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NAIC Kills Small Face Amount Working Group

By Jim Connolly

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NU Online News Service, Dec. 17, 2003, 4:44 p.m. EST – The Life & Annuities “A” Committee at the National Association of Insurance Commissioners, Kansas City, Mo., has agreed to discontinue the Small Face Amount working group because members could not reach any consensus on the issue.[@@]

However, at the behest of Tony Clark, Illinois insurance director, the group is acknowledging that the issues covered still exist and that regulators should explore other ways to address those issues.

The NAIC formed the working group because some state insurance regulators have complained that insurers sometimes fail to look out for the interests of consumers who buy life insurance policies with small death benefits.