Consumer Insurance Information and Fairness Act

[AI summary unavailable — showing source text] Consumer Insurance Information and Fairness Act - Declares it to be the policy of the Congress to establish: (1) minimum standards which each State must meet or exceed so as to assure all life insurance policy consumers with full, accurate, and clear disclosure, in understandable form, of all the information necessary to purchase the most suitable coverage for themselves and their beneficiaries at the lowest cost; and (2) means to safeguard such consumers against unfair or deceptive trade practices with respect to such policies. Directs the Federal Trade Commission to promulgate regulations requiring life insurance companies and agents to disclose in writing to a life insurance policy applicant all information, data, terms, and conditions which are likely to assist such applicant in making an informed choice with respect to life insurance. Specifies the type of information required to be disclosed. Makes it unlawful to advertise or sell life insurance without disclosing specified information. Provides that after an insurance agent has served an insurance company which is his primary company for three years or more, it shall be a prohibited act for: (1) such insurance company to mai…