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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 Preventing Abuses 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.