The Indexed Annuity Leadership Council says a comprehensive update to Model 245 would provide a more effective solution than a temporary actuarial guideline.
The Indexed Annuity Leadership Council (IALC) has urged US regulators to prioritise a comprehensive revision of the National Association of Insurance Commissioners’ (NAIC) Model 245 annuity illustration rules rather than adopting a temporary actuarial guideline, according to a comment letter submitted to the NAIC Life Insurance and Annuities Illustrations Working Group on 17 July. The IALC proposed drafting changes to Section 6 of Model 245 The industry body said a direct update of the