Archive for June 2021
Low Interest Rate Environment
Low Interest Rate Environment I work in the private client division at Merrill-Lynch. How have we done during the past few years? Well, this year we expect to sell more than $2 billion in annuity products, and we expect to sell $50 million in annual premium life insurance: traditional life insurance, whole life, universal life,…
Read MoreProblem – Premium
Problem – Premium Permanent (cash value) life insurance pays the beneficiary whenever the insured dies, as long as premiums have been paid. (p38) 2016 11 – FIO (Federal Insurance Office) – Report on Protection of Insurance Consumers and Access to Insurance – 58p 2017 1115 Letter – NAIC Life Insurance Buyer’s Guide Working Group (LIBGWG) ,…
Read MoreQ: What Came First Universal Life or Adjustable Life?
Q: What came first Universal Life or Adjustable Life? Tom BAKOS: Well, I guess I’d just like to mention that I think actually UL was developed in 1960-something-or-other. FROM THE FLOOR: That was adjustable life. Tom BAKOS: I think Cannibal Life was the precursor. 2003 – SOA – Do You Know How Much You’re Spending?…
Read MoreRichard Scott – AIG
Richard Scott – AIG Richard Scott, Senior Vice President for Investment and Head of Fixed Income, the Chief Investment Officer for the Insurance Company portfolios I want to touch a little bit on the market for RMBS, I think there’s been a huge amount of confusion out there. The first and most important point I…
Read MoreFCIC – Sandbox
FCIC – Sandbox 2011 – GAO – GOVERNMENT ACCOUNTABILITY OFFICE, FINANCIAL CRISIS: REVIEW OF FEDERAL RESERVE SYSTEM ASSISTANCE TO AMERICAN INTERNATIONAL GROUP, INC. 15 (Sept. 2011) – [PDF-152p] Similarly, the NAIC contends that “AIG’s securities lending portfolio had not been included on the company’s balance sheet due to a liberal interpretation of the accounting requirements;…
Read MoreFCIC – Video
FCIC – mp4 List APPENDIX B: LIST OF HEARINGS AND WITNESSES – [PDF-8p] fcic-static.law.stanford.edu/videos/mp4/ c-span.org/organization/?66130/Financial-Crisis-Inquiry-Commission Day 1 – 2010 0113 Session 1: Financial Institution Representatives Lloyd C. Blankfein, Chairman of the Board and Chief Executive Officer, Goldman Sachs Group, Inc. James Dimon, Chairman of the Board and Chief Executive Officer, JPMorgan Chase & Co. John…
Read MoreSouth Carolina
South Carolina It is not clear whether deliberate misrepresentations are made in the sale of these policies, or whether consumers need to be better educated about the product they are purchasing. In any event, the hearing this morning will serve to educate us about these issues, and to raise public awareness so that consumers themselves…
Read MoreQ: Does the NAIC Get Anything Done Without Pressure From Congress?
Q: Does the NAIC get anything done without pressure from Congress? The whole process started in the NAIC, as it had to. If radical changes in the way we illustrate policies were going to be made, they had to start at the NAIC. The NAIC was only too well aware of the fact that sales…
Read MoreWorks
Works Policy Mechanics / Cash flow Starters – Policy Cash Flow Mechanics Until the buyer understands how the product works, attempts to compare price are essentially meaningless. 1972 – SOA – Life Insurance and the Buyer by Anna Rappaport, Society of Actuaries – 2p-Article The fact that we charge people fees that we have disclosed…
Read MoreQ: Could Guaranty Funds Handle a Large Insurance Company
Q: Could Guaranty Funds Handle a Large Insurance Company? Guaranty Funds NOLHGA – National Organization of Life and Health Insurance Guaranty Associations (p29) – Senator Richard SHELBY. (R-AL) – Mr. Hunter, do you agree with his statement <Michael McRaith (Illinois Insurance Commissioner / NAIC)>? What is your take on it. J. Robert HUNTER. I didn’t…
Read More