August 2021 – Page 7

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…

Moratorium Moratorium Stay Contractual State Courts (p16) – Willis B. Howard, Jr., NOLHGA – National Organization of Life and Health Insurance Guaranty Associations: I’d like to respond briefly to my honorable friend, Commissioner Bartlett. Dwight, the guarantee association system works, and it works well. Dwight K. Bartlett III, Maryland Insurance Commissioner: Are you going to tell…

Typos In other words, when you think about, if I just sat there and said, “You know what? I think this is an unlicensed monoline, governor. Let’s go and fix this,” they would have … It was the most profitable part of AIG. The stock was at 100 or whatever. It wasn’t until the stock…

IAIS – Run Run In paragraph 34, it is noted that some products offered by insurers (which contain provisions whereby a policyholder can withdraw cash from the policy with little notice or penalty) contain high liquid liability; however, this description is too simplified and inappropriate since it does not properly take into account the reality…

Transamerica Aegon Transamerica WFG – World Financial Group interactive.web.insurance.ca.gov/apex_extprd/f?p=144:6:::NO:RP,6:P6_COMPANY_ID:5738 Name History TRANSAMERICA LIFE INSURANCE COMPANY – Current – 03/01/2001 PFL LIFE INSURANCE COMPANY – Old – 01/01/1991 NN INVESTORS LIFE INSURANCE COMPANY, INC. – Old 2012 1101 – Letter – Transamerica to SEC – Re: Supplemental Comments on Stable Value Contract Study, CFTC/SEC Release No.…

Misconduct Widespread misconduct in the financial sector on a broad scale creates mistrust, weakening the ability of markets to allocate capital to the real economy. This in turn may give rise to systemic risks, which is why addressing misconduct is part of the Financial Stability Board’s (FSB) work programme. Recent instances of misconduct have included…

A2ii – Access to Insurance Initiative a2ii.org/en/home 16. Mis-selling means irresponsible selling & includes: misrepresenting facts to garner business distort facts to paint a rosy picture of the product unethical practice like concealing some vital information selling a whole life policy to an ineligible person (a man with huge savings/investments with no spouse & no…

Corporate Governance Under some permanent insurance, contracts being sold today, the chances are you could stop paying after 7, 8, or 9 years and the insurance would remain in force for the rest of your life without further premium payments. (p6069) — Robert Beck (Prudential CEO) 1985 0719 and 0722 – GOV (House) – Comprehensive…

IAIS – Consultations iaisweb.org/consultations/ iaisweb.org/consultations/closed-consultations/ 2014 – IAIS – Approaches to Conduct of Business Supervision 2014 – IAIS – Basic Capital Requirements for Global Systemically Important Insurers 2014 – IAIS – Risk-based Global Insurance Capital Standard 2015 – IAIS – Risk-based Global Insurance Capital Standard American Academy of Actuaries 2016 – IAIS – Risk-based Global…

2014 – IAIS – Approaches to Conduct of Business Supervision 2014 0807 NAIC – International Insurance Relations (G) Committee – Conference Call 2014 10 – IAIS – Application Paper on Approaches to Conduct of Business Supervision – 59p