https://www.retirementplanningscottsdale.com/2018/10/22/anil-vazirani-shares-insurers-using-illustration-of-indexed-annutities-that-are-less-than-10-years-old/ Anil Vazirani shares: Insurers using Illustration of Indexed annutities using indices that are less than 10 years old per an article in InsuranceNewsNet.com by John Hilton regarding a recent state insurance working group meeting with the NAIC – The National Association of Insurance Commissioners.
The article states that the group was against allowing insurers to illustrate indexed annuities using indices that are less than 10 years old. The executive director of the Center for Econominc Justice, Birny Birnbaum said that allowing insurers to use indices for these products is in opposition to what the NAIC – the National Association of Insurance Commissioners is trying to do with life insurance. “There are going to be people out there that would try and game the system” he said.
The issue took a greater importance as many insurers have developed their own proprietary indices to respond to the popularity of indexed annuities.
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