NAIC Working Group Stumbles On Annuity Illustration Changes
October 6, 2018 by John Hilton
A state insurance commissioners’ working group hoped to finalize changes today on a rule amendment to allow insurers to illustrate indexed annuities using indices that have been around less than 10 years.
But a morning conference call to finalize the rule amendments ended with more questions than answers. Some regulators are not convinced consumers will understand how the indices work.
“There’s a lot of small print,” said Matt Gendron, general counsel for the Rhode Island Department of Business Regulation. “There’s a lot of hypothetical information. There’s a lot of ‘might’ information.”
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