US State insurance regulators are revising the rules for use of new investment indexes in life insurance and retirement products in a move to introduce new requirements for disclosures and illustrations.
The National Association of Insurance Commissioners’ (NAIC) Annuity Disclosure Working Group is working on an update of the NAIC’s Annuity Disclosure Model Regulation. A discussion draft released in February established that an annuity issuer using an investment index ‘in existence for less than 20 years could illustrate the performance of that index only if the index was a combination of other indexes that had all been around for at least 20 years’. Additionally, g
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