History might repeat itself, but not in the individual annuity market.
That seems to be one of the key messages in the annuity illustrations section added to a proposed revision of the Annuity Disclosure Model Regulation.
Members of the Life Insurance and Annuities Committee at the National Association of Insurance Commissioners (NAIC), Kansas City, Mo., agreed earlier this week during a conference call to endorse the proposed revision and release it as an official “exposure draft.”
Releasing an exposure draft is part of the NAIC’s official process for seeking and reviewing comments on a proposed model or model revision.
The proposed “Section 6″ would require that any illustrated be clearly labeled as an illustration and provided along with a disclosure statement.