'm going to discuss what Norm referred to as consumer disclosure forms

[Bonk: "these forms" - 1990-1A, NAIC Proceedings - NAIC / LIMRA - Universal Life Disclosure Form Focus Group Summary  ---   [BonkNote]  ---  10p

  • Ted Becker also took the trouble to fax me a copy of minutes from a December 1989 NAIC Product Development Task Force Meeting, at which consumer disclosure was discussed at great length.
    • A standard "fill in the blanks" type of form, entitled "Policy Information for Applicant,"** was proposed in that meeting. It was very lengthy.
    • Subsequently one state, Minnesota, adopted a shortened version of it.  <WishList>

 --  Benjamin J. Bock, Transamerica Occidental

1992 - SOA - Life Insurance Sales Illustrations, Society of Actuaries - 16p

**

  • 1990-1A, NAIC Proceedings - NAIC / LIMRA - Universal Life Disclosure Form Focus Group Summary  ---   [BonkNote]  ---  10p
  • 1993 - NAIC - Policy Information for Applicant - Universal Life Policy - 3p
    • Life Insurance Disclosure Model Regulation - Appendix D
    • Located in:  1993 0525 - GOV (Senate) - When Will Policyholders Be Given The Truth About Life Insurance?, Senator Howard Metzenbaum (D-OH) - p63-65  ---  [BonkNote]
  • 2003 - SOA - Improving the Product Development Process, Society of Actuaries - 32p
  • Report of the Life & Health Actuarial (Technical) Task Force To the Life Insurance (A) Committee - June 12, 1991
  • The list of projects in Section A contains nine projects which were previously reportable to the Product Development (A) Task Force of the Life Insurance (A) Committee: Projects 41, 4n, 4o, 4p, 4r, 4s, 4u, 4w and 4x.
    • These projects will now be reportable directly to the Life Insurance (A) Committee under the assumption that the Product Development Task Force will be dissolved at this meeting.

1991-2B, NAIC Proceedings