Archive for November 2021
AIG – Unwinding
AIG – Unwinding Q: Did Insurance Regulators tell AIG to Wind-Down their Securities Lending Business? Unwinding in event of bankruptcy is likely to be very messy, because derivatives book is large and complex $2.7 Trillion, largely of very long-term structure products. 2008 0912 – FCIC – FRBNY / AIG Meeting Notes – 2p 2010 -…
Read More2008 0912 – FCIC – 2008-09-12 Alejandro LaTorre Email to Geithner et al re Update on AIG
2008 0912 – FCIC – 2008-09-12 Alejandro LaTorre Email to Geithner et al re Update on AIG 2008 0912 – FCIC – 2008-09-12 Alejandro LaTorre Email to Geithner et al re Update on AIG – 2p 2008 0913 – FCIC – FRB (Brian Peters/NY/FRS) -FRBNYAIG00510 We met with senior executives at AIG to discuss both their…
Read MoreQ: What Was The Relationship Between AIGFP and the Insurance Subsidiaries?
Q: What Was The Relationship Between AIGFP and the Insurance Subsidiaries? Outside of the holding co., the insurance subs have about $68B in securities lending liabilities to the 12 largest firms. Program is managed by the holding company (AIG Financial Products). 2008 0913 – FCIC – FRB (Brian Peters/NY/FRS) -FRBNYAIG00510 – 2p – <includes: 2008 0912 – FCIC…
Read MoreQ: Can the Insurance Industry Create Systemic Risk?
Q: Can the Insurance Industry Create Systemic Risk? Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. 2003 – IMF – Insurance and Issues in Financial Soundness. IMF working paper 03/138. Das U, Davies N, Podpiera R – 44p Paper – Concepts for Successful Regulation of Systemic Risk Section 1: Identification of…
Read MoreAIG – Causes of Collapse
AIG – Causes of Collapse AIGFP CDS Communication Failures GICs / GIAs – Guaranteed Investment Contracts, Lack of Capital to back up Obligations Management Failures Mortgage Backed Securities Rating Downgrades Regulation OTS States Repos Risk Management Failures Securities Lending June COP Report COP Hearing – Silvers / Millstein Lloyd C. Blankfein, Chairman and CEO, The…
Read MoreQ: What is the NAIC – National Association of Insurance Commissioners?
What is the NAIC? It is unprecedented that the Federal Government would give such power to a private trade association—I repeat, a private trade association—or to what NAIC immediate past resident Walter Bell of Alabama in an April 9, 2007, letter called: ‘‘a 501(c)(3) nonprofit corporation with voluntary membership and not a State government entity.’’…
Read MoreQuestions – 2021 11
Questions – 2021 11 Product Descriptions Coverage Period Premium Benefits Policy Mechanics Complaints Language The Working Group discussed some language that was hard to understand referring to premiums and benefits. The Working Group discussed language suggested by the ACLI defining the different kinds of life insurance policies for inclusion in the section titled, “Compare Different…
Read More1982 – Book – Principles of Insurance – Adjustable Life – Rejda – p342
1982 – Principles of Insurance – Adjustable Life – George Rejda – p342
Read More1977 10 – Changing Times – Adjustable Life Insurance
1977 10 – Changing Times – Adjustable Life Insurance 1977 10 – Changing Times – Adjustable Life Insurance — [BonkNote] “Adjustable” Life Insurance. The idea is to have one policy you can change as your needs change. 1977 10 – Changing Times – Adjustable Life Insurance – (p17-19) – GooglePlay — [BonkNote]
Read More2021 1107
2021 1107 It’s very possible to have a 25-year term with zero cash value, using a UL product. — Lawrence Silkes 1990 – Life Product Development Update, Society of Actuaries – 20p Questions – 2021 11 What is a Supplemental Illustration? (BB, Wicka, Donna Wicka – More Complicated products would need more pages.) – 2018/10/9- LIIIWG -…
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