Comments on Model 171, Required Disclosure Provisions
Summary
The NAIC Consumer Representatives provided comments on Sections 9 and 10 of the Model Regulation to Implement the Accident and Sickness Insurance Minimum Standards Model Act (#171). They emphasize the necessity of clear and accessible disclosures to ensure consumer comprehension and effective decision-making. Key recommendations include forming a smaller working group to revise disclosure language, retaining tailored disclosures by product type, using uniform definitions, incorporating coverage examples, and ensuring consistency in online plan information. The document also suggests detailed revisions to improve the clarity and effectiveness of the required disclosure provisions.
