UL Nonforfeiture Model Scuttled
Work on a model regulation opposed by insurers and wanly received by regulators was ended during the winter meeting of the National Association of Insurance Commissioners here.
In a 7-3 vote with one abstention, regulators decided not to expose the “Minimum Nonforfeiture Values for Universal Life Insurance Products and Variable Universal Life Insurance Products With Secondary Guarantees Model Regulation.”
During discussion on the draft, Sheldon Summers, a life actuary with the California insurance department, suggested work should focus on a general nonforfeiture project. The suggestion received positive feedback from both insurers and regulators.