NAIC Working Group Chair Critical Of Annuity Illustration Changes
October 22, 2018 by John Hilton
The mood turned against allowing insurers to illustrate indexed annuities using indices that have been around less than 10 years during a state insurance commissioners’ working group meeting today.
Birny Birnbaum, executive director of the Center for Economic Justice, swayed commissioners with passionate comments against the concept during a midday conference call.
Allowing insurers wide leeway in annuity illustrations is in direct opposition to what the National Association of Insurance Commissioners is trying to do with life insurance, he noted. Click HERE to read the full story via INN; subscription required.