Insurance regulators are about to see a proposal for applying a "principles-based" approach to reviewing all individual life insurance products.[@@]
Dave Neve, co-chairman of the universal life working group at the American Academy of Actuaries, Washington, says he plans to include the all-individual-products proposal in the final work product of the academy's UL working group.
Neve is preparing to present the final work product, which includes drafts of a model regulation and 3 actuarial guidelines, Thursday in Chicago, at a meeting of the Life & Health Actuarial Task Force of the National Association of Insurance Commissioners, Kansas City, Mo.
The 3-day NAIC winter meeting officially starts Saturday, but some NAIC subgroups and other groups with an interest in insurance regulation already are holding meetings in Chicago.