Archive for February 2021
TEFRA
TEFRA TEFRA – DEFRA – TAMRA 1982 – TEFRA – Tax Equity and Fiscal Responsibility Act of 1982 – congress.gov/bill/97th-congress/house-bill/4961 Stopgap Law Metzenbaum, Dole, Long congress.gov/98/crecb/1984/04/10/GPO-CRECB-1984-pt6-6-2.pdf What happened under TEFRA? Several things: We lost MODCO 820 forever. We had a deceptively modest reduction in 818(c)2. A lot of the teeth were taken out of reinsurance…
Read MoreCash Value Life Insurance
Cash Value Life Insurance Cash value life insurance can operate as an investment vehicle that combines life insurance protection with a financial instrument that operates similarly to bank certificates of deposit and mutual fund investments. 2010 – CRS – Senate Committee Print 109-72 – Tax Expenditures Compendium of Background Material on Individual Provisions 109th Congress…
Read MoreDEFRA
DEFRA Probably everyone in this room remembers the lengthy—not to say exhausting—effort that went behind the changes in life insurance taxation enacted by the Deficit Reduction Act of 1984. It was agreed by us and by the industry that, in the context of current law, this effort probably eliminated the abuses we had seen in…
Read MoreInterconnected
Interconnectedness MGIC, for instance, which Baldwin bought for $1.l7 billion, had $380 million in real estate and other assets which Baldwin sold to raise cash for the purchase. But instead of selling only to outsiders, Baldwin has sold some of its assets, including stock of its own operating companies, to its own insurance companies. ”Some…
Read MoreNAIC – National Association of Insurance Commissioners – Documents
NAIC – Documents NAIC – Index JIR – Journal of Insurance Regulation – NAIC NAIC – Library NAIC – Press Releases NAIC – Proceedings NAIC – Selections Capital Markets Bureau Reports CMB report Directory of receivership resources to assist receivers Insurance Department Resources Report Insurers Distribution of Assets Issues – 1989-2004 – [link] NAIC Annual Report…
Read MoreBanks
Banks Bankers Bank-like Data Bank Deposit Federal Home Loan Banks Insurance and Banks Non-Bank Run on the Bank Savings and Loans Shadow Banking Universal Banks Senate Banking, Housing, and Urban Affairs Committee Conference of State Bank Supervisors History of Bills (HOB) 1987 – GOV – History of S. 706 – A Bill To Amend The…
Read MoreInsurance and Banking
Banks and Insurance Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. 2003 – IMF – Insurance and issues in financial soundness. IMF working paper 03/138. Das U, Davies N, Podpiera R – 44p (p536) – The Subgroup also found that the remaining Federal Reserve risk categories for banking organizations…
Read MoreDeregulation
Deregulation It is an exciting time in the financial services industry today. Banks want to sell insurance. Insurance companies want to sell securities. Sears Roebuck wants to sell everything. I will discuss the insurance activities of banks and bank holding companies — Charles Eggleston, not a member of the Society, is a Senior Manager at…
Read MoreIAA – International Actuarial Association
IAA – International Actuarial Association actuaries.org/iaa actuaries.org///IAA/Public_Submissions actuaries.org///publications Astin Bullentin – cambridge.org/core/journals/astin-bulletin-journal-of-the-iaa 2002 02 – IAA (International Actuarial Association) – Report of Solvency Working Party, Prepared for IAA Insurance Regulation Committee – 99p 2004 – ACLI/ IAA – Renewal Premiums and Discretionary Participation Features of a Life Insurance, A Joint Research Project – 52p 2007 – IAA (International…
Read MorePennsylvania
Pennsylvania Joel Ario Former Pennsylvania Insurance Commissioner and Former Oregon Insurance Administrator Herbert Denenberg 1971- ? – Pennsylvania Insurance Commissioner Paul Kanjorski (D-PA) 1985-2011 – US House Member J. Alan Lauer Deputy Insurance Commissioner (PA), Actuary 1983-1, NAIC Proceedings As you know, revolutionary changes are taking place in the life insurance business. To a large extent,…
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