Project – Plan of Insurance

2019 0903 - 2019-3, NAIC Life Insurance Illustration Issues (A) Working Group (LIIIWG) - Conference Call - Plan of Insurance
- Michael Lovendusky, ACLI ... said assisting consumers to compare products is outside the scope of the Working Group’s charge, and it would limit innovation and harm consumers.
- Birny Birnbaum, CEJ ... said the Working Group’s charge specifically includes how the summaries are “designed, formatted and accessed” by consumers, and the stated purpose of Model #580 is to “require insurers to deliver to purchasers of life insurance information that will improve the buyer’s ability to select the most appropriate plan of life insurance for the buyer’s needs.”