Stop Bashing the Life Policy Summary Update Effort: Birny Birnbaum to Industry Groups
September 11, 2019 by Allison Bell
A consumer representative says industry groups should ease up on state regulators’ efforts to develop new life insurance illustration summary rules.
The National Association of Insurance Commissioners’ Life Insurance Illustration Issues Working Group is in charge of the summary update project.
Birny Birnbaum, executive director of the Center for Economic Justice, says representatives from the American Council of Life Insurers (ACLI) and the National Association of Insurance Financial Advisors (ACLI) are exaggerating how much impact proposed delivery time rules would have.
Industry reps also have unrealistic ideas about how the policy summary delivery rules should relate to life insurance agents, Birnbaum says.