Archive for August 2022
Misleading Illustrations
Misleading Illustrations Apples and Oranges. We continue to put out these apples vs. oranges illustrations. We’re misleading our policyholders. We are providing the ammunition to make replacements of inforce policies with new coverage that is not in the policyowner’s best interest. — Walter Miller: 1983 – SOA – Surplus Distribution and Allocation for New and…
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Misleading Misleading Illustrations Why is this flimflammery allowed to continue? Where are the laws to prevent companies from misleading people? — Senator Howard Metzenbaum (D-OH) 1993 0525 – GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Senator Howard Metzenbaum (D-OH) — [BonkNote] (Northwestern Mutual Life: A Century of Trusteeship by…
Read MoreUniversal Life – Original Concept
Universal Life – Original Concept Universal Life is not well understood and part of the mystery about it may well be due to a failure in my communication…… …Universal Life was developed in 1962 as a generic plan, which means that it subsumes all other life insurance products. 1987 – Book – The Search…
Read MoreACLI – WishList
ACLI – WishList 1970s <WishList – “The Consumer Experience in the Marketplace Study”> 1981 – SOA – The Life Insurance Business–The View of Consumerists, Daniel F. Case – Moderator, Society of Actuaries (rsa81v7n38) – 18p — Harold G. Ingraham In that regard, I will share with you the results of a recently published study of the ACLI…
Read MoreInternet
Internet Commissioner Linda Ruthardt (Mass.) said that at some point people will be able to buy life insurance over the Internet and will create their own illustrations. 1995-1, NAIC Proceedings From the Floor: Do you think that the Internet really deals with more commodity like products, that insurance products on the Internet will become simpler,…
Read MoreAIG – Securities Lending – Building Up Cash
AIG – Securities Lending – Building Up Cash The Texas regulator grew concerned about the exposure in 2007. At the time, AIG told Texas it recognized that it needed to retain more cash, Mr. Slape said. 2008 1008 – WSJ – AIG Increases Borrowings While Racing to Sell Assets – [link] AIG – Mark Hutchings -…
Read MoreMBIA – Municipal Bond Insurance Association
MBIA – Municipal Bond Insurance Association mbia.com/ fka Municipal Bond Insurance Association LaCrosse Financial Products LLC – affiliate National Public Finance Guarantee (NPFG) – nationalpfg.com/html/index.aspx Bond Insurers Financial Gurantors Monolines MBIA and its predecessor the Municipal Bond Insurance Association, when we were a joint underwriting association, have now insured over 10,000 bond and note issues…
Read MoreAIG – Matched Investment Program – (MIP)
AIG – Matched Investment Program – (MIP) 2010-06-22 FCIC staff audiotape of interview with Mark Hutchings, American International Group, Inc.mp3 MIP – {put money into Securities Lending Program} AIG used to sell GICs through its SunAmerica unit. But the company has replaced that with a new, so-called matched investment program run by the parent company…
Read MoreAIG – AM Best
AIG – A,M. Best 2008 0528 – A.M. Best – A.M. Best Removes Ratings of AIG’s Property/Casualty and Life Subsidiaries From Under Review; Affirms, Assigns Negative Outlook – [link] Best added that the holding company downgrade reflects its “viewpoint of the detrimental implications of AIG’s risk management and aggressive risk appetite relating to investment concentrations…
Read MoreFEDS Notes
FEDS Notes federalreserve.gov/econres/notes/feds-notes/ 2019 0521 – FED Notes – Assessing the size of the risks posed by life insurers’ nontraditional liabilities – [link]
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