NAIC Pushing For 2-Page Life Insurance Illustration Summary

August 21, 2018 by John Hilton

 National Association of Insurance Commissioners’ working group is accepting comments until Aug. 31 on a proposed two-page “policy overview” summary to accompany life insurance illustrations.

Designed to “enhance consumer understanding,” the two-page summary proposal has been in the works for nearly three years. The Life Insurance Illustration Issues Working Group is making slow progress on the proposal, with a few issues remaining to work out.

Specifically, the American Academy of Actuaries is concerned that the summary could do more harm than good if it motivates consumers to ignore the full disclosure.

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Originally Posted at InsuranceNewsNet on August 17, 2018 by John Hilton.