Universal Life Task Force

  • 1. In the Plenary Session, the Executive Committee report was adopted subiect to the following amendments to the report of the Life Insurance (A) Committee:
    • The (A) Committee unanimously adopted the report and the recommendations of the Universal Life Insurance (AS) Task Force.

1983-1, NAIC Proc.

  • 1983-4, NAIC Proc.

(81)

(A) Task Force - Universal Life (NOT ADOPTED)
Nashville
(No meeting was held)
Dallas
1. Heard reports of advisory committee meetings on November 5 and November 28.
2. Agreed that the task force should have its charge expanded to include the consideration of model laws and regulations
regarding general account life insurance and annuity plans which do not directly consider the Standard Valuation
and Nonforfeiture Laws.
3. Recommended that the Executive Committee change the title of the task force to "Task Force on New Life Insurance
and Annuity Plans Not Requiring Registration as a Security."
4. Discussed the need for direction for the work of the Technical Staff Actuarial Group.

(82)

The (A) COMMITTEE also:

5. Received report of the Universal Life Task Force.
6. Adopted the following amendments to the Universal Life Task Force report:
a. That the title of the task force be changed to "Task Force on Universal and Other New Plans" so that it can
work on additional new products.
b. That the task force charge define "new plans" as items such as interest indexed, deferred annuities, intermediate
premium life insurance plans, and other new life and annuity plans not requiring registration as a
security.

(448)

5. Report of the Universal Life Task Force
Task Force Chairman J. Richard Barnes of Colorado gave the report.

  • It was indicated that the industry advisory committee has met twice and is progressing well. Another meeting is scheduled for January.
  • Due to the fact that new products are continually coming on the market it was recommended that the title of the task force be changed in order that additional new products could be assigned to the task force without creating a new one.
  • The (A) Committee recommends that the title be changed to "Task Force on Universal and Other New Plans."
  • It was further recommended that the task force charge would define "new plans" as items such as interest indexed, deferred annuities, intermediate premium life insurance plans, and other new life and annuity plans not requiring registration as a security.

The report and recommendations were unanimously adopted.

FIRST: 1983-4 NAIC Proc.
LAST:1988-1 NAIC Proc. 

1980s ONLY

  • In June 1982 the NAIC created a new Universal Life Insurance Task Force

1983-1, NAIC Proceedings

EXECUTIVE (EX) COMMITTEE, 1983-4 NAIC Proc. 32

LIFE INSURANCE (A) COMMITTEE; Universal Life (A5) Task Force, 1983-4 NAIC Proc. 580

LIFE INSURANCE (A) COMMITTEE, 1984-1 NAIC Proc. 374

LIFE INSURANCE (A) COMMITTEE, 1984-2 NAIC Proc. 501

LIFE INSURANCE (A) COMMITTEE, 1984-4 NAIC Proc. 374

TECHNICAL SERVICES (EX5) SUBCOMMITTEE; Life and Health Actuarial (EX5) Task
Force, 1986-4 NAIC Proc. 483

LIFE AND HEALTH-ACTUARIAL (EX5) TASK FORCE, 1988-1 NAIC Proc. 479

Universal life insurance task force

NAIC Universal Life Insurance Task Force Files(8).pdf

EXECUTIVE (EX) COMMITTEE, 1982-2 NAIC Proc. 12

LIFE INSURANCE (A) COMMITTEE, 1982-2 NAIC Proc. 352

EXECUTIVE (EX) COMMITTEE; LIFE INSURANCE (A) COMMITTEE, 1983-4 NAIC Proc. 4

LIFE INSURANCE (A) COMMITTEE; Universal Life (A5) Task Force, 1983-4 NAIC Proc. 580

LIFE INSURANCE (A) COMMITTEE; Universal and Other New Plans (A) Task Force, 1985-1 NAIC Proc. 560