Turning Points

1990s

1996-1

The working group next reviewed Appendix D to the Life Insurance Disclosure Model Regulation, which contained policy information for a universal life policy or indeterminate premium policy.
The working group agreed that, since most of this information was directly based on non-guaranteed elements, it would be appropriate to delete the entire appendix.

2010s

2016/4/3, NAIC Proceedings, LIIIWG CC,
“He <Michael Lovendusky – ACLI> said consumers are mostly confused about options, guarantees and riders. The ACLI work
group was considering asking the Life Insurance and Annuities (A) Committee to narrow the charge to look at only products
with options, guarantees and riders, but Ms. Cude said she thinks that it is important to consider how the disclosures for all
products could be improved.

2016/10/20 – LIII WG CC, 2016-3 NAIC Proceedings

a.? Purpose of Policy Overview Document

Birny Birnbaum (Center for Economic
Justice—CEJ) suggested that the policy overview document should be a tool to aid consumers in comparing plans across
companies, but not to choose between types of plans. Mr. Wicka explained
that he envisions the policy overview as being a high-level document including the basic elements of the plan. He said the
policy overview should enhance consumer understanding, but not replace the buyer’s guide or the details in the illustrations

Ms. Mealer said she agrees with Mr. Wicka’s description of the intended purpose of the policy overview document.

2020s