Annuity Disclosure-- Industry Survey Regarding Perceived Challenges with the Revised NAIC Model and Anticipated Company Implementation Plans.

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1 Annuity Disclosure-- Industry Survey Regarding Perceived Challenges with the Revised NAIC Model and Anticipated Company Implementation Plans. General Comments Regarding Survey Administration: Survey sent on 6/20/12. Results tabulated as of 06/27/12. Distribution: Those registered for the Compliance and Legal Section meeting as of 06/20/12, compliance officer members of ACLI, and Annuity Committee members. Due to broad distribution, some companies responded more than once to the survey. Distribution-- approximately 665 individuals. Total responses-- approximately 90 individuals. Survey conducted as part of the research for a break out session on annuity disclosure at the 2012 Compliance and Legal Section Meeting.

2 Annuity Disclosure Model Survey What is your distribution process? Answer Options Career Agent Independent/Third Party Both Percent Count 18.7% % % 35 answered question skipped question 91 2

3 What is your distribution process? Career Agent Independent/Thir Both

4 rd Party

5 Annuity Disclosure Model Survey What annuity products do you sell? (Check all that apply) Answer Options Fixed Variable Fixed Indexed Percent Count 96.7% % % 38 answered question skipped question 91 2

6 What annuity products do you sell? (Check all that apply) 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Fixed Variable Fixed Indexed

7 ed

8 Annuity Disclosure Model Survey Do you use illustrations with your annuity products today? Answer Options Yes No Percent Count 70.1% % 26 answered question skipped question 87 6

9 Do you use illustrations with your annuity products today?

10 Yes No

11 Annuity Disclosure Model Survey Once the revised model is effective (Iowa - January 31, 2013) do you plan to continue to illustrate your annuity products? Answer Options Yes No Percent Count 91.7% % 4 answered question skipped question 48 45

12 Once the revised model is effective (Iowa - January 31, 2013) do you plan to continue to illustrate your annuity products?

13 Yes No

14 Annuity Disclosure Model Survey What do you believe will be your biggest challenge as you continue to illustrate your products? Managing state specific variations of the Model regulation including redundancy in presentation to the applicant of mandatory information. Determining how to illustrate the multiple index option correctly; does not seem to be contemplated by the new Model. Understanding applicability to multiple index options -- the guidance doesn't seem to be clear. Conmpleting the necessary system programming by the required compliance date. Cost effectively maintaining compliant illustrations particularly if states start to deviate from the model in their requirements. Competing with differing illustrations in the marketplace and inconsistencies among carriers. We only illustrate our fixed indexed and variable products. We do not anticipate any challenges as these products were designed and filed with the Model in mind. Keeping up with the unstable markets and economic conditions Understanding when a revised illustration must be used. Managing the volume of paper we will need to provide to consumers (buyer's guide, disclosure document, illustration, prospectus, product literature, etc.). Illustrating the MVA. We have only been illustrating fixed annuity products. Challenges going forward will be getting illustration software updated to meet the new standards. Preparing illustrations that are both clear and that comply with regulations. 1) Accomodating the reg. requirement to issue a revised illustration if the contract is issued other than as applied for" when there is no requirement to use an illustration at the time of application (unlike the life illustration reg.); and 2) Drafting the disclosure and the illustration narrative together to eliminate repetition; and 3) Reconciling what we think it sloppy reg. drafting (i.e. the illustration must inlcude a statement referring consumers to the disclosure document and Buyer's Guide provided to them "at the time of purchase", yet the disclosure document must be delivered with every illustration, whether or not at the time of purchase; there are similar, but not the same requirements in the general requirements for illustrations and the requirements specific to the narrative summary etc. 4) page numbering : if an illustration is used the page numbers must include the disclosure document pages; if an illustration it not used, the disclosure page numbering would not include illustration pages. If the requirements are on annuities with a set issue date - we will work with that. If we are required to furnish illustrations on our older products when asked - that will be a problem. Meeting the requirements of the statute Simply programming in the changes, but, all-in-all, we support the standardization. Don't expect much of a difference in practice. Accurate explanation by the agent

15 Annuity Disclosure Model Survey Do you plan to begin using annuity illustrations in the future? Answer Options Yes No Percent Count 48.1% % 27 answered question skipped question 52 41

16 Do you plan to begin using annuity illustrations in the future?

17 Yes No

18 Annuity Disclosure Model Survey What do you believe will be your biggest challenge when you start using illustrations? Conmpleting the necessary system programming by the required compliance date. Our company does not market these products. Should we begin illustrating our fixed products, there will be changes to policies and procedures. Currently illustrations are being provided at time of solicitation. Illustrating indexed annuities.

19 Annuity Disclosure Model Survey Section 6F(8) of the model states that the non-guaranteed elements underlying the nonguaranteed illustrated values shall be no more favorable than current non-guaranteed Answer Options Yes No Not Applicable (we do not illustrate our annuities) Percent Count 5.0% % % 2 answered question skipped question 20 73

20 Section 6F(8) of the model states that the non-guaranteed elements underly Yes No Not Applicable (we illustrate our annuit

21 yi e do not ities)

22 Annuity Disclosure Model Survey Do you plan to have your producers submit a copy of any annuity illustrations used, to the home office, even though the model does not require such? Answer Options Percent Count Yes 42.1% 8 No 52.6% 10 Not Applicable (illustration not used or direct sales only) 5.3% 1 answered question skipped question 19 74

23 Do you plan to have your producers submit a copy of any annuity illustrations used, to the home office, even though the model does not require such? Yes No Not Applicable (illustration or direct sales only)

24 n not used

25 Annuity Disclosure Model Survey Do you plan to collect the client s signature on your annuity illustrations even though the model does not require such? Answer Options Yes No Percent Count 57.9% % 8 answered question skipped question 19 74

26 Do you plan to collect the client s signature on your annuity illustrations even though the model does not require such?

27 n Yes No

28 Annuity Disclosure Model Survey Do you believe a revised illustration would be required if an annuity is issued essentially as applied for, but with a lesser dollar amount which results in a lower (tiered rate) being Answer Options Yes No Percent Count 61.1% % 7 answered question skipped question 18 75

29 Do you believe a revised illustration would be required if an annuity is issued essentially as applied for, but with a lesser dollar amount which results in a lowe (tiered rate) being applied?

30 er Yes No

31 Annuity Disclosure Model Survey When you use a revised illustration, do you plan to label the illustration as revised even though the model does not require such? Answer Options Yes No Percent Count 55.6% % 8 answered question skipped question 18 75

32 When you use a revised illustration, do you plan to label the illustration as revised even though the model does not require such?

33 Yes No

34 Annuity Disclosure Model Survey The model requires annuity illustrations to be concise and easy to read. Do you anticipate that satisfying all the requirements for annuity illustrations will make Answer Options Longer Shorter About the same Percent Count 61.1% % % 7 answered question skipped question 18 75

35 The model requires annuity illustrations to be concise and easy to read. Do you anticipate that satisfying all the requirements for annuity illustrations will make illustrations longer or shorter? Longer Shorter About t

36 u r r the same

37 Annuity Disclosure Model Survey If you will use an illustration with the sale of an annuity, do you intend to have the illustration satisfy the disclosure document requirements of the model as well (one Answer Options Yes No Not Applicable (not planning to use an illustration) Percent Count 35.3% % % 0 answered question skipped question 17 76

38 If you will use an illustration with the sale of an an Yes No Not Applicable (not plann an illustration)

39 ning to use

40 Annuity Disclosure Model Survey Do you plan to apply the new annuity illustration requirements in all states or just in those that adopt the revised model? Answer Options All states All states that adopt (if doing so does not violate Percent Count 81.3% % 3 answered question skipped question 16 77

41 Do you plan to apply the new annuity illustration requirements in all states or jus in those that adopt the revised model? All states All states that adopt (if doin not violate unique/differing specific laws)

42 st ng so does g state-

43 Annuity Disclosure Model Survey Do you plan to apply the new buyer s guide and disclosure document requirements in all states or just in those that adopt the revised model? Answer Options All states All states that adopt (if doing so does not violate Percent Count 42.5% % 23 answered question skipped question Do you plan to apply the new buyer s guide and disclosure document requirements in all states or just in those that adopt the revised model? All states All states that adopt (if doing so does not violate unique/differing statespecific laws)

44 Annuity Disclosure Model Survey Do you print the annuity buyer s guides yourself (and pay the NAIC licensing fees to do this) or do you order printed guides directly from the NAIC? Answer Options We print the guides We order printed copies of the guides from the NAIC Percent Count 85.4% % 6 answered question skipped question 41 52

45 Do you print the annuity buyer s guides yourself (and pay the NAIC licensing fees to do this) or do you order printed guides directly from the NAIC? We print the guides We order printed copi guides from the NAIC

46 ies of the C

47 Annuity Disclosure Model Survey What specific questions do you have regarding the revised annuity disclosure model? Guidance on illustrating multiple index options -- the reg speaks in terms of the "low scenario" and the "high scenario" for historical performance of "the index" for 10 of the last 20 years. Most companies probably use S&P500-based index accounts. Multiple index accounts use three indices and weight the results. So query: if we need to show illustrated values separately for "low/high/last 10 years" for S&P500 and another illustration for what "low/high/last 10 years" would be for a multiple index option. Could become very confusing. For our current illustration, we simply show how each index option performs in the "low/high/last" S&P500 scenario. Iowa is effective 01/31/12 yet the NAIC has yet to land on a finalized buyer's guide. This gives the industry less lead time. When does the NAIC anticipate finalizing the buyer's guide? Will the NAIC or State Insurance Regulators seek FINRA exemption of the basic guide and the variable guide so that each broker/dealer will not be required to file the material with FINRA Advertising Regulation? Following a process similar to that for ERISA 404a disclosures? What is the projected timetable for state's adoption of the new model? We have heard that it is likely that states who were members of the working group will follow Iowa, but haven't heard anything definite. Income, expenses, source of income, tax backet, net worth, investments, purpose of annuity, investment knowledge, time horizon, availability of emergency funds, source of premium Would like to see annuities funding a pre-paid funeral benefit contract be exempt in the model regulation. We provide small coverage life insurance and annuities that cover the cost of funerals and are not in the same class as the higher dollar annuities that are being offered in the marketplace.

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