American Council of Life Insurers (ACLI)

NAIC Proceedings

1982-1 STATEMENT OF THE AMERICAN COUNCIL OF LIFE INSURANCE BEFORE THE NASAA NAIC JOINT REGULATORY INSURANCE – 10p 

1981-1 ACLI Cost Disclosure Letter Vogel – 14p

Current

What You Should Know About Buying Life Insurance

Tips on Buying Life Insurance

2019 – Life Insurers Fact Book

2004 – Renewal Premiums and Discretionary Participation Features of a Life Insurance ,Contract: A Joint Research Project 52p

1984 – Beyond Readability: How to Write and Design Understandable Life Insurance Policies, Redish, 29p

1981 – ACLI Amicus Curiae Brief – Aetna v Mitchell (WI Insurance Commissioner), 32p 

Definitions – 2017 – GLOSSARY OF INSURANCE-RELATED TERMS, ACLI FACT BOOK

“Universal life insurance A type of permanent life insurance that allows the insured, after the initial payment, to pay premiums at various times and in varying amounts, subject to certain minimums and maximums.

To increase the death benefit, the insurance company usually requires the policyholder to furnish satisfactory evidence of continued good health. Also known as adjustable life insurance.” 

“Adjustable life insurance:  A type of life insurance that allows the policyholder to change the plan of insurance, raise or lower the policy’s face amount, increase or decrease the premium, and lengthen or shorten the protection period.” 

acli.org
formerly, ALIA

PEOPLE

Michael Lovendusky, Pat Reeder, Emily Micale, Gary Hughes, Tony Spano, John Booth, Jack Blaine, William Tozer, Richard Barnsback, Daniel F. Case, Richard Minck. Julie Spiezio (1989-2)

  • Dynamic – CC
  • Premium vs Cash Value – Not exactly true – Letter
  •  
  • 198x – NAIC Buyer’s Guide (LIBG) – ACLI = Scribe
  • 198x LIBG vs 199x LIBG
    • 198x – Premium/Charges
    • 199x – Premium/Premium
  • 1993 – GOV – When Will Policyholders Be Given The Truth – No show, Metzenbaum
  • Subcommittee on Cost Comparisons
  • American Council of Life Insurance’s Actuarial Committee
  • Tom Doruska (Global Atlantic Financial Group), representing the ACLI Indexed Universal Life Task Force, NAIC – 1/14/2016 LATF CC

1980s

NAIC Proceedings – ACLI – Universal Life 

LIFE , ACCIDENT AND HEALTH (C) COMMITTEE; Life Insurance (C3) Subcommittee, 1980-1, NAIC Proc. 515

Subcommittee on Cost Comparisons – Universal Life, Society of Actuaries, https://www.soa.org/globalassets/assets/library/proceedings/record-of-the-society-of-actuaries/1980-89/1981/january/rsa81v7n412.pdf

STATEMENT ON BEHALF OF THE AMERICAN COUNCIL OF LIFE INSURANCE

TO THE NAIC (A) COMMITTEE’S MANIPULATION, LAPSATION, D1VlDEND PRACTICES AND ANNUITY DISCLOSURE TASK FORCE

June 8, 1982

 

1. The product commonly referred to as “universal life insurance” has aroused considerable attention and is being marketed to an increasing extent.

  • Under a universal life insurance policy, the insured has considerable flexibility with respect to the amount and timing of premium payments.
  • It is possible for the insured to skip premium payments and still have the policy continue in force, even until the point at which the policy expires or matures.
  • Under these circumstances, when is a policy to be considered as having lapsed for the purpose of the proposed disclosure system?
  • How about the situation where a premium is paid, but at a substantially lower level than the policyholder had been paying?
  • Should this be considered a partial lapse and, if so, how should the amount lapsed be measured?

2. Another recent product is “adjustable life insurance.”

  • The policyholder must pay premiums on the specified due dates but can request changes in the amount of the premium, the amount of insurance, or the plan of insurance.
  • The policy thus can be changed from a permanent insurance plan to a term plan, and vice versa.
  • How are such policies to be handled under the advisory committee’s proposed system, which calls for a separation of the experience between permanent and term insurance?

1982-2, NAIC Proceedings, ATTACHMENT FOUR

The American Council of Life Insurance also has a special Task Force on Valuation and Nonforfeiture Regulation for New Products, which is studying minimum reserves and nonforfeiture value requirements for universal life policies and which is keeping the advisory committee apprised of its research.
1983-2, NAIC Proceedings

1990s

“Actuaries can do lots of things. We can provide the field with a clear description of the policy and how it works.” 

BRUCE E. BOOKER (a member of the American Council of Life Insurance (ACLI) Task Force on Cost Disclosure and the National Association of Insurance Commissioners (NAIC) Advisory Group on Illustrations

1993, SALES ILLUSTRATIONS – WE CAN’T LIVE WITH THEM, BUT WE CAN’T LIVE WITHOUT THEM!, Society of Actuaries