SB - Questions

Question:  Why didn't these organizations show up when invited?

We invited some members of the Advisory Committee to testify
today, too.

  • We asked the National Association of Life Underwriters <NALU - Currently NAIFA> representing over 140,000 life insurance agents to send the chairman of its Illustration Task Force.

We invited the American Society of Chartered Life Underwriters, a professional society of insurance agents, to send the author of its highly touted illustration questionnaire.

At first, both organizations accepted the subcommittee's invitation. 

But late last week, within an hour of each other, the two
agents and brokers groups withdrew their agreement to testify.

They knew they were not to blame for the inadequacy of policy disclosure, but did not want to have to admit who is.

In addition, the ACLI, the national trade association for life
insurance companies, refused to testify last year and refused to
come today.  (p5)

Our panel of witnesses was to have been Brian Brown, American
Society of CLU and ChFC of Bryn Mawr, PA, and Robert Nelson,
chairman of the NALU Sales Illustration Task Force, National Association of Life Underwriters of Washington. (p6)

-- Howard Metzenbaum (OH) - Chair

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