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Annuity Disclosure (A) Working Group
Annuity
Disclosure (A) Working Group Page
Joint
Executive (EX) / Plenary Committee Summary Report
Summer 2009 Meeting Summaries Index
The Annuity Disclosure (A) Working Group of the Life Insurance
and Annuities (A) Committee met June 13, 2009.
During this meeting, the Working Group:
- Adopted its May 14 conference call minutes.
- Continued its discussion of the guaranty fund coverage
disclosure notice issue. At the Working Group's request,
a draft guaranty fund coverage disclosure template was developed
by the American Council of Life Insurers (ACLI) and the
National Organization of Life & Health Insurance Guaranty
Associations (NOLHGA). It updates the general notice on
guaranty fund coverage required to be provided under Section
19 of the Life and Health Insurance Guaranty Association
Model Act. The draft template was discussed during the Working
Group's May 14 conference call. Following the conference
call, interested parties were asked to submit comments on
the draft. ACLI and NOLHGA prepared a revised draft incorporating
the comments. The Working Group will hold a conference call
in July to discuss the revised draft and any comments received
on the revised draft. The Working Group agreed to refer
the draft template to the Receivership and Insolvency (E)
Task Force for its review and comment.
- Continued its discussion of the annuity illustration issue.
The Working Group discussed comments received from the American
Academy of Actuaries on a second version of the proposed
annuity illustration guidelines. The Working Group anticipates
holding one or two conference calls in August to complete
its work on the guidelines.
Action Items:
1. Adopted its May 14 conference call minutes.
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