NAIC Working Group Settles On Policy Summary Concept
November 22, 2018 by John Hilton
A state insurance commissioners’ working group ironed out a few sticking points Friday with its long-delayed “policy overview” summary to accompany life insurance sales.
With language and process proposed by Chairman Richard Wicka, deputy chief legal counsel for the Wisconsin Office of the Commissioner of Insurance, the group agreed to require distribution of a policy overview in tandem with the buyer’s guide on all life insurance policies.
Policies without an illustration will also include a premium and benefit pattern summary, Wicka added.
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