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September 24, 2008 at 11:54 AM
Committees and the task forces have advanced a number of life insurance measures here this week at the fall meeting of the National Association of Insurance Commissioners.
The Life Insurance and Annuities Committee at the NAIC, Kansas City, Mo., has approved a bulletin that would spell out why consumers should think before surrendering a life insurance or annuity contract issued by American International Group Inc., New York.
The template bulletin states that disparaging a company without legitimate proof in order to replace contracts is illegal.
Commissioners are concerned that producers will cite the recent headlines about AIG as a reason to move a contract at a time when, the commissioners say, the life insurance units of AIG are actually sound.
The Life Insurance and Annuities Committee also has approved AG GWP, an actuarial guideline for group term life waiver of premiums.
