Problem – Policyholder Expectations The most obvious is if we fail policyholder expectations, we may have policyholder suits. — Larry R. Robinson, Chairman of the ACLI Subcommittee on Cost Comparisons 1988 – SOA – Actuarial Opinion on Non-Guaranteed Elements, Society of Actuaries – 12p Blumenthal v New York Life – Deposition – Pay Premium What I noticed…

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Problem – Lack of Understanding – Documents I support the task force’s efforts in this area, because I frequently have trouble understanding the illustrations of other companies’ products myself. If I as an actuary have trouble understanding them, the customer really has no idea of what he or she is actually buying or the risks…

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Problems – Index ABCDEFGHIJKLMNOPQRSTUVWXYZ# A As long as you pay the premium Back to top C Cash Value Life Insurance – Confusing Back to top D Deceptive Sales Practices Disclosure Back to top I Illustrations – Problems Back to top L Life Insurance Industry Challenges Liquidity – Policy Loans Back to top M Misleading Mis-selling…

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Were the AIG Life Insurance Companies in Trouble? Mr. Offit asked about the possibility of membership in the Federal Home Loan Bank system, and Mr. Bensinger said that such membership would provide liquidity in the life insurance companies, and the approval process is underway in Texas. MINUTES OF A MEETING OF DIRECTORS – AMERICAN INTERNATIONAL…

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ACLI to NAIC 1970s 1976-1, NAIC Proceedings – 1976 0909 – ACLI –  RE: Proposed Changes to the NAIC Model Variable Life Insurance Regulation – p623- 1979-2, NAIC Proceedings To:  The NAIC Life Insurance (C3) Cost Disclosure Task Force From:  The American Council Of Life Insurance (ACLI) Date:  May 25, 1979 Re:  The Report of…

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AIG – Securities Lending – Counterparties 2009 0315 – AIG Press Release – AIG Discloses Counterparties To CDS, GIA And Securities Lending Transactions – 6p Attachment D – Payments to AIG Securities Lending Counterparties Institution Payments to Counterparties by U.S. Securities Lending —  Total $43.7 <International 28.6 Billion / US – 15.1 Billion> Barclays $7.0 Deutsche Bank 6.4…

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Robert Willumstad ? -2005 – CitiGroup 2006-2008 – AIG Board of Directors 2008 06 – 09 2008 – AIG CEO  2008 1007 – GOV (House-OGR) – The Causes and Effects of the AIG Bailout- AIG Bailout Oversight Hearing, Henry Waxman (D-CA)  —  [BonkNote] What was the money used for? AIG. Losses vs. Loans 2010 0526 – COP -…

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AIG – Commercial Paper Commercial Paper 2008 1030 – Reuters – AIG units to participate in commercial paper program – [link] AIG Funding Inc, International Lease Finance Corporation, Curzon Funding LLC and Nightingale Finance LLC may issue up to $20.9 billion of commercial paper under the New York Fed’s program. (p61) – AIG found itself unable…

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AIG – Securities Lending – Legal Cases Transatlantic vs AIG 2009 – LC – AIG Glob. Sec. Lending Corp. v. Banc of Am. Sec. LLC   United States District Court Southern District of New York Civil Action No. – 01 Civ. 11448 (JGK) Memorandum of Defendant Banc of America Securities LLC In Support of Its Motion…

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Senate – Banking Committe Hearings Silences 1980s CSPAN   2008 0729 The State of the Insurance Industry – <mp4, mp3> 2009 0205 – Pulling Back The TARP: Oversight Of The Financial Rescue Program – Warren (COP), Dodaro (GAO), Barofsky (SIGTARP) – <mp4, mp3> 2009 0210 – OVERSIGHT OF THE FINANCIAL RESCUE PROGRAM A NEW PLAN…

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