Los reguladores deciden comprobar la integridad de la ilustración de los productos
Por John Hilton
Los reguladores estatales de seguros están cansados de tratar de seguir el ritmo a las aseguradoras de vida que se saltan rápidamente los intentos de frenar las ilustraciones.
Instead of further rulemaking, regulators are going directly to the products. The Indexed Universal Life Illustration Subgroup is “looking at specific company examples” of both IUL and annuities that use illustrations, said Fred Anderson of the Minnesota Department of Commerce, chairman of the subgroup.
Anderson spoke Sunday during the National Association of Insurance Commissioners’ spring meeting in Phoenix.
“The illustration subgroup has spent the last ten years continually making rules and changing the rules to kind of catch up to what’s going on,” Anderson said. “But we decided to step back and look at what’s actually being presented to consumers.”
In response to a later question, Anderson said regulators are “starting to notice things in our product reviews” and having better communication between states. Regulators might finally be getting a handle on illustrations, he added.
“It seems like we’ve got most of the way there as far as getting illustrations where regulators feel comfortable,” Anderson told committee chair Judi French, director of the Ohio Department of Insurance. “We’ve done some analysis and talked to a lot of people who study things and it will never be perfect, but I think that’s at a manageable place where we can no start thinking about a next round of illustration guideline changes.”
Los reguladores de la NAIC son francos al afirmar que no quieren reabrir el modelo general de ilustraciones porque probablemente sería un proceso que duraría años. La actual normativa sobre ilustraciones se adoptó en 1997 tras un proceso similar. Y eso fue antes de que existiera el seguro de vida universal indexado.
En lugar de una revisión completa, los reguladores adoptaron la Directriz Actuarial 49 en 2015 como primer control de las ilustraciones de los IUL. Las aseguradoras sortearon rápidamente la AG 49 ofreciendo productos IUL con multiplicadores y bonificaciones. Esto llevó a la AG 49-A, adoptada a finales de 2020, seguida de la AG 49-B en 2023.
The NAIC’s Indexed Universal Life Illustration Subgroup hinted at a full illustrations rework late in 2022, apertura de un periodo de comentarios that only asked for revision “concepts” for the model. That effort went nowhere and the subgroup’s 2024 work charges revealed no plans for illustrations.
Sin gastos ni reuniones
El subgrupo de ilustraciones no se ha reunido recientemente y ha no hay reuniones programadas. Los reguladores no han abordado la cuestión en meses, aprobando un 2024 lista de cargos u objetivos, en otoño sin mencionar una estrategia diferente hacia las ilustraciones.
“Obviously, our goal is to help ensure that companies are not overpromising or understating downside risks of products,” Anderson explained. “Regarding what potential results could be, it could be addressing company specific issues with companies. And it also could be eventually developing recommendations for rulemaking.”
Consumer advocates apply frequent pressure on NAIC regulators to address illustrations that frequently promise double-digit returns. During the organization’s December fall meeting, Birny Birnbaum and Brenda J. Cude instó a los reguladores a actualizar la ilustración del seguro de vida regulación.
“Clearly there needs to be a reengineering of illustration regulations for a consistent approach for both index annuities and life insurance,” said Birnbaum, executive director of the Center for Economic Justice. “We need to stop the incentives for illustration unrealistic accumulation competition, eliminate hypothetical historical results and projection of non-guaranteed outcomes.”
John Hilton, redactor jefe de InsuranceNewsNet, ha cubierto temas empresariales y de otro tipo durante más de 20 años de periodismo diario. Puede ponerse en contacto con John en john.hilton@innfeedback.com. Sígalo en Twitter @INNJohnH.
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Redactor jefe de InsuranceNewsNet John Hilton ha cubierto negocios y otros temas en más de 20 años de periodismo diario. Puede ponerse en contacto con John en john.hilton@innfeedback.com. Sígale en Twitter @INNJohnH.
