2015 0325 – GOV (Senate) – FSOC Accountability Nonbank Designations – Richard Shelby (R-AL)

2015 0325 - GOV (Senate) - FSOC Accountability Nonbank Designations, Richard Shelby (R-AL) --- [BonkNote]
- [PDF-165p, VIDEO-CSPAN (This video was obtained from the Congressional Committee's website...<No Download Available>) - <mp3, mp4> - T
- Senate Banking Committee Website Video - banking.senate.gov/hearings/fsoc-accountability-nonbank-designations
- 2015 0325 - Letter - NAIC to GOV (Richard Shelby (R-AL) and Sherrod Brown (D-OH) - 3p
- Senate - Committee on Banking, Housing, and Urban Affairs

(p37/2:08) - Elizabeth Warren (D-MA) - I have heard that the designation process is not transparent, and I am all for increased transparency, but I assume the Council must balance transparency against disclosing confidential or potentially market-moving information.
(p78) - ACLI - Prepared Statement of Gary E. Hughes - Executive Vice President and General Counsel, American Council of Life Insurers - March 25, 2015
(p127) - FSOC Insurance Expert Roy Woodall and NAIC / Missouri Insurance Commissioner John Huff - dissents on Prudential
(p140) - FSOC Insurance Expert Roy Woodall and NAIC / Missouri Insurance Commissioner John Huff - dissents on MetLife
(p34) - 1:58:00
- Richard Shelby (R-AL) - Would you discuss the likelihood of a so-called run on insurance products such as life insurance and what such a run would have to look like in order to cause systemic risk?
- Gary Hughes, ACLI - I know one of the dissents to one of the designations pointed out, quite correctly, that insurance regulators have the absolute authority to prevent people from turning in their policies, if that is warranted.
  - But I think the experience of the recent economic crisis is very telling in this respect.
  - In fact, it was just the opposite of a run.
  - The products were so desirable in terms of the guarantees they made that, notwithstanding the crisis, people were holding onto those products no matter what.