August 2021 – Page 6

Illustration – Descriptions From the Floor: Hal, do you really think that it’s reasonable to get an insurance community to agree on a single definition of an illustration? Mr. Phillips: I’m very hopeful that we could agree. Actuaries should agree first, of course. If we can’t agree and move forward, then I’m really discouraged. Then…

Root Cause FSB As we began researching this problem, two questions became central. What criteria should we use to evaluate suggested changes and alternatives? What is the root cause of current problems, and why have previous corrective efforts been so unsuccessful? As research continued, at some point we started to focus on the uses of life…

Tipping Point Dear Editor: Life Insurance Sales Illustrations – A Call to Action We have reached the stage where a life insurance sales illustration is hardly worth the paper it is printed on. Yet thousands of agents are confidently presenting these illustrations to frequently unsuspecting clients. I have yet to discuss this issue with anyone…

Dennis Ross Dennis Ross (R-FL) 2011-2019 – US House 2000-2008 – Florida House of Representatives 2018 0311- InsuranceJournal.com – Ross vs. Schwarcz: Scoring the Throw-Down – [link] (p47) – Dennis ROSS (R-FL). There hasn’t been a run on life insurance, has there? Are people all of a sudden going to go and cash in their life insurance policies?…

David Zaring Mr. ZARING. I don’t think that the institutions that the Council has considered and carefully considered would want all of the information that they provide the Council in discussing and indeed sometimes contesting their designations to be released to the public and to their competitors and to the financial marketplace, more generally. Some…

Guardian Reasonable consumers acting reasonably recognize sales pitches and ordinarily discount them accordingly. In addition, to acknowledge that consumers understand that future interest rates will affect their future premium rates is reasonable and even respectful of individual intelligence, personal accountability and good common sense (see, Fischel & Stillman, supra, at 16). 1999 – LC -…

South Africa legacy.actuarialsociety.org.za/Professionalresources/Pastpresentations/20002005.aspx McDougall M, 2001, Jaguars and Jalopies: A perspective on the role of actuaries in individual life risk business, Convention 2001, Actuarial Society of South Africa ABSTRACT Universal life policies were introduced to South Africa in the 1980s. The policies were designed to give the customer increased flexibility but, due to the leveraged…

Collins Amendment The Collins Amendment/Section 171 was designed to strengthen the integrity of capital standards by imposing a generally applicable floor that would constrain destabilizing leverage for all systemic institutions, regardless of business model, so that they would have to hold at least as much capital as that generally required of smaller banks. 2014 0310 – Letter -…

Regulatory Arbitrage During the years leading up to the crisis, there was a substantial amount of regulatory arbitrage between bank holding companies and nonbank institutions (investment banks, GSEs, AIG), as well as between large and small banking institutions, with complex, mega institutions being able to operate with thinner capital cushions than the average community bank.…

Long-term As a liability-driven business, insurance often has long-term cash-flow patterns compared to shorter-term activities at banks. Consequently, current law fails, I believe, to adequately account for the business model and risk profile of insurance companies, and that should concern us all. (p1) — Senator Richard Shelby (R-AL) 2015 0428 – GOV (Senate) – The…