2010s – NAIC – Insurance Commissioners – Government Hearings (p14) – Terri Vaughan – (NAIC- CEO): So what we try to do is educate consumers about the critical importance of this issue. We spend a lot of money on consumer education. We created a Web site, Insure U Web site, for consumers to go to…

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1990s – NAIC – Insurance Regulators – Government Hearings 1993 0525 –  GOV (Senate) – When Will Policyholders Be Given The Truth About Life Insurance?, Senator Howard Metzenbaum (D-OH)  —  [BonkNote] (p33) – NAIC – Statement of David Lyons (Iowa Insurance Commissioner (IA), On Behalf of the National Association of Insurance Commissioners  I also serve,…

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1970s – NAIC – Insurance Commissioners – Government Hearings 1975 1203 and 1204 – GOV (Senate) – Veterans Insurance Information Disclosure, Richard Stone (D-FL)  —  [BonkNote] (p36) – William H. Huff III (Iowa) – President of NAIC, Statement  (p44) – NAIC – Mr. William H. HUFF III – (IA): If the Society of Actuaries’ research is…

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William H. Huff III 1971-1976 –  Iowa Insurance Commissioner  1975 1203 and 1204 – GOV (Senate) – Veterans Insurance Information Disclosure, Senator Dick Stone (D-FL)  —  [BonkNote] Commissioner Huff was appointed as Chairman of a new task force on life insurance policy lapsation. The task force was charged with the responsibility of identifying specific problems…

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101 – IRC – Internal Revenue Code (p65) – TEFRA Definition Prior to the enactment of the Tax Equity and Fiscal Responsibility Act (“TEFRA”) , there was substantial doubt whether universal life insurance should be treated as life insurance for tax purposes. In addition, there was concern that universal life insurance could be used to…

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Actuarial – Questions We designed commission rules that anticipated a relatively large number of rollovers of existing policies;. ..full commissions are paid provided the new Universal Life face amount is at least two times the face amount of the replaced policy. —   Phillip B. Norton, not a member of the Society, is Vice President of The Lincoln National…

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2008 Financial Crisis – Media AIG – Media AIG – Securities Lending – Media 2009 1204 – Bloomberg – Geithner Slams Bonuses, Says Banks Would Have Failed (Update2), (Goldman Sachs), by Robert Schmidt – 2p

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Spencer Bachus Spencer Bachus – (R-AL) 1993-2015 – US Senate Spencer BACHUS (R-AL) – I believe to protect those that are relying on the bond insurers’ capitalization, I believe the superintendent of the New York Insurance Department could have raised the capital standards. Governor SPITZER. Sir, I think you misapprehend— Spencer BACHUS (R-AL) I believe…

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Gary Sanders Gary Sanders (National Association of Insurance and Financial Advisors—NAIFA) agreed that use of the term “cash value” was confusing. 2017 0207, NAIC Proceedings – LIBGWG, Life Insurance Buyer’s Guide Working Group – Conference Call  Gary Sanders (NAIFA): And that leads to my second concern which is that consumer confusion… I think, and we fear, in…

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Dale Gustafson Churning will be high as comparisons of recent performance and illustrations will “prove” the necessity for a switching.  —  Dale R. Gustafson, Northwestern Mutual …asks why the really hard questions about the product aren’t reflected in the articles we printed. His nominees for the hard questions are: 1981 11 – SOA – The Actuary, Society…

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