NAIC – lib
National Association of Insurance Commissioners (NAIC) – Library
Documents, Selections, Proceedings, Journal of Insurance Regulation, Resources
Documents
1990s 1980s 1970s 1990s1990s – NAIC
1990-1A p464 – NAIC / LIMRA Consumer Testing – Universal Life Disclosure Form – 10p
1993-1B p810 – Senator Metzenbaum Letter to NAIC– 2p
1993-2 p732 – Technical Advisory Committee – Illustrations Cover Page (Draft)(Attachment Six-A) – 3p
1993-2 p1036 – California – Ledger llustrations Draft – Life Insurance – 3p
1993-3 p443 – NAIC Position Paper – Illustrations – Life Insurance Disclosure Model Regulation – 4p
1994-1 p431 – NALU Statement – Illustrations – 18p
1980s1980s – NAIC
1982-1 p399 – ACLI – Cost Disclosure for Universal Life – 4p
1982-1 p402 – Life Insurance Solicitation Model Regulation (Draft) – 10p
1988-2 p220 – ACLI – Advertising Model Regulation – Market Conduct Surveillance Task Force – 3p
1970s1970s – NAIC
1973-2 p538 – Letter President Nixon to NAIC – 1p
Selections
Selections Resources SelectionsSelections
Life Insurance Committee (Years 1970-1999, also Index BINDER)
Resources
Resources
PROCEEDINGS of the National Association Of Insurance Commissioners2006-Current
Find complete Proceedings (1871-2019) at the NAIC Library
Cumulative Indexes: 1990-1994 1970-1979 1950-1979
Journal of Insurance Regulation (JIR) NAIC Library or more current
NAIC MODEL LAWS, REGULATIONS AND GUIDELINES, 1995-2 NAIC Proc. 1172
Life Insurance Buyer’s Guide
NAIC Versions / Drafts Other Versions NAIC Chronology WishList NAIC Versions / DraftsNAIC (Draft and Final)
2018 – NAIC Life Insurance Buyer’s Guide – 8p
2007 – NAIC Life Insurance Buyer’s Guide – 10p
2000 – NAIC Draft Life Insurance Buyers Guide – PROC-2000-4Q_1 – 4p
1996 – NAIC Draft redlined Life Insurance Buyer’s Guide – Draft 1996-3B 931 – 6p
1993 – NAIC Life Insurance Buyers Guide – 5p
1983 – ACLI Revised Draft Life Insurance Buyer’s Guide only – 1983-1 595 – 10p
1983 – ACLI Revised Draft Life Insurance Buyers Guide, letter and Disclosure Model Regulation – 1983-1 523 – 27p
1976 – NAIC Life Insurance Buyers Guide 1976-2 549 – 5p
1973 – Interim NAIC Life Insurance Buyer’s Guide – WishList
Other Versions1978 – Federal Trade Commission (FTC) – Life Insurance Buyer’s Guide – 12p
1993 – Wisconsin – Life Insurance Buyer’s Guide – 10p “Adapted from the 1983 Life Insurance Buyer’s Guide prepared by the National Association of Insurance Commissioners”
Wishlist: The 1983 Life Insurance Buyer’s Guide prepared by the National Association of Insurance Commissioners
NAIC Chronology2 sets – (1976-2019) and (before 1976).
(1976-2019)
Chronological Summary of Actions (all references are to the Proceedings of the NAIC).1976 Proc. I 7, 10-11, 381, 521, 523-527 (adopted).
1976 Proc. II 15, 17, 397, 542, 545-552 (reprinted with technical amendments and Buyer’s Guide).
1978 Proc. I 13, 15, 348, 472 (corrected).
1984 Proc. I 6, 31, 375, 496, 497-510 (amended and named changed from Life Insurance Solicitation to Life Insurance Disclosure Model Regulation).
1988 Proc. I 9, 19-20, 599-600, 625-626 (amended).
1988 Proc. II 5, 12, 478, 490, 503-510 (amended, regulation reprinted).
1989 Proc. II 13, 23, 414-415, 419-422, 428-429, 430-442 (amended).
1990 Proc. I 6, 27, 438-439, 450-451, 453-463 (amended).
1991 Proc. I 9, 17, 540, 549-557, 558-559 (amended, regulation reprinted, Appendix E adopted).
1992 Proc. I 86, 94, 860, 868, 869-878 (amended and regulation reprinted).
1993 Proc. I 8, 136, 795-800 (amended).
1996 Proc. 3rd Quarter 9, 40, 907, 918, 931-936 (amended Buyer’s Guide).
2000 Proc. 2nd Quarter 21, 22, 67, 99, 101-125 (amended and reprinted).
2000 Proc. 4th Quarter 16, 17, 105, 167-170 (Buyer’s Guide amended).
2018 Proc. 3rd Quarter (Buyer’s Guide removed). The following have all been superseded by the model regulation above.)
a. Deceptive Practices in Life Insurance Model Regulation:
1973 Proc. II 18, 21, 471, 532-533, 541-543 (adopted).
1974 Proc. I 12, 14, 405, 440, 442-443 (amended).
b. Life Insurance Cost Comparison (Interest Adjusted Index) Model Regulation:
1973 Proc. II 18, 21, 471, 532-533, 538-540 (adopted).
1974 Proc. I 12, 14, 405, 440, 442 (corrected).
© 2018 National Association of Insurance Commissioners 580-5
(before 1976)
NAIC Proceedings – 1983 Vol. I xxxi
Buyer’s guide: see next entryCost Comparison – Life Insurance Solicitation Model Regulation:
1976 Proc. I 523-527
1976 Proc. II 545-552 (reprinted with technical amendments and with the Life Insurance Buyer’s Guide
– 549-552 as an appendix)
1978 Proc. 1472 (corrected)
(The following have all been supplanted by the Model Regulation above.)
a. Deceptive Practices in Life Insurance Model Regulation:
1973 Proc. II 541~543
1974 Proc. I 442443 (amended)
b. Li/I? Insurance Cost Comparison (Interest Adjusted Index) Madel Regulation:
1973 Proc. Il 538·540
1974 Proc. 1442 (corrected) WishList
1973 Interim Version of the NAIC Life Insurance Buyer’s Guide
The 1983 Life Insurance Buyer’s Guide prepared by the National Association of Insurance Commissioners
Illustrations
1990-1A 1990-2 1991-1A 1991-2A 1992-1B 1992-2B 1993-1 Life Disclosure WG 1993-1B Life Disclosure WG 1993-2 Life Disclosure WG 1993-3 Life Disclosure WG 1993-4 Life Disclosure WG 1994-1 Life Disclosure WG 1994-2 Life Disclosure WG 1994-3 Life Disclosure WG 1994-4 Life Disclosure WG 1995-1 Life Disclosure WG 1995-2 Life Disclosure WG 1995-3 Life Disclosure WG 1995-4 Life Disclosure WG 1996-1 Life Disclosure WG 1996-2 Life Disclosure WG 1996-3 Life Disclosure WG 1996-4 V2 Life Disclosure WG 1997-1 Life Disclosure WG 1997-2 Life Disclosure WG 1997-4 V2 Life Disclosure WG 1998-1 Life Disclosure WG 1998-2 Life Disclosure WG 1998-3 Life Disclosure WG 1998-4 V2 Life Disclosure WG 1999-1 Life Disclosure WG 1999-2 Life Disclosure WG 1999-3 V2 Life Disclosure WG 1999-4 V2 Life Disclosure WG 1990-1A 2. Report of Life and Health Actuarial Task Force3. Report of Product Development Task Force 1990-2 Life Marketing Practices to Senior Citizens Working Group June 4, 1990
Report (Attachment Two) ………………………………………………………………….. 569
Marketing Practices to Senior Citizens and Graded Death Benefits
Working Groups May 14, 1990 Joint Meeting Report
(Attachment Two-A) ………………………………………………………………………. 570
Applicability of NAIC Model Rules Governing Advertising
of Life Insurance to Concerns of Working Group
(Attachment Two-Al) …………………………………………………………………. 571
Life Insurance Marketing Practices for Senior Citizens
Working Group Action Plan (Attachment Two-A2) ……………………….. 572
NAIC Rules Governing the Advertising of Life Insurance State
Pages (Attachment Two-A3) ……………………………………………………….. 573
Memorandum Addressing State Regulation of Life Insurance
Advertising (Attachment Two-A4) ………………………………………………. 575
Projected Interest Earnings Working Group June 4, 1990 Report
(Attachment Three) ………………………………………………………………………….. 577
Bulletin on Illustrated Interest Projections Exposure Draft
(Attachment Three-A) ……………………………………………………………………. 578
Projected Interest Earnings Working Group April 1 7, 1990 Report
(Attachment Three-Bl ……………………………………………………………………. 578
March 27, 1990 Report (Attachment Four) …………………………………………….. 579
AGENDA
3. Report of Marketing Practices to Senior Citizens Working Group
5. Report of Projected Interest Earnings Working Group
6. Report of Product Development Task Force
7. Report of Life and Health Actuarial (Technical) Task Force 1991-1A Life Insurance Disclosure Model Regulation Amended Exposure Draft
(Attachment Three) ………………………………………………………………………….. 549
Consumer Disclosure Financial Review Policy Fonns (Attachment Four) … 557
Life Marketing Practices to Senior Citizens Working Group
December 1, 1990 Report (Attachment Five) ………………………………………. 558
Life Marketing Practices to Senior Citizens Working Group
November 21, 1990 Report (Attachment Six) ………………………………………. 559
Resolution Regarding the Rules Governing the Advertising of Life
Insurance (Attachment Seven) …………………………………………………………… 560
Projected Interest Earnings Working Group Report (Attachment Eight) ….. 561
Bulletin on Illustrated Interest Projections Amended Exposure
Draft (Attachment Eight-A) …………………………………………………………… 561
November 5, 1990 Report (Attachment Nine) …………………………………………. 562
Life Marketing Practices to Senior Citizens Working Group
October 27, 1990 Report (Attachment Nine-A) ………………………………… 564
Memorandum Regarding Washington Supreme Court Decision in
Omega National Insurance Co. u. Marquardt
(Attachment Nine-Al) ……………………………………………………………….. 567
Consumer Disclosure Forms for Financial Review of Limited
Benefit Life Insurance (Attachment Nine-A2) ……………………………… 569
Life Insurance Disclosure Model Regulation Draft
(Attachment Nine-A3) ………………………………………………………. ………. 570
Accelerated Benefits Working Group October 26, 1990 Report
(AttachmentNine-B) ………………………………………….. ………………………… 578
Accelerated Benefits Model Regulation Draft (Attachment Nine-C) ……… 580
September 11, 1990 Report (Attachment Ten) ………………………… … …………… 585
Accelerated Benefits Working Group September 8, 1990 Report
(Attachment Ten-A) …………………………………… …………………………………. 587
Letters Regarding Qualification for Assistance
(Attachment Ten-Al) …………………………………………………………………. 589
Advisory Committee Memorandum on Tax Treatment of
Accelerated Death Benefits (Attachment Ten-A2) …………………. …….. 591
Accelerated Benefits Guideline Draft (Attachment Ten-A3) ……………… 592
Accelerated Benefits Working Group July 12, 1990 Report
(Attachment Ten-A4) …………………………………………………………………. 596
Life Insurance Marketing Practices to Senior Citizens Working
Group September 8, 1990 Report (Attachment Ten-B) ……………………… 600
Life Insurance Marketing Practices to Senior Citizens
Working Group August 13, 1990 Report
(Attachment Ten-Bl) ………………………… …. ……………….. …………………. 602
AGENDA
2. Report of Product Development Task Force
3. Report of Life & Health Actuarial (Technical) Task Force
4. Adopt December 2 Minutes and Accelerated Benefit Model Regulation
5. Adopt November 21 and December 1 Minutes and Amendments to Life Insurance Disclosure Model Regulation and Disclosure Form
6. Adopt Resolution Regarding Rules Governing the Advertising of Life Insurance
7. Adopt Illustrated Interest Projections Bulletin 1991-2A Senior Marketing Working Group June 11, 1991 Report
(Attachment Two) ……………………………………………………………………………… 686
Senior Marketing Working Group May 29, 1991 Report
(Attachment Two-A) ……………………………………………………………………… 687
Senior Marketing Working Group April 15, 1991 Report
(Attachment Two-B) ………………………………………………………………………. 688
Senior Marketing Working Group April 5, 1991 Report
(Attachment Two-Bl) …………………………………………………………………. 689
Standard Policy Forms Working Group Report (Attachment Four) ………….. 701
April 15, 1991 Report (Attachment Five) ……………………………………………….. 701
Optional Form of the Life Insurance Disclosure Model
Regulation (Attachment Five-A) …………………………………………………….. 703
March 11, 1991 Report (Attachment Five-B) ………………………………………. 715
AGENDA
a. Senior Marketing
4. Report of Product Development Task Force
5. Report of Life & Health Actuarial (Technical) Task Force 1992-1B
Report of Life and Health Actuarial (Technical) Task Force
Senior Marketing Working Group December 9, 1991 Minutes(Attachment Two) ……………………………………………………………………………… 868
Life Insurance Disclosure Model Regulation and Financial Review
of This Policy Disclosure Form (Attachment Two-A) ………………………… 869
Life Insurance Disclosure Model Regulation (Attachment Two-Cl) ….. 882
August 21, 1991 Minutes (Attachment Two-C2J ………………………………. 892 1992-2B Drafting Group for Shopper’s Guide to Life Insurance for Older Adults
June 8, 1992 Minutes (Attachment One) ……………………………………………….. 666 1993-1 Life Disclosure WG Life Disclosure Working Group March 8, 1993, Minutes (Attachment One) …. …. 251
Summary ofNAIC Activity, Life Insurance Disclosure/Illustrations
(Attachment One-A) …. ……………. … … …… ………….. ……. …. …………. …….. … 252
State Adoption of Life Insurance Disclosure Provisions Found in NAIC
Model Laws (Attachment One-Bl ……….. .. … ……….. …….. …………………. … 253
Statement of National Association of Life Underwriters
(Attachment One-Cl ………… …….. … …….. ………. ……… ………………. …… …… 257
Statement of the American Academy of Actuaries Task Force on
Life Insurance Illustrations (Attachment One-D) ……. .. ……… …… ………. 263
Report of the Technical Resources Group (Attachment One-E) .. ….. …………. 263 1993-1B Life Disclosure WG Life Disclosure Working Group December 6, 1992 Minutes (Attachment Two) … 788
Discussion Draft of Proposed California Ledger Illustration Law
(Attachment Two-A) …………………………… ….. … ….. ………. …………. ……… .. 789
Preliminary Report of the American Academy of Actuaries Task Force ·
on Life Illustrations (Attachment Two-B) ……… ……………………………… . 792
Life Disclosure Working Group· November 8, 1992 Minutes
(Attachment Two-C) …… ……… …….. … …….. … …… …. …………….. …………… . 794
Life Insurance Disclosure Model Regulation Amendment
(Attachment Three-,-B) .. …. … . ………. …………. ….. … ……………. …………. …. … 800 .
Letter From U .S. Senator Howard Metzenbaum Regarding
Consumer Disclosure (Attachment Four-D) …. ……. …… …………. ……….. .. 81 1993-2 Life Disclosure WG Life Disclosure Working Group June 21, 1993, Minutes (Attachment Six) …….. 730
Recommendation from Industry Committee on Life Insurance
Disclosure (Attachment Six-A) …………………………………………………….. 732
California Discussion Draft of Ledger lliustrations Rule
(Attachment Six-B) …………………………………………………………………….. 734
MINUTES 1993-3 Life Disclosure WG Life Disclosure Working Group, Sept. 20, 1993, Minutes (Attachment Six) ……. 440
Life Disclosure Working Group, Aug. 19, 1993, Minutes
(Attachment Six-A) …………………………………………………………………….. 442
Memo from Harold Phillips on Definitions (Attachment Six-Al) …….. 442
NCOIL Memorandum on Life Insurance Disclosure
(Attachment Six-A2) ……………………………………………………………. 443
White Paper on Life Insurance illustrations (Attachment Six-A3) ….. 443
Life Disclosure Working Group, July 22, 1993, Minutes
(Attachment Six-B) …………………………………………………………………….. 446 1993-4 Life Disclosure WG Life Disclosure Working Group December 4, 1993 Minutes
(Attachment Three) ………….. …… … ……………………………. ………………………… 650
Life Insurance Illustrations Model Act Exposure Draft
(Attachment Three-A) ………………….. , ……. , ……•……………………………… 653
Life Disclosure Working Group November 15-16, 1993, Minutes,
(Attachment Three-B) …………………………………………………………. …….. 654 1994-1 Life Disclosure WG Life Disclosure Working Group March 5 and 7, 1994, Minutes
(Attachment Four) ……………………………………………….. 364
lliustrations Recommended by Technical Resource Advisors
(Attachment Four-A) ………………………………………………………………….. 367
lliustrations Recommended by FIPSCO (Chris Kite)
(Attachment Four-B) ………………………………………………………………….. 388
Statement of National Association of Life Underwriters on Life
Insurance lliustrations (Attachment Four-C) ……………………………….. 413
Key Features Document from Consumers Union (Attachment Four-D) … 424
Life Disclosure Working Group Feb. 23, 1994, Minutes
(Attachment Four-E) ………………………………………………………………….. 431 1994-2 Life Disclosure WG Life Disclosure Working Group June 11 and 13,1994, Minutes
(Attachment One) 552
Statement from Commissioner J. Robert Hunter on Illustrations
Of Future Values (Attachment One-A) 555
Life Insurance Illustrations Model Act Draft (Attachment One-B) 556
Rules Governing the Use of Illustrations in
Connection with the Sale of Life Insurance Draft
(Attachment One-C) 557
Life Disclosure Working Group June 3,1994, Minutes
(Attachment One-D) 563
Life Disclosure Working Group May 1-3,1994, Minutes
(Attachment One-E) 564
Memo from Commissioner David Lyons Clarifying the Life
Insurance Committee’s Position and Intentions
(Attachment One-El) 568 1994-3 Life Disclosure WG Life Disclosure Working Group Sept. 17,1994, Minutes (Attachment Four) 520
Life Disclosure Standards Draft dated Sept. 17,1994
(Attachment Four-A) 522
Technical Resource Committee’s Draft Suggestions Concerning the Life
Insurance Illustrations Model Regulation (Attachment Four-B) 524
Sample Policy Illustrations (Attachment Four-C) 547
Life Disclosure Working Group Aug. 21-23,1994, Minutes
(Attachment Four-D) 564
Life Insurance Illustrations Model Act Draft
(Attachment Four-Dl) 568
Life Insurance Illustrations Model Regulation Draft
(Attachment Four-D2) 569
Life Disclosure Working Group July 14,1994, Minutes
(Attachment Four-E) 575 1994-4 Life Disclosure WG Life Disclosure Working Group Dec. 3 1994, Minutes (Attachment Three) ……. 657
Illustrations Used in Connection with the Sale of Life Insurance Model
Regulation Draft (Attachment Three-A) ………………………………………. 659
Suggestions for Amendments to Model Regulation
(Attachment Three-B) ………………………………………………………………… 664
Memorandum from Carolyn Johnson on Items to Discuss
(Attachment Three-C) ………………………………………………………………… 665
Life Disclosure Working Group Nov. 22, 1994, Minutes
(Attachment Three-D) ………………………………………………………………… 666
Life Disclosure Working Group Oct. 26, 1994, Minutes
(Attachment Three-E) ………………………………………………………………… 667
Products to be Exempted from Illustration Requirements
(Attachment Three-El) ……………………………………………………….. 671
Life Disclosure Standards (Attachment Three-E2) ………………………… 671
Life Disclosure Working Group Oct. 5 and Oct. 12, 1994, Minutes
(Attachment Three-E3) ……………………………………………………….. 673 1995-1 Life Disclosure WG Life Disclosure Working Group March 13, 1995, Minutes
(Attachment Two) ……………………………………………………………………………… 479
Life Insurance Sales Illustrations Model Regulation Draft
(Attachment Two-A) ……………………………………………………………………. 482
Life Disclosure Working Group Feb. 9-10, 1995, Minutes
(Attachment Two-B) ……………………………………………………………………. 490
Life Disclosure Working Group Jan. 5-6, 1995, Minutes
(Attachment Two-C) ……………………………………………………………………. 495 1995-2 Life Disclosure WG Life Disclosure Working Group Report (Attachment Three) ………………………….. 536
Life Insurance Sales Illustrations Model Regulation Draft
(Attachment Three-A) …………………………………………………………………. 540 1995-3 Life Disclosure WG Life Disclosure Working Group Report (Attachment One) …………………………….. 676
Life Insurance Illustrations Model Regulation (Attachment One-A) ……….. 679
Memo Regarding Concerns with Current Draft Proposal Life Insurance
Illustrations Model Regulation (Attachment One-B) ………………………. 68 1995-4 Life Disclosure WG Life Disclosure Working Group Dec. 2, 1995, Minutes (Attachment Three) ……. 773
Life Insurance Committee Nov. 27, 1995, Minutes (Attachment Six) …………….. 778
Life Disclosure Working Group Nov. 8, 1995, Minutes
(Attachment Six-A) …………………………………………………………….. …… … 779
Life Disclosure Illustrations Model Regulation
(Attachment Six-Al) …………………………………………. …………. ……… 781 1996-1 Life Disclosure WG Life Disclosure Working Group March 25, 1996, Minutes (Attachment One) ….. 593
Life Disclosure Working Group Report on Review ofNAIC Models
(Attachment One-A) …………………………………………………………… ………. 595
Letter Regarding Life Insurance Illustrations Model Regulation
from Commissioner Robert E. Wilcox (Attachment One-Al) …….. 597
Annuity Illustrations Subgroup Report (Attachment One-Bl …………………. 598
Annuity Illustrations Model Regulation Feb. 26, 1996, Draft
{Attachment One-Bl) ………………. …………………. ………………………. 601
Life Insurance Buyer’s Guide March 15, 1996, Draft
(Attachment One-C) ……………………………………………………………………. 607 1996-2 Life Disclosure WG Life Disclosure Working Group June 4, 1996, Minutes (Attachment Five) …… .. 693
Report of the Buyer’s Guide Subgroup (Attachment Five-Al. ………… ………. 695
Draft of Life Insurance Buyer’s Guide (Attachment Five-Al) …………. 696
Variable Life Illustrations Subgroup June 2, 1996, Minutes
(Attachment Five-B) …………………………… ……………. ………………. ………. 703
Replacement Issues Subgroup June 3, 1996, Minutes
(Attachment Five-CJ …………………………. …………. ……………. ……………… 704
Work Plan for Study of Life In surance Practices
(Attachment Five-CI) …. …………………. ……………. …….. ……….. ……. 705
Possible Survey Topics (Attachment Five-C2) ….. …… ………………. .. ….. 706
Report of Technical Resource Advisors (Attachment Five-Dl) ………… 707
Generally Recognized Expense Table (Attachment Five-E) ……………………. 716
Questions on Life Insurance Illustrations Model Regulation
(Attachment Five-F) … …………………. ……………. ……….. …………………….. 720 1996-3 Life Disclosure WG Life Disclosure Working Group Sept. 28, 1996, Minutes (Attachment Three) … 916
Report of the Replacement Issues Subgroup (Attachment Three-A) ……….. 919
Draft of New Business Practices Company Questionnaire
(Attachment Three-Al) ….. ……………………………………………………. 921
Report of Interim Activity of Life Disclosure Working Group
(Attachment Three-Bl ………………………………………………………………… 926
Report of Cost Indices Subgroup of the Life Disclosure Working Group
(Attachment Three-Bl) ………………………………………………………… 931
Draft of Life Insurance Buyer’s Guide
{Attachment Three-Bla) ……………………………………………….. 931
Questions on Life Insurance Illustrations Model Regulation As of
July 24, 1996 (Attachment Three-B2) ……………………………………. 936
Discussion Draft of Questions on Life Insurance IllW!trations Model
Regulation Dated 8/28/96 {Attachment Three-B3) ………………….. 945 1996-4 V2 Life Disclosure WG Life Disclosure Working Group Nov. 15 and Dec. 16, 1996, Minutes
(Attachment One) ……………………………………………………………………………. 1009
Questions on Life lnsW’ance Illustrations Model Regulation as of
Dec. 17, 1996 (Attachment One-A) ……………………………………………… 1012
Report of the Replacement Issues Subgroup (Attachment One-B) …………. 1025 1997-1 Life Disclosure WG Life Disclosure Working Group March 15 and March 18, 1997, Minutes
(Attachment Six) ………………………… …… ……………………….. …… ………………. . 686
Indexed Products – Disclosure Guidelines (Attachment Six-A) ……………….. 689
Questions and Answers Affecting Internet Marketing
(Attachment Six-B) …………………………………………………………………….. 690 1997-2 Life Disclosure WG Life Disclosure Working Group June 7 and 10, 1997, Minut.es
(Attachment Three) ……………………………………………………………………. 624
Memorandum from GRET Project Oversight Group to NAIC Life Disclosure
Working Group regarding Draft Report on 1998 Generally Recogniz.ed
Expense Table (Attachment Three-A) …………………………………………… 628
Technical Resource Advisors Report dated May 23, 1997
(Attachment Three-Bl …………………………………………………………………. 631
North Dakota Bulletin-Indexed Annuity and Life Products
(Attachment Three-C) …………………………………………………………………. 638
Annuity Disclosure and Sales Illustrations Model Regulation Draft dated
May 9, 1997 (Attachment Three-0) ………………………………………………. 642
Life Disclosure Working Group April 30, 1997, Minutes
(Attachment Three-E) …………………………………………………………………. 649
Replacement Issues Working Group June 10, 1997, Minutes
(Attachment Four) …………………………………………………………………………….. 652
Life Insurance and Annuities Financed Sales and Replacement Model
Regulation Draft dated May 27, 1997 (Attachment Four-A) ……………. 653
Important Notice Regarding Financed Sales and Replacements
(Attachment Four-B) ………………………………………………………………….. 658
Replacement Issues Working Group May 7, 1997, Minutes
(Attachment Four-C) …………………………………………………. ………………. 659 1997-4 V2 Life Disclosure WG Life Disclosure Working Group Dec. 6 and 8, 1997, Minutes
(Attachment Three) …………………………………………………………………………… 782
Annuity Disclosure and Sales Illustrations Model Regulation Dec. 8, 1997,
Draft (Attachment Three-A) ………………………………………………………… 786
Replacement Issues Working Group Dec. 6 and 7, 1997, Minutes
(Attachment Four) …………………………………………………………………………….. 793
Life Insurance and Annuities Replacement Model Regulation Oct. 27, 1997,
Draft (Attachment Four-A) …………………………………………………………. 797
Replacement Issues Working Group Oct. 21, 1997, Minutes
(Attachment Four-Bl ………………………………………………………………….. 804 1998-1 Life Disclosure WG Replacement Issues Working Group March 14 and 16, 1998, Minutes
(Attachment One) ……………………………………. …… …………. ………………………. 681
Replacement Issues Working Group March 5, 1998, Minutes
(Attachment One.A) ………………………………………………………………. …… 685
Replacement Issues Working Group Jan. 20, 1998, Minutes
(Attachment One-Al) …………………. ….. …………………………………… 688
ACLI Comments on Remaining Issues Regarding Life Insurance
and Annuities Model Regulation Draft
(Attachment One-Ala) ………………………………………………….. 689
Life Insurance and Annuities Replacement Model Regulation March 17, 1998,
Draft (Attachment Two) …………………………… ……………………………………….. 692
Viatical Settlements Working Group March 16, 1998, Minutes
(Attachment Three) ………………… ………………………………….. …… …………. …… 699
Aspects Related to a Potential Actuarial Study (Attachment Three.A) ……. 701
Viatical Settlements Model Act (Attachment Four) . ……….. …………………………… 701
NAIC Comments to U.S. Department of Labor on Proposed Regulations on the
Harris Trust Issue (Attachment Five) ……………… ………….. ………………… ….. . 707
Charitable Gift Annuities Model Act (Attachment Six) …………… …… ……….. …….. 708
Equity-Indexed Products Working Group Mar ch 14, 1998, Minutes
(Attachment Seven) …………………………………………………………………………… 711
Life Disclosure Working Group March 16, 1998, Minutes (Attachment Eight) … 712
Buyer’s Guide to Equity-Indexed Annuities dated March 16, 1998,
(Attachment Eight-A) ……………………………………. …………………………… 715
Annuity Disclosure and Sales Illustrations Model Regulation dated
Feb. 20, 1998 (Attachment Eight-8) ……………………………………………… 721
Life Disclosure Working Group Feb. 19-20, 1998, Minutes
(Attachment Eight-C) ……………………………………. …………………………… 728
AAA Preliminary Report on Annuity Supportability for Illustrating
Non-Guaranteed Elements (Attachment Eight-Cl) ….. …………….. 733 1998-2 Life Disclosure WG Life Disclosure Working G;roup June 21 and 23, ~998, Minutes
· (Attachment Three) …………………………………………………………………………… 677
Buyer’s Guide to Fixed Deferred Annuities June 21, 1998, Draft
(Attachment Three-A) ………………………………………………………………… 679.
Annuity Disclosure and Sales Illustrations Model Regulation June 23, 1998,
Draft (Attachment Three-8): ………. ………………………………………………. 689
American Academy of Actuaries Interim Report on Supportability Testing
of the Disclosure Working Group of the Committee on State Life ·
Insurance Issues Dated June 1998 (Attachment Three-C) ….. : ………… 692
American Academy of Actuaries Survey of First-Year Company Experience
Under Life Illustration Regulations Based on the.New NAIC Model
Dated June 1998 (Attachment Three-D) …………………….. : …………….. … 709·
Life Disclosure Working Group May 20, 1998, Minutes
(Attachment Three-E) ….. :., ……………………………………………………… …. 722
Proposed New Sections 5 and 6 for Annuity Disclosure and Sales . . .
. · . Illu~tr~tion.s Model.Reguhltion (Attachment Three-El) ….. . : …….. 724 1998-3 Life Disclosure WG Life Disclosure Working Group Sept. 13 and 15, 1998, Minutes
(Attachment Four) ……………………………………… ………………. …… …………. …… 542
Buyer’s Guide to Fixed Deferred Annuities Sept. 16, 1998, Draft
(Attachment Four-A) ……………………………………………………………. …….. 545
Annuity Disclosure Model Regulation Suggestion for Alternative Section 5A
and B, Sept. 14, 1998, Draft (Attachment Four-B) …………………………. 553
Annuity Disclosure Model Regulation Sept. 15, 1998, Draft
(Attachment Four-C) …………………………………………………………………… 554
American Academy of Actuaries Report on Annuity Supportability
(Attachment Four-D) ………………………………………………………………….. 557
Life Disclosure Working Group July 28, 1998, Minutes
(Attachment Four-E) …………………………………………………………………… 565
Suitability Working Group Sept. 13, 1998, Minutes (Attachment Five) ………….. 566 1998-4 V2 Life Disclosure WG Life Disclosure Working Group Dec. 7, 1998, Minutes (Attachment Three; …….. 627
Annuity Disclosure Model Regulation Dec. 7, 1998, Draft
(Attachment Three-A) …………………………………………………………………. 629
Life Insurance Illustrations Issues (Attachment Three-BJ …………………… … 632
Life Disclosure Working Group Oct. 20, 1998, Minutes
(Attachment Three-C) ………………………………………………………………. … 632
Equity Indexed Products Working Group Dec. 7, 1998, Minutes
(Attachment Four) …………………………………………………………………………… … 633
Suitability Working Group Dec. 8, 1998, Minutes (Attachment Five) ……………… 634
Suitability Working Group Memorandum Dated Dec. l , 1998, Regarding
Suitability Provision in NAIC Models (Attachment Five-A) …………….. 635
Proposed Outline for Suitability Working Group White Paper
(Attachment Five,B) …… …………. ……………………………….. …………. …… … 636
Suitability Working Group Nov. 12, 1998, Minut.es (Attachment Five-C) …. 636 1999-1 Life Disclosure WG
Life Disclosure Working Group March 8, 1999, Minutes (Attachment Three) ….. 528
1999-2 Life Disclosure WG Suitability Working Group June 6, 1999, Minutes (Attachment Four) ……………. 511Advertisements of Life Insurance and Annuities Model Regulation
May 10, 1999, Draft (Attachment Four-A) …………………………………….. 512
Suitability Working Group White Paper May 21, 1999, Draft
(Attachment Four-B) … ……………………………………………………………… … 519
Suitability Working Group March 30, 1999, Minutes
(Attachment Four-C) ………………………………………………………………… … 529 1999-3 V2 Life Disclosure WG Life Disclosure Working Group Oct. 4, 1999, Minutes (Attachment Three) …….. 773
Life Insurance Disclosure Model Regulation Oct. 4, 1999, Draft
(Attachment Three-A} …………………………………………………………………. 775
Suitability Working Group Oct. 3, 1999, Minutes (Attachment Four) …………….. 799
Advertisements of Life Insurance and Annuities Model Regulation
Sept. 28, 1999, Draft (Attachment Four-A) ……………………………………. 801
Suitability Working Group White Paper July 29, 1999, Draft
(Attachment Four-B) …………………………………………………………………… 808
Discussion Questions (Attachment Four-Cl ………………………………………….. 819
Suitability Working Group Aug. 6, 1999, and Sept. 23, 1999, Minutes
(Attachment Four-DJ …………………………………………………………………… 820 1999-4 V2 Life Disclosure WG Standard Valuation Law (Attachment One) ………………………………………………….. 845
Viatical Settlements Working Group Dec. 6, 1999, Minutes
(Attachment Two) ………………………………… …………. ………………………………….. 847
· Three Brochures from Viatical Advisory Package (Attachment Two-A) ……. 849
Draft #2 NAIC Model Act Amendments (Investor Issues) Dec. 2, 1999
(Attachment Two-Bl ……………………………………………………………………… 854
Viatical Settlements Working Group Nov. 9, 1999, Minutes
(Attachment Two-CJ ……………………………………………………………………… 856
Life Disclosure Working Group Dec. 5, 1999, Minutes (Attachment Three) …….. 858
Life Insurance Disclosure Model Regulation Draft Dec. 5, 1999
(Attachment Three-A) …………………………………………………………………… 859
Universal Life Insurance Model Regulation Nov. 30, 1999, Draft
(Attachment Three-B) …………………………………………………………………… 883
Suitability Working Group Dec. 6, 1999, Minutes (Attachment Four) …………….. 899
Advertisements of Life Insurance and Annuities Model Regulation
Dec. 6, 1999, Draft (Attachment Four-A) ………………………………………… 900
Suitability of Sales of Life Insurance and Annuities White Paper
Dec. 6, 1999, Draft (Attachment Four-B) ………………………………………… 908
Suitability Working Group Nov. 8, 1999, Minutes (Attachment Four-C) ….. 921 1980-1 1980-2 1981-1 1981-2 1982-1 1982-2 1983-1 1983-2 1984-1 1984-2 1985-1 1985-2 1986-1 1986-2 1987-1 1987-2 1988-1 1988-2 1989-1 1989-2 1980-1 AGENDA
1. Report of the Standard Nonforfeiture and Reseive Valuation L&ws Task Force.
2. Report of the Life Insurance Cost Disclosure Task Force.
4. Report of the Task Force to Evaluate the NAIC Model Life Insurance Solicitation Regulation
CONTENTS
Life Insurance Cost Disclosure Task Force. . . . • . . • . . . . . . . . . . . . . 51 7Advisory Committee on Manipulation . . . . . . . . . . . . . . . . . . . S 19
Beith memo re advisory committee report. . . . . . . . . . . . . . . • . 521
Industry Advisory Committee on Policy Lapsation: ……….. 524
Advisory Committee on Monitoring the Impact of the NAIC
Model Life Insurance Solicitation Regulation . . . . . . . . . . . . • • 524
American Academy of Actuaries Committee on Dividend
Principles and Practices . . . . . . . . . . . . . . . . . . . . . . . . . . 526
Wisconsin Special T~1’Force ……….•….. , ..•….. 530
Model Regulation on Partial-Endowment-Type
(“Deposit-Term-Type”) Insurance ……………….. 531
Task Force co Evaluate the Model Life Insurance Solicitation Regulation. . . 533
(C) Committee Technical Task Force on Valuation and Nonforfehure
Value Regulation ……………………………. 540 1980-2 AGENDA
1. Report of the Life Insurance Cost Disclosure Task Force.
2. Report of the Model Group Life Insurance Law Task Force.
3. Report of the Task Force to Evaluate the Model Life Insurance Solicitation Regulation.
4. Status report re study on advisability of the use of dynamic ( or floating) interest rates of mortgage loans.
S. Any other matters brought before the subcommittee.
CONTENTS
June 1980 report . . . . . . .664
. Model Group Life Insurance Law Task Force ………….. .
Advisory committee report on the revision of the Model Group
Life Insurance Law ………………………….. 671.
Preliminary report of the Advisory Committee on Monitoring the Impact
of the NAIC Modtl Life Insurance Solicitation Regulation . . . …… 672
Task Force to Evaluate the NAIC Model Life Insurance Solicitation
Regulation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ……….. 681
NAIC staff report on evaluation of NAIC Model Life Insurance
Solicitation Regulation ………………….. .
H<earing transcript summary and record of November 19 and 20,
1979 …………. .
NAIC issues a_nd options paper
List of Attachments ….. .
Life Insurance Cost Disclosure Task Force.
SOA status report on dividend philosophy.
American Academy of Actuaries’ report ..
Advisory committee on policy lapsation . .
Wisconsin Special Task Force report ….
Advisory Committee on Annuity Cost Disclosure.
NAIC Partial Endowment Type Insurance Model
Regulation exposure draft ………… .
ACLl’s Ad Hoc Subcommittee report . . . . . . .
Joseph Beith statement re advisory committee report on manipulation
Advisory committee response to Beith statement.
Statement of Brenda P. Roberts. . . . . . . . …
. 683
. 719
. 736
. 780
. 814
. 816
. 817
. 819
. 821
. 821
· 823
. 825
841
855
856
(C4) Technical Subcommittee June 1980 exposure drafts re revisions to
Standard Valuation Law and Standard Nonforfeiture Law . 857
Standard Valuation Law – Dynamic Interest …
Standard Valuation Law – Stacie Interest . . . . .
Standard Nonforfeiturc Law – Dynamic Interest.
Standard Nonforfeiturc Law – Static Interest.
.858
. 864
. 868
.875 1981-1 AGENDA
1. Report on the Task Force on Manipulation, Lapsatlon, Dividend Practices and Annuity Disclosure.
2. Report of the Model Group Life Insurance Law Task Force.
3. Report of the Task Force on Life Insurance Cost Disclosure.
4. Report of the Task Force on Policy Loan Interest Ra~es.
5. Report of the (C4} Technical Subcommittee.
6. Any other matters brought before the subcommittee.
CONTENTS
December 1980 report. …………. .
Manipulation, Lapsation, Dividend Practices and Annuity
Disclosure Task Force . . . . . . . . . . . . ……. .
Advisory Committee progress report . . . . …. .
Advisory Committee report on Policy Lapsation ..
Advisory Committee on Annuity Disclosure.
American Academy of Actuaries report . . . . . . .
Task Force on Revision of the Model Bill Defining Group Life
516
518
519
520
523
523
Insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • 524
NAIC Group Life Insurance Definition and Group Life Insurance
Standard Provisions Model Act . . _ . . . . . 528
Task Force on Policy Loan Interest Rates. 534
NAIC Model Policy Loan Interest Rate Bill . 535
ACLI statement. . . . . . . . . . . . . 537
Life Insurance Disclosure Task Force. . . . . . . . . . . . . . . . . 546
Interim December 3rd report , . , . , . . . . . . . . . . . . 548
NAIC Model Life Insurance Disclosure System Regulation,
October 30th draft …………•.. , 569
Section-by-section analysis. . . . . . . . . , , 58 3
November 24th public hearing testimony . . . 591
December 3 testimony . _ . . . . • . . . . . . . 757
Recommendations of (C4) to (C3) ……… , . , . . . . 761
NAIC Standard Valuation Law , …. , . , , …• , 765
NAIC Standard Nonforfeiture Law for Life Insurance • 774
Special report on actuarial guidelines to the Examiners Handbook . . 788 1981-2 1. Report of the Task Force on Manipulation, Lapsation, Dividend Practices and Annuity Disdosure.
2. Report of the Task Force on Model Group Life lnsuran,;e Law.
3. Report of the T,u;k Force on Life Insurance Cost Disclosure.
4. Rc!Jort of the (C4) Technical Subcommittee,
5, Any other matters brought before the subcommittee.
CONTENTS
June, 1981, report . , . , , ..• , .. , • , , , , , ••. , , ….•.• , , •….• 643
Manipulation, LApsatiori, Dividend Practices and Annuity
Disclosure Task Force report (Attachmenr One) .•••..•.• , .. , …•. 646
Proposed Lapse Disclosure System-Feasibility Test
and Procedures (Attachment One-A) .. _ .•.•.•••.••••. , . ,648
Report of the An1erkan Academy of Actuaries Committee
on Dividend Practices (Attachment One-B) .•….•..• , .••• _732
Report of the Advisoty Committee on Manipulation
(Attachment On,~C) .•.•.•• , •••.•••.•..•••..•..•• 739
Report of the Advisory Committee on AnmJity Disclosure
(Attachment Om~D) , • , •… , •.• , ..• , , , , , ••• , .•• , ,760
Statement on Replacement Disclosure Issues
(Atta.chment Two) ………•…………•••…• , • , • ,760
Report on legislative prngress of policy loan interest
rate bill (Actachment Three), ..••.•…..•.•…..•……. _766 1982-1 AGENDA
1. Report of the Life Insurance Cost Disclosure Task Force.
2. Report of the Manipulation, Lapsation, Dividend Practices and Annuity Disclosure Task Force.
3. Report of the Group Life and Health Insurance Task Force.
4. Report of the Home Service Life and Health Insurance Task Force.
5. Any other matters brought before the committee.
CONTENTS
December, 1981, report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 343
Semi-annual report of the Life, Accident and Health Insurance
Technical Staff Actuarial Group (Attachment One) . . . . . . . . . . 346
Agenda for December 1981 meeting (Attachment One-A). . . 353
Draft copy of June, 1981 minutes of the former (C4)
Technical Subcommittee (Attachment One-B) . . . . . . . . . 3 55
Draft copy of October, 1981 minutes (Attachment One-C). . 363
Table of Statutory Calendar Year Interest
Rates (Attachment One-D) . . . . . . . . . . . . . . . . . . . . 377
Correspondence on projects of former (C4) Technical
Subcommittee (Attachment One-E) . . . . . . . . . . . . . . . 380
Correspondence on Actuarial Guidelines (Attachment One-F) 383
Proposed Guideline for Interpretation of NAIC
Standard Nonforfeiture Law for Individual Deferred
Annuities (Attachment One-Fl) . . . . . . . . . . . . . 384
~ended changes to Actuarial Guideline II
(Attachment One-F2) . . . . . . . . . . . . . . . . . . . 386
Correspondence on sex distinct pricing (Attachment One-G) . 390
Review of Sex Distinct Pricing in Individually Marketed
Insurance (Attachment One-Gt) ……… .. … 391 1982-2
l. Report of the Life Cost Disclosure Task Force
2. Report of the Manipulation, Lapsation, Dividend Practices, and Annuity DisclosureTask Force 1983-1 AGENDA
1. Report of the Group Life and Health Insurance Task Force,
2. Report of the Home Service Life and Health Insurance Task Force.
3. Report of the Life Cost Disclosure Task Force.
4. Repon of the Manipulation, Lapsation, Dividend Practices and Annuity Disclosure Task Force.
5. Report of the Universal Life Insurance Task Force.
6. Report of the Variable Life Insurance Task Force.
7. Any other matters brought before the committee.
CONTENTS
December 1982 report . . . . . . . . . . . . . . .
Semi-annual report of the Life, Accident, and
Health lnsurarn;e Technical Staff Actuarial Group
(Attachment One) ………….. . .. .
Winter 1982 Agenda (Attachment One-A).
Correspondence on group recommendations
(Attachment One-B) ……… . … .
Draft of June 1982 minutes (Attachment One-C). . .
Draft of October 1982 minutes (Attachment One-D)
June 25, 1982 Report of the Technical
Advisory Committee (Attachment One-E) … . .. , .. . … .
October 29, 1982 Report of the Technical
Advisory Committee (Attachment One-F) . . . . ….. .
Memorandum on 1980 CSO Survey (Attachment One-<:).
Memorandum on proposed actuarial guideline
(Attachment One-H) … . ……. .
Correspondence regarding statements of
actuarial opinion (Attachment One-I) ..
ACLl’s Proposed Valuation and Nonforfeiture
Guidelines (Attachment One-J) …….. .
Memorandum·on revisions to Model Variable
Life Regulation (Attachment One•K) ….. .
Memorandum of November 19, 1982 on revisions to
Model Variable Life Regulation (Attachment One•L)
Correspondence on Mortality Study of Business Issued
With Minimal Sdection Requirements
(Attachment One-M) ………………. .
Model Regulation for Recognizing a New Annuity
Mortality Table for Use in Determining Reserve
Liabilities for Annuities (Attachment Two) . . . . .
Proposed new actuarial guideline (Attachment Three) .
447
450
462
464
%9
476
482
483
491
493
495
496
509
518
519
520
521 1983-2 AGENDA
2. Report of Life Cost Disclosure Task Force.
3. Report of Manipulation, Lapsation, Dividend Practices, and Annuity Disclosure Task Force.
4. Report of Universal Life Task Force.
5. Report of Life, Accident and Health Technical Actuarial Group.
6. Any other matters brought before the committee.
CONTENTS
June 1983 report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SS4
March 1983 report (Attachment One) . . . . . . . . . . . . . . . . . . . . 555
Semi-annual report of the Life, Accident and Health
Insurance Technical Staff Actuarial Group
(Attachment Two) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557 1984-1 AGENDA
1. Model Group Life Definition/Model Act on Mass Marketing.
2. Report of Life Cost Disclosure Task Force.
3. Report of Universal and New Life Products Task Force.
4. Report of Life, Accident and Health Technical Actuarial Group.
5. Any Other Matters Brought Before the Committee.
CONTENTS
December 1983 Report ……. . ……………… , •….. . 374
Model Amendment (Attachment One) …………………. 3 77
Report of the Technical Staff Actuarial Group (Attachment Two) … .. . 3 78 1984-2 June 7, 1984 Report ……………………. . … . …… . ………….. 501
ACLI Exposure Draft, Adopted as NAIC Model Replacement
of Life Insurance and Annuities
Regulation (Attachment One) …………………….. . …. 502
Statement from Alaska on Delays of Disbursement
of Cash Surrender Values (Attachment Two) . . ………… . . 506
Life and Health Actuarial Task Force Report (Attachment Three)
………………………………………….. . ………… . . 507
Report of the Standing Technical Advisory Committee
(Attachment Three-A) . ………. .. ……. . . .. ….. . …… 514
American Academy of Actuaries Working Drafts
(Attachment Three-B) …………. . . . . . . . .. . ….. . ……. 521
Letters by Larry Gorski on Industrial Insurance
Premium Value (Attachment Three-C) …… …………… 528
AGENDA
1. Update on Potential Tax Revisions
2. Consideration of Consequences of the Use of Consolidated Tax Return 1985-1 December 13, 1984 Report ………………………………………. 550
Group Life Insurance Definition and Group Life Insurance
Standard Provisions Model Act (Attachment One} ……………. 552
AGENDA
1. Report of Life Cost Disclosure Task Force
2. Report of Universal and Other New Plans Task Force
3. Report of the Group Life and Group Health Insurance Advisory Committee
4. Any Other Matters Brought Before the Committee 1985-2 June 12, 1985 Report …….. . …………………………….. . ….. 595
March 18, 1985 Report (Attachment One) ……….. . . . …… . . . . . … 596
Report of the Life and Health Actuarial (EX5) Task Force
(Attachment One-A) …… . …… . . . …….. . . . …… . . . . . , ….. 596
Commissioners’ Annuity Reserve Valuation Method Guidelines
(Attachment One-B) …………. . . . ………… . . . …….. . . . … 602
AGENDA
1. Report of Life Cost Disclosure Task Force
2. Report of Universal and Other New Plans Task Force
3. Report of the Life and Health Actuarial Task Force
4. Any Other Matters Brought Before the Committee 1986-1 l. Report of Life Cost Disclosure Task Force
2. Report of Universal and Other New Plans Task Force 1986-2 1. Report of Universal and Other New Plans Task Force
2. Report of Life Cost Disclosure Task Force
3. Report of Life and Health Actuarial Task Force 1987-1 1. Report of Life Cost Disclosure Task Force
2. Report of Universal and Other New Plans Task Force
3. Report of Life and Health Actuarial Task Force 1987-2 2. Discuss Proposed Model Regulation on Life Products Coupled with Annuities
3. Report of Life Cost Disclosure Task Force
4. Report of Universal and Other New Plans Task Force
5. Report of Life and Health Actuarial Task Force 1988-1 Exposure Draft Amending the NAIC Rules Governing the Advertising of
Life Insurance (Attachment One-A) ………………………….. . 603
Annuity and Deposit Fund Disclosure Model Regulation (Attachment Two) 603
ACLI’s Proposed Form of Notice & Consent for Blood Testing for AIDS
(Attachment Three) ………………………………………….. 609
September 15, 1987 Report (Attachment Four) ………………………. 619
Status Report from Universal and Other New Plans (A) Task Force
(Attachment Four-A) …………………………………….. . .. 620
AGENDA
1. Adopt Pit~burgh Minutes
2. Report of Universal and Other New Plans Task Force
3. Report of Life Cost Disclosure Task Force
4. Report of Life and Health Actuarial Task Force
5. Report of Subgroup on Prepaid Funeral Plans
6. Action on Model Annuity and Deposit Fund Disclosure Regulatio 1988-2 Amendments to Life Insurance Disclosure Model Regulation
(Attachment ‘lvo) …………………………………………. 482
March 15, 1988 Report (Attachment Three) ………………………. 489
Prepaid Funeral Plans Subgroup Report (Attachment Three-A) ……. 490
Proposed Amendments to Model Annuicy and Deposit Fund Disclosure
Regulation (Attachment Three-Al) ……………………….. 490
Proposed Amendments to Rules Governing the Advertising of Life
Insurance (Attachment Three-A2) ………………………… 497
Proposed Amendments to Life Insurance Disclosure Model Regulation
(Attachment Three-A3) . …. . ……………………. . .. . ….. 503
AGENDA
1. Adopt Santa Fe Minutes
2. Report of Life and Health Actuarial Task Force
3. Report of Life Cost Disclosure Task Force
4. Report of Universal and Other New Plans Task Force 1989-1 1. Report of Life and Health Actuarial Task Force
2. Report of Life Cost Disclosure Task Force
3. Report of Product Development Task Force 1989-2 Update on Life Insurance Legislation (Attachment One) ………………………… 417
Report on State Adoptions ofNAIC Amendments on Preneed Funeral Plans
Funded with Life Insurance or Annuities (Attachment Two) …………………. 418
Life Insurance Buyer’s Guide (Life Insurance Disclosure Model
Regulation Appendix A) (Attachment Three) ……………………………………….. 419
March 21, 1989 Report(Attachment Four) ……………………………………………… 422
AGENDA
l. Adopt Little Rock Minutes
2. Report of Life Cost Disclosure Task Force
3. Report of Product Development Task Force
4. Report on Accelerated Benefit Riders
5. Report of Life and Health Actuarial Task Force
6. Report on State Adoption of Amendments on Preneed Funeral Plans Funded With Life Insurance or Annuities
7. Reaffirmation of Life Insurance Buyer’s Guide
8. Any Other Matters Brought Before the Committee 1972-1 1972-2 1973-1 1973-2 1974-1 1974-2 1975-1 1975-2 1976-1 1976-2 1977-2 1978-1 1978-2 1979-1 1979-2 1972-1 AGENDA
1. Receive report of the Commissioner’s Task Force on Premium Financing.
2. Receive report of the Industry Task Force on Policy Loan Interest Races.
3. Development of an NAIC Model Regulation for Price Illuscrarions of Life Insurance Products. 1972-2 AGENDA
477
l. Report of the lnsuranc<e Department Task Force to Study and Report on Policy Loan Interest Rates (Chairman,
James R. Carlisle, Examiner, Alabama Insurance Department).
2. Report of the Technical Task Force to Study Developemnt of NAIC Model Regulation for Price Illustrations of
Life Insurance Products (Chairman, Daniel D. Andersen, Actuary, Iowa Insurance Department).
3. Report of the Technical Task Force to Study Suggested Changes in Valuation and Non-forfeiture Law –Annuities
(Chairman, Henry F. Ries, Chief Actuary, Colorado Insurance Department).
•<!-. Report of the Task Force to Study Illustrations Used in Selling Equity Insurance and Leased Life Insurance, as well
as Replacement of Life Insurance with non~imilar products (Zone IV to report).
5. “Perspective for Tomorrow” — extract from the Report of the Institute of Life Insurance.
6. Discussion of Disclosure of Agents’ Commissions.
7. Discussion of split life insurance. (Placed on Agenda at the request of Zone V).
8. Any other matters submitted for consideration. 1973-1 1. Report from the Valuation Task Force.
AGENDA
2. Report from the Policy Loan Interest Race Task Force.
3. Report from the Split Life Task Force.
4. Report frorn the Price Illustration Task Force.
5. Discussion on whether to appoint a Task Force to study the broad area of life insurance products in general and its
various characteristics – Commissioner Stanley C. DuRose of Wisconsin will speak on this subjc:c t .
6. Discussion on Deposit Term Life Insurance. 1973-2 AGENDA
1. Report of Task Force on Life Insurance Cost Comparison.
2. Final report of the Policy Loan Interest Rate Task Force.
3. Report on California investigation into deposit term life insurance.
4, Report of the Split Life Task Force.
5, Report on proposal to launch major investigation of life insurance industry.
6. Review outline of the possible problems of life insurance advertising – Iowa Department. 1974-1
1. Report of Task Force on Life Insurance Policy Lapses.
2. Report of Task Force Studying Agents Compensation Systems.
3. Report of Task Force to Study Reinsurance Activities.
4. Report of Task Force on Standard Non-Forfeiture and Standard Reserve Valuation Laws.
S. Report of Task Force on Deposit Tenn Llfe Insurance.
6, Report of Life Insurance Cost Comparison Task Force.
7. Report of Split Life Task Force.
8, Report on Medical Information Bureau.
9. Discussion of variable life insurance cost disclosure and price comparison. 1975-1 1. Report of the Task Force on Policy Lapsation.
AGENDA
2 Report on the Task Force on Agents’ Compensation.
3. Report on the Task Force to Study Reinsurance Activities.
4. Report on the Task Force to Study Standard Non-Forfeiture and Reserve Valuation Laws.
S. Report on the Life Insurance Cost Comparison Task Force,
6. Discussion on Policy Loan lntl:rest Rates.
7. Discussion on Annual Pure Endowment Contracts. 1975-2 1. Report on research projects.
AGENDA
2. Consideration of discussion draft of proposed model regulation on life insurance disclosure and cost comparison. 1976-1 AGENDA
1. Report of Technical Subcommittee on Standard Nonforfeiture and Reserve Valuation Laws.
2. Report of the Task Force on Life Insurance Cost Comparison.
3. Report of the Task Force on Premium Deposit Funds.
4. Report of the Task Force on Agents’ Compensation.
5. Consider problems of insurance policy lapsation. 1976-2 AGENDA
1. Report of Life Insurance Cost Comparison Task Force.
2. Report of Technical Subcommittee on Standard Nonforfeiture and Reserve Valuation Laws.
3. Report of Task Force on Premium Deposit Funds.
4. Report of Task Force on Life Insurance Policy Lapsation.
5. Report of Task Force on Agents’ Compensation.
6. Discussion on research into replacement problems. 1977-2 AGENDA
l. Report of the Technical Task Force on Standard Nonforfieture and Reserve Valuation Laws.
2. Report of the Life Insurance Cost Comparison Task Force on study of life insurance dividend practices, annuity
disclosure and life insurance policy lapsation.
3. Report of Life Insurance Agent’s Compensation Task Force.
4. Report of the Life Insurance Replacement Regulation Task Force.
S. Any other matters brought before the subcommittee.
6. Prepare report summary, list of recommendations for action and list of unfinished ongoing committee business for
inclusion in the report of the meeting. 1978-1 AGENDA
1. Report of the Technical Task Force on Standard Nonforfeiturc and Reserve Valuation Laws.
2. Report of the Life Insurance Cost Comparison Task Force on the study of life insurance dividend practices, annuity
disclosure and life insurance policy lapsation.
3. Report of the Life Insurance Agent’s Compensation Task Force.
4. Report of the Life Insurance Replacement Regulation Task Force.
5. Report of Task Force to Study and Develop Standards for Life Insurance Policy Language Simplification. 1978-2 AGENDA
1. Report of the Technical Task Force on Standard Nonforfeiture and Reserve Valuation Laws.
2. Report of Cost Disclosure of Life Insurance Task Force.
3. FTC’s suggestion of its life insurance co~t comparison plan.
4. Discussion of recommendation made by the Governmental Liaison (EX5) Subcommittee to this subcommittee to
developing a mechanism for monitoring the i~p~t of the NAIC Life Insurance Solicitation Regulation.
5. Report of Replacement Task Force.
6. Rc:port of Task Force on Federal Tax Treatment of Investment Annuity Contracts.
7. Report of the.Task Force ·on Revision of Model Bill Defining Group Life Insurance and Developme~t of a Model Bill
defining group health insurance.
8. Status of lawsuit against the SEC concerning variable life.insurance and annuity regulation. 1979-1 AGENDA
1. Report of the Standard Nonforfeiture and Reserve Valuation Laws task force.
2. Report of the Life Insurance Cost Disclosure Task Force.
3. Report of the Replacement of Life Insurance Task F orce.
4. Report of the Task Force on Federal Task Treatment of Investment Annuity Contracts.
5. Report of the Model Group Life Insurance Law Task Force.
6. Any other matters brought before the subcommittee.
TABLE OF CONTENTS
December 1978 report •…. , . . . . . . . SS3
Life Insurance (C3) Cost Disclosure Task Force 556
NAIC Life Insurance Replacement Model Regulation 557
Advisory Committee to the Replacement Regulation (C3) Task Force 569
Lapsation Advisory Committee . . . .
(C) Committee Technical Task Force to Review Valuation and Nonforfeiture
Value Regulation Life Insurance
575
674 1979-2 AGENDA
1. Report of the Standard Nonforfeiture and RelierVe Valuation Laws Task Force.
2. Report of the Life Insurance Cost Disclosure Task Force.
3. Report of the Task Force on Revision of Group Life Insurance Model Law.
4. Report of the Advisory Committee on Policy Lapation.
S. Any other matters brought before the subcommittee.
CONTENTS
June 1979 report ….•…..•.•.•••.••••••.•. , . . . . . . • 468
Life Insurance (C3) Cost Disclosure Task Force. . • • • • • • • • • • . • . • • • 470
Responses co the lapsation study •..•• • •.•••••..•••••.. 472
SOA committee report on dividend philosophy • •• •.• • • • ••••. 479
AAA committee report on dividend principles and practices . • • • . • 481
Definition of “nominal” in Opinion S-7 … , , • . . . • . • . . . . . . 484
ReportS on the impact of model life solicitation regulation . • . • • • . 484
Reporu on Wisconsin life solicitation regulation • . . . • . . . . . . . . 490
Members of the new Manipulation Advisory Committee. . • . . • • . • 491
Technical task force on nonfotfeiture and valuation laws special report . • . . 492
Table of contents • . . • . . . . . • • . . . • • . . • • • • . . • • • • . . • 492
Technical task force on nonforfeiture and valuation laws standard report . . . 499
Table of contents •..•……..•.. , • . • . . . . . . . . . . . . 498