Cash Surrender Values

Cash Surrender Values

MR. MICHAEL F. DAVLIN: My topic this morning is required cash surrender
values for Universal Life products. A few of the questions I will address
include:
What is the status of NAIC activity in this area?
What are the prospects of the NAIC adopting the current ACLI
nonforfeiture proposal?
As I personally do not believe that a verbatim adoption of the
ACLI proposal is very likely, what objections may be addressed
by the NAIC?
In order to resolve these objections, I will progose a new
definition of what constitutes an equitable cash surrender
value for insurance issued through a stock company.

1983, Universal Life, Society of Actuaries