NAIC Working Group Closing In On Disclosure Overview Language

October 10, 2018 by John Hilton

A National Association of Insurance Commissioners working group is narrowing down issues related to a proposed two-page “policy overview” summary to accompany life insurance sales.

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 held a conference call Tuesday to address some remaining issues.

Specifically, Birny Birnbaum, executive director of the Center for Economic Justice, reminded the group to “keep in mind what the purpose of a policy overview is. In our view, it’s not an addendum to an illustration.”

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Originally Posted at InsuranceNewsNet on October 10, 2018 by John Hilton.