Archive for March 2021
Universal Life Insurance does not “Fit” into the existing regulatory framework.
Universal Life Insurance does not “Fit” into the existing regulatory framework This regulation is designed to address those areas where universal life insurance does not “fit” into the existing regulatory framework. (p1) NAIC – Universal Life Insurance Model Regulation – MDL-585 – 22p New York reports that they have determined that Section 216 and 208,…
Read MorePeople Can Disagree
People Can Disagree There is bound to be a controversial element in anything that enlightens the public to these differences and gives them a more intelligent basis for choice than they have at the present time. — Ernest J. Moorhead 1977 – DEBATE, “RESOLVED. THE LIFE INSURANCE BUSINESS, AS TRANSACTED TODAY, IS IN ITS TERMINAL STAGES, Society…
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Nature of… The nature of the life insurance industry calls for a relatively conservative investment policy, with safety of principal being of highest importance. — ROBERT R. WYAND II 1977 – INVESTMENT STRATEGY AND PLANNING, Society of Actuaries – 16p
Read MoreICP 19 – Conduct of Business (COB) – IAIS
ICP 19 – Conduct of Business (COB) – IAIS iaisweb.org///icp-19 iaisweb.org/activities-topics/conduct-and-culture/ 2022 06 – IAIS – Supervisors’ use of key indicators to assess insurer conduct – 22p ….in the United States, the term “market conduct” instead of “conduct of business” is more widely used. 2015 0501 – AAA to IAIS – Committee Comments To IAIS On…
Read MoreCanada
Canada George R. Dinney 1981 – SOA – Who Conceived this Instrument?, by EJM, Ernest J. Moorhead (Jack), The Actuary, Society of Actuaries – 2p [Universal Life Insurance] Subject to responsibility being accepted (and documented) by somebody else, we hold that the father is George R. Dinney, and the place of conception Winnipeg, Canada. CCIR – Canadian Council of Insurance…
Read MoreCIA-ICA – Canadian Institute of Actuaries
CIA-ICA – Canadian Institute of Actuaries cia-ica.ca/home Nobis cura futuri, the motto of the Canadian Institute of Actuaries, may be roughly translated “We care about the future.” 1982 – SOA – Actuarial Aspects of the Changing Canadian Demographic, by Robert L. Brown – 26p 3. Determination of Range of Primary Scenarios An actuary involved in the…
Read MoreReputational Risk
Reputational Risk I sincerely believe we have a flawed instrument in today’s sales illustrations. …we did not communicate the impact of change as well as …we should have. Our biggest mistake would be to delay. I don’t believe the consumer will tolerate or forgive us, let alone the regulators, if we do nothing. — Robert…
Read MoreInterest Rate Risk
Interest Rate Risk – (C-3) C. L. Trowbridge coined the term C-3 risk to denote the risk of losses due to changes in interest rates. 1988 – SOA – Algorithms for Cash-Flow Matching, Society of Actuaries – 8p In many jurisdictions, insurance companies have expended significant efforts to understand the sensitivity of their investment portfolios…
Read MoreESRB – European Systemic Risk Board
ESRB – European Systemic Risk Board esrb.europa.eu/home/html/index.en.html 2015 12 – ESRB – Report on systemic risks in the EU insurance sector, Annex 3, Sources of systemic risks – 92p 2018 11 – ESRB – Macroprudential provisions, measures and instruments for insurance – 80p 2020 02 – ESRB – Enhancing the macroprudential dimension of Solvency II -…
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Central Banks Basel Committee on Banking Supervision (BCBS) en.wikipedia.org/wiki/Basel_Committee_on_Banking_Supervision is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten countries in 1974. DOCS Core Principles for Effective Banking Supervision Concordat on cross-border banking supervision Bank for International Settlements (BIS) is an international financial institution owned…
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