Archive for May 2021
1990s – Agent – Snippets
1990s – Agent – Snippets (p117) – If the life insurance industry were serious about offering competitively priced policies to consumers, it would ask itself why total life insurance premium receipts of all U.S. companies in 1990 is less than the sum of new premium purchases over the last 9 years. Why does it appear…
Read MoreQ: What Does That Mean?
What Does That Mean? COP – 1st Hearing – Twin Peaks, Reputational Risk, Who? Rep. <Michael> Goschka: I will remember various speeches given by ……..—and Nelson Saunders—when he was here (laughter). (p18) Rep. <Mary Lou> Parks: When the Representative mentioned Nelson Saunders, I said yes, when he was here he was a bad dude. (p19)…
Read MoreBankers
Bankers Obviously, millions of American citizens have either no life insurance coverage or inadequate coverage. If states use their right to authorize banks to sell insurance, we believe we have the potential to make such protection available through low-cost term life insurance distributed through bank branches. Today’s insurance marketplace is not mature — it is…
Read MoreNYU Stern School of Business
NYU Stern School of Business stern.nyu.edu///Salomon Center for the Study of Financial Institutions stern.nyu.edu///nyu-stern-faculty-publish-new-book-svb-and-beyond-banking-stress-2023 Viral V. Acharya John Biggs Ralph S. J. Koijen Matthew Richardson 2009 – AP – On the Financial Regulation of Insurance Companies, by Viral V. Acharya, John Biggs, Matthew Richardson and Stephen Ryan, NYU Stern School of Business – 47p 2010 -…
Read MoreGAAP – Generally Accepted Accounting Principles
GAAP – Generally Accepted Accounting Principles First, let me remind you of the brief history of GAAP for life insurance companies. You will recall that the first exposure draft of the American Institute of Certified Public Accountants (AICPA) appeared in December, 1970. — John H. Biggs 1976 – SOA – Trends in GAAP and Statutory…
Read MoreBills
Bills Bills – Index History of Bills Consolidated Appropriations Act 2021 McCarran-Ferguson TEFRA TEFRA – DEFRA – TAMRA govinfo.gov/app/collection/bills govinfo.gov/help/bills NIA – National Insurance Act S. 2509 – National Insurance Act by Senators John Sununu and Tim Johnson S. 40, the National Insurance Act cxcv The National Insurance Act of 2007 (S. 40/H.R. 3200) Both…
Read MoreDodd-Frank Act
Dodd-Frank Act Chris Dodd (D-CT) Barney Frank (D-MA) enacted on July 21, 2010 H.R.4173 – Dodd-Frank Wall Street Reform and Consumer Protection Act – 111th Congress (2009-2010) congress.gov/bill/111th-congress/house-bill/4173/text H. Rept. 111-517 – DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT, 111th Congress (2009-2010) 2010 0729 – GOV (Senate) banking.senate.gov/hearings/house/senate-conference-hr-4173-wall-street-reform-legislation 2010 Conference on Financial Regulations Bill…
Read MoreSociety of FSP
SFSP – Society of Financial Service Professionals JFSP – Journal of Financial Service Professionals (Current) The Journal of the American Society of Chartered Life Underwriters Journal of the American Society of CLU & ChFC Journal page of the website: national.societyoffsp.org/page/aboutjfsp Search the Journal: national.societyoffsp.org/search/all.asp In addition, the insurance buyer can learn more about how the…
Read MoreShadow
Shadow Shadow Banking Shadow Insurance Recently I have noticed other disturbing signs, indicated by an increase in formation of overseas domiciled subsidiary or “Shadow Insurers” designed for use in the U.S. surplus markets. These “Shadows” of prominent U.S. insurers are popping up all over the world and are beginning to mark the escape of U.S.…
Read MoreGuaranty Funds
Guaranty Funds NAIC – Financial Condition Committee – (E) — [BonkNote] Guaranty Fund Issues Working Group – (E) – NAIC — [BonkNote] NCIGF – National Conference of Insurance Guaranty Funds – ncigf.org/ — [BonkNote] NOLHGA – National Organization of Life and Health Insurance Guaranty Associations — [BonkNote] (p515) – The working group identified several issues relevant…
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