2017 Fall National Meeting
Honolulu, Hawaii
Life Insurance and Annuities (A) Committee
Monday, December 4, 2017
1:00 PM - 2:30 p.m.
Hilton Hawaiian Village and Hawaii Convention Center—Grand Ballroom EF, Level 5

Life Insurance and Annuities (A) Committee
Conference Call
October 13, 2017
4:00 PM ET/3:00 PM CT

2017 Summer National Meeting
Philadelphia, Pennsylvania
Life Insurance and Annuities (A) Committee
Monday, August 7, 2017
2:00 PM - 3:30 PM
Philadelphia Marriott and Pennsylvania Convention Center - Grand Ballroom EF, Level 5

Life Insurance and Annuities (A) Committee
Conference Call
July 17, 2017
12:00 PM ET/11:00 AM CT

Life Insurance and Annuities (A) Committee
Conference Call
May 19, 2017
12:00 PM ET/11:00 AM CT

2017 Spring National Meeting
Denver, Colorado
LIFE INSURANCE AND ANNUITIES (A) COMMITTEE
Sunday, April 9, 2017 2:00 - 3:30 PM
201/203/205 Convention Center - Lobby Level

Life Insurance and Annuities (A) Committee
Conference Call
February 24, 2017
11:30 AM ET/10:30 AM CT

Education & Training Events

Related NAIC Publications

Contacts

Life Insurance and Annuities (A) Committee

The mission of the Life Insurance and Annuities (A) Committee is to consider issues relating to life insurance and annuities and review new life insurance products.

2017 Charges

Ongoing Support of NAIC Programs, Products or Services

  1. The Life Insurance and Annuities (A) Committee will:
    1. Monitor the activities of the Life Actuarial (A) Task Force.
    2. Oversee development of the principle-based reserving system.
    3. Oversee outstanding issues related to contingent deferred annuities (CDAs), including considering the development of a CDA buyer's guide.
  2. The Annuity Disclosure (A) Working Group will:
    1. Review and revise, as necessary, Section 6—Standards for Illustrations in the Annuity Disclosure Model Regulation (#245) to take into account disclosures necessary to inform consumers in light of the innovations in products currently in the marketplace.
  3. The Life Insurance Buyer's Guide (A) Working Group will:
    1. Review and revise, as necessary, the Life Insurance Buyer's Guide in conjunction with Appendix A of the Life Insurance Disclosure Model Regulation (#580).
  4. The Life Insurance Illustration Issues (A) Working Group will:
    1. Explore how the narrative summary required by Section 7B of the Life Insurance   Illustrations Model Regulation (#582) and the policy summary required by Section 5A(2) of  Model #580 can be enhanced to promote consumer readability and understandability of   these life insurance policy summaries, including how they are designed, formatted and  accessed by consumers.
  5. The Model Law Review (A) Subgroup will:
    1. In accordance with the Model Law Review Initiative, review the Committee's designated NAIC model laws for compliance with the NAIC's Procedures for Model Law Development and recommend whether they be retained as a model law, amended, converted to a guideline or archived.
  6. The Promoting Appropriate Sales Practices in Life Insurance and Annuities (A) Working Group will:
    1. Review and revise, as necessary, the Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (#278), as well as the producer and insurer bulletin and the NAIC Consumer   Alert, "Preventing Abusive Practices: The Misuse of Senior Designations and 'Free Lunch' Seminars."
  7. The Unclaimed Life Insurance Benefits (A) Working Group will:
    1. Develop a new NAIC model law to address the issue of unclaimed death benefits.

2018 Charges

Ongoing Support of NAIC Programs, Products or Services

  1. The Life Insurance and Annuities (A) Committee will:
    1. Monitor the activities of the Life Actuarial (A) Task Force.
    2. Oversee development of the principle-based reserving (PBR) system.
    3. Oversee outstanding issues related to contingent deferred annuities (CDAs), including considering the development of a CDA buyer’s guide.
    4. Explore ways to promote retirement security consistent with the NAIC’s continuing “Retirement Security Initiative.”
  2. The Annuity Disclosure (A) Working Group will:
    1. Review and revise, as necessary, Section 6—Standards for Annuity Illustrations in the Annuity Disclosure Model Regulation (#245) to take into account the disclosures necessary to inform consumers in light of the product innovations currently in the marketplace.
  3. The Life Insurance Buyer’s Guide (A) Working Group will:
    1. Review and revise, as necessary, the Life Insurance Buyer’s Guide in conjunction with Appendix A of the Life Insurance Disclosure Model Regulation (#580).
  4. The Life Insurance Illustration Issues (A) Working Group will:
    1. Explore how the narrative summary required by Section 7B of the Life Insurance Illustrations Model Regulation (#582) and the policy summary required by Section 5A(2) of Model #580 can be enhanced to promote consumer readability and understandability of these life insurance policy summaries, including how they are designed, formatted and accessed by consumers.
  5. The Model Law Review (A) Subgroup will:
    1. Work with the Life Actuarial (A) Task Force to review issues identified during the Subgroup’s completion of the Model Law Review Initiative, specifically:
      1. With respect to the Modified Guaranteed Annuity Model Regulation (#255):
        1. Research whether the requirements of Model #255 are contained elsewhere in state law or rules.
        2. Consider whether there is a need for the development of a similar law for modified guaranteed annuities offered through general accounts products.
      2. With respect to the Annuity Nonforfeiture Model Regulation (#806):
        1. Research whether the requirements of Model #806 are contained elsewhere in state law or rules.
        2. Consider whether Model #806 may be more appropriate as an actuarial guideline.
  6. The Promoting Appropriate Sales Practices in Life Insurance and Annuities (A) Working Group will:
    1. Review and revise, as necessary, the Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities (#278), as well as the producer and insurer bulletin and the NAIC Consumer Alert, “Preventing Abusive Practices: The Misuse of Senior Designations and ‘Free Lunch’ Seminars.”
  7. The Suitability (A) Working Group will:
    1. Review and revise, as necessary, the Suitability in Annuity Transactions Model Regulation (#275).
    2. Consider how to promote greater uniformity across NAIC-member jurisdictions.