Definition of "Naic: model annuity and deposit fund disclosure regulation national association of insurance commissioners"
Model state law of the NAIC that requires that applicant be furnished a Buyer's Guide to Annuities and a contract summary. The Buyer's Guide must contain information concerning: the various kinds of annuity contracts available to fit the prospective annuitant's requirements; the characteristics of annuities in general; and benefits of the annuity contract. The contract summary must contain: the cash values at the end of each year for the initial ten-year contract period; dividends (if a participating contract) each year for the initial ten-year contract period; death benefit each year for the initial ten-year contract period; yield on the gross premiums paid at the end of the initial ten-year contract period; and date income payments are scheduled to commence to the annuitant.
Have a question or comment?
We're here to help.