Life Insurance and Annuities (A) Committee
The following task forces and working groups report to the Life Insurance and Annuities (A) Committee:
- Monitor the activities of the Life Actuarial (A) Task Force.—Essential
- Oversee development of the principle-based reserving system.—Essential
- Review and revise, as necessary the Life Insurance Buyer’s Guide in conjunction with Appendix A of the Life Insurance Disclosure Model Regulation (#580).—Important
- Oversee changes and provide technical assistance as appropriate for the production of the Market Share Reports for the Top 125 Life and Fraternal Insurance Groups and Companies by State.—Essential
- Review the U.S. Securities and Exchange Commission (SEC) Life Settlements Task Force Staff Report and the U.S. Government Accountability Office (GAO) Report to the U.S. Senate Special Committee on Aging on Life Insurance Settlements and assess their effect on the functional state regulation of life settlements, if any, and make recommendations, as necessary, to the NAIC.—Important
- Appoint a Contingent Deferred Annuity (A) Working Group to develop NAIC guidelines and/or model bulletin that can serve as a reference for states interested in modifying their annuity laws to clarify their applicability to contingent deferred annuities (CDAs) and, as part of this work, review existing NAIC model laws and regulations applicable to consumer protection issues associated with CDAs.—Essential
- Appoint an ERISA Retirement Income (A) Working Group to work with representatives of the U.S. Department of Labor (DOL), the White House Council of Economic Advisors (CEA), the U.S. Department of the Treasure (Treasury) and any other appropriate federal agencies, in coordination with the NAIC Government Relations (EX) Leadership Council (GRLC), to consider possible options for easing plan sponsor concerns with the financial soundness of annuity providers as related to the DOL annuity safe harbor plan sponsor selection of annuity provider and fiduciary responsibility requirements.—Important
- Serve as the coordinating body with all of the NAIC technical groups with projects related to contingent deferred annuities (CDAs) (Delegated to the Contingent Deferred Annuity (A) Working Group).
- Develop a work plan that would allow Committee members, interested regulators and interested parties to easily track, monitor and coordinate the progress of the NAIC technical groups working on issues identified in the Contingent Deferred Annuity (A) Working Group report and recommendations concerning contingent deferred annuities (CDAs). The work plan should include timelines and dates for expected completion of the work done by each NAIC technical group.—Essential
- Should undertake a study to determine if recommendations should be made to address unclaimed death benefits.—Essential
- Appoint a new group to review and consider revisions to the Annuity Disclosure Model Regulation (#245) to exempt SEC registered contingent deferred annuities (CDAs) and CDAs offered through ERISA retirement plans.? 2013 National Association of Insurance Commissioners 13
- Appoint a new group to review and consider revisions to the Suitability in Annuity Transactions Model Regulation (#275) to specifically reference its applicability to the sale of contingent deferred annuities (CDAs), including the one-time, four hour training and the product-specific training requirements.
- Appoint a new group to review and consider revisions to the Advertisements of Life Insurance and Annuities Model Regulation (#570) to specifically reference its applicability to contingent deferred annuities (CDAs).
- Appoint a new group to review and consider revisions to the Life Insurance and Annuities Replacement Model Regulation (#613) to specifically reference its applicability to contingent deferred annuities (CDAs).