Illustrations – History

Illustrations – History

“The whole process started in the NAIC, as it had to. If radical changes in the way we illustrate policies were going to be made, they had to start at the NAIC.

The NAIC was only too well aware of the fact that sales illustrations were the subject of innumerable abuses and they wanted to correct those abuses.

Furthermore, the NAIC was being pushed by Senator Howard Metzenbaum who wanted to accuse the regulatory structure of not doing its job and then to bring regulation up to the federal level.” 

—  Mr. Frank S. Irish <ASB>

1998 – Professional Standards Affecting Life Actuaries, Society of Actuaries

1994-3 NAIC Life Disclosure Working Group List of Standards  – Attachment Four A  – 3p