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, review new life insurance products and establish priorities of the Life and
Health Actuarial Task Force.
The following task forces and working groups report to the Life Insurance and Annuities (A) Committee:
2009 Charges
Ongoing Support of NAIC Programs, Products, or Services:
- Review model laws adopted in 2004 and not revised since that time. Essential
- Oversee development of the principles-based reserving system. Essential
- Review and revise, as necessary, the Buyer's Guides to Fixed Deferred Annuities in conjunction with Appendix A of the Annuity Disclosure Model Regulation and the Life Insurance Buyer's Guide in conjunction with Appendix A of the Life Insurance Disclosure Model Regulation. Important
- Oversee changes and provide technical assistance as appropriate for the production of the Market Share Reports for the Top 125 Life and Fraternal Insurance Groups and Companies by State. Essential
- Consider the development of a new model regulation on the use of senior-specific certifications and professional designations in connection with an offer, sale or purchase of life insurance or an annuity to seniors or the provision of advice to seniors in connection with an offer, sale or purchase of life insurance or annuity; and in developing the model regulation, the Committee may consult with the market regulation committee, as it considers appropriate. Important
- Review and consider changes to the Annuity Disclosure Model Regulation (#245) to improve the disclosure of information provided for annuity products, both generally and specifically, and to provide insurers uniform guidance in developing disclosure information and documents and monitoring the distribution thereof in order to better inform annuity consumers about the annuity product purchased and how it works. (Delegated to the Annuity Disclosure Working Group). Important
New Objectives and Goals (representing new NAIC programs, services, or initiatives):
- Appoint an Indexed Annuities Working Group to monitor and respond to issues, as appropriate, related to the SEC's Rule 151A on indexed annuities and certain other insurance contracts and coordinate such response with the Government Relations Leadership Council; conduct a coordinated, nationwide data call and issue a public report regarding annuity products, with a specific focus on the sales and marketing practices of indexed annuities; coordinate with the Market Actions (D) Working Group regarding any formal regulatory actions that might arise as a result of the coordinated data call; and review and analyze other emerging issues regarding indexed annuity products, as necessary. Important
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