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Committee advances HB 2076 adopting NAIC model for life insurance illustrations; amendment adopted
Summary
House Bill 2076, which adopts National Association of Insurance Commissioners model provisions for life insurance illustrations and requires standardized consumer disclosures, passed the Commerce Committee as amended 10-0. Supporters said the change promotes consistent consumer protections across states.
The House Commerce Committee voted to give House Bill 2076 a due-pass recommendation as amended, adopting an NAIC model for life insurance illustrations and standardizing identification and delivery rules for illustrations used with group and individual life policies.
Research analyst Paul Beney explained that the NAIC’s model regulation creates a consistent approach to how insurers present and depict projected policy performance. The committee considered a 13-page amendment in the chairman’s name to conform statutory text to the NAIC model; the committee adopted the amendment by voice vote and then approved the bill as amended on a roll-call vote of 10-0.
Mark Osborne, representing the American Council of Life Insurers (ACLI), testified in favor and said the model aims to create uniform consumer protections and make comparisons across carriers and states easier. Sponsor Representative Jeff Livingston said adopting the model in statute (rather than regulation) moves the standard into law and should speed implementation. Committee members recorded no opposing testimony during the hearing.
After adopting the Whittaker amendment, Vice Chair Representative Michael Way moved the bill as amended. The committee recorded a roll-call vote of 10 ayes, 0 nays. HB 2076 as amended now proceeds to the House calendar.
