Archive for March 2023
1990s – NAIC – Insurance Commissioners – Government Hearings
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,…
Read More1970s – NAIC – Insurance Commissioners – Government Hearings
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…
Read MoreWilliam H. Huff III
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…
Read More101 – IRC – Internal Revenue Code
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…
Read MoreActuarial – Questions
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…
Read More2008 Financial Crisis – Media
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
Read MoreSpencer Bachus
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…
Read MoreGary Sanders
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…
Read MoreDale Gustafson
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…
Read MoreCrown Life
Crown Life 1991 – LC – Ferguson v Crown Life / Casteel – 91-11537 — [BonkNote] 1998 – LC – Crown Life v. Casteel – 98-0218 — [BonkNote] MDL-1096 – LC – Crown Life Insurance Company Premium Litigation Michael B. Hutchison Years – Chief Marketing Officer Some background information about my company is…
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