NAIC Extends Annuity, Life Disclosure Rule Work

August 12, 2020 by John Hilton

The Life Insurance and Annuities Committee granted two time extensions today to allow state regulators to finish work on a pair of key disclosure issues.

Holding its summer meeting via Zoom call, the committee granted extensions to these two working groups:

• The Annuity Disclosure Working Group for its work to increase the time indexes must be in existence to be used in annuity illustrations from 10 to 15 years. Regulators are concerned that consumers are being misled by unrealistic indexed annuity illustrations.
• The Life Insurance Illustration Working Group for its work to develop policy summary disclosures across the various life insurance products.

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Originally Posted at InsuranceNewsNet on August 11, 2020 by John Hilton.