June 2021 – Page 17

On Notice – Illustrations – General NAIC to Governors – 199x 1992 – GOV- when will/ Disclosure AAA to NAIC NCOIL to State Insurance Departments Tony Higgins (N.C.) referred the group to a resolution of the National Conference of Insurance Legislators (NCOIL) urging state insurance departments to become aware of disclosure and abuse issues in…

Elizabeth Warren 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. (p37/2:08) — Senator Elizabeth Warren (D-MA) 2015 0325 – GOV (Senate) – FSOC Accountability Nonbank Designations – [PDF-165p, Senator – (D-MA)…

Contagion Run – Index 1994 – FRB / AP – Announcements of Asset-Quality Problems and Contagion Effects in the Life Insurance Industry, Journal of Financial Economics, Vol. 35, No. 2 – 29p 2014 1218 – LC – 15-cv-45 – MetLife v FSOC – re: MetLife – D85-2, 85-2 – Explanation of the Basis of the Financial…

Problems – 1 Leslie Scism Article NAIC Proc. LIAC – Doug, Kim O’Brien It was suggested that disclosure requirements be placed in the illustrations section of the models as well as in the contract itself. Some of the items identified which should be disclosed: (2) adequate disclosure of the fact that a premium quoted…

WSJ – Wall Street Journal wsj.com/ Leslie Scism 2020 0107 – WSJ – It’s the Hottest Thing in Life Insurance. Are Buyers Aware of the Risks? Regulators worry insurers are underplaying the dangers of a product tied to the performance of the U.S. stock market, by Leslie Scism – [link] One concern is that existing consumer materials…

Class Actions Legal Cases – Index Legal Cases – Multidistrict Litigation – MDL Class Action Fairness Act of 2005 scholarship.law.upenn.edu/penn_law_review/vol156/iss6/ 2008 – LR – The Class Action Fairness Act in Perspective: The Old and the New in Federal Jurisdictional Reform, by Edward A. Purcell, Jr. – 105p 2008 – LR – The Class Action…

InsuranceJournal.com insurancejournal.com/ Insurance Journal – [YouTube-link] 2008 0604 – InsuranceJournal.com – Insurers Blast Insurance Regulators as Closed to Open Dialogue, By Patricia-Anne Tom – [link] 2008 0926 – InsuranceJournal.com – State Regulators Blast Federal Regulation Advocates Over AIG – [link] 2009 0803 – InsuranceJournal.com – States Dispute Article Questioning AIG Insurance Units’ Finances – [link] 2009 0731…

CFTC – Commodity Futures Trading Commission Brooksley Born Gary Gensler 1989 0913 – GOV (House) – House Session -The House passed H.R. 2869, the Commodity Futures Improvement Act – [VIDEO-CSPAN] This bill is designated to toughen federal regulation of the commodity futures markets as well as permanently authorize the federal Commodity Futures Trading Commission (CFTC) to oversee…

Life Insurance Illustrations Model Regulation – LIIMR – 582 – NAIC Life Insurance Illustrations Model Regulation – LIIMR – 582 – NAIC Proceedings – Citations — [BonkNote] George Coleman, Prudential, ACLI, TRG-Technical Resource Group for the NAIC (Industry Advisory Group – Illustrations) Obviously, this isn’t the first time the industry and the regulators have become involved…

Problems Problems – Index Solutions Problems – 1 Robert E Wilcox Change Without Damage The number one perceived problem is that buyers simply do not understand the nonguaranteed nature of life insurance illustrations. Also, it is impossible for the average buyer to judge the reasonableness of the assumptions underlying the numbers in the illustration. — …