1992 0623 - GOV (Senate) - Consumer Disclosure of Insurance

  • 1992 0623 - GOV (Senate) - Consumer Disclosure of Insurance, Howard Metzenbaum (D-OH)  ---  [BonkNote]
    • [PDF-323p-GooglePlay, VIDEO-?]->Not on govinfo.gov - R
    • ....on concerns relating to the adequacy of financial disclosures made in connection with the purchase of whole life insurance policies.
    • Senate - Committee on the Judiciary - Subcommittee on Antitrust, Monopolies, and Business Rights
  • Judy Faucett
  • 1991-1992 - SOA - Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries - 142p
    • Appendix II - Illustration Examples
  • Senator Howard METZENBAUM (D-OH): Do you think these things are going to happen soon?
  • Judy FAUCETT:  Well, I certainly hope they are going to happen in my lifetime.
  • Senator METZENBAUM:
    • I hope you have a long lifetime, but I sure hope that the insurance industry moves a lot faster than that, and I am not even talking about my lifetime.
    • I think yesterday was too late.
    • I think that for this industry to be guilty of such reprehensible practices and to sit on their hands and do nothing I just believe it is incredible.
    • The only reason they don't do something about it is because the American people don't know about it.
    • I am hopeful that as a result of these hearings they will know more, but I am a realist enough to know that 1 day's news story or commentary, or whatever, with respect to radio or TV does not cause these impregnable companies to move very rapidly.
    • I think it is shameful.
    • In your professional opinion, will this situation get worse for consumers if your recommendations are not adopted by the industry?
  • Ms. FAUCETT: I don't know that it will get worse, but certainly it will not get any better.