Insurers, Agents Oppose Generic Comp Disclosure

The insurance industry group representatives who signed the new letter to the NAIC are opposing adoption of Section B.

The adoption of Section A of the original proposal "goes as far as industry consensus will allow and ? the need for uniformity in this area strongly suggests that the disclosure requirements of the amendment not be expanded," the industry representatives write.

The letter was signed by representatives of the Association for Advanced Life Underwriting, Falls Church, Va.; the American Council of Life Insurers, Washington; the National Association of Independent Life Brokerage Agencies, Fairfax, Va.; and the National Association of Insurance and Financial Advisors, Falls Church, Va.

Changes addressing compensation disclosure "should remain focused on the issues that gave rise to scrutiny by attorneys general and regulators," the industry representatives write. "We do not believe a case can be made that additional disclosure is necessary or appropriate to deal with the issues that have been identified."