August 2023 – Page 2

2008 Financial Crisis – Monolines 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 there was inadequate capitalization 2008 0214…

Bartley Munson AAL – Aid Association for Lutherans SOA – Committee on Truth in Life Insurance of the Society of Actuaries – Bartley Munson, Chairman TILI – Truth In Life Insurance Bart Munson (William M. Mercer Inc.) noted that life insurance disclosure issues have been the subject of ongoing debate for years and that extensive work…

PPLI – Private Placement Life Insurance 2022 0921 – Letter – GOV (Senate) – Ron Wyden (D-OR) Continues Investigation Into Private Placement Life Insurance Schemes – [link] 2022 0921 – Letter- GOV (Senate-Ron Wyden (D-OR) to Prudential Life – re Private Placement Life Insurance (PPLI) – 4p

Hal Phillips Hal Phillips, aka William H. Phillips, aka W. Harold Phillips senior life actuary with the California Department of Insurance One regulator [W. Harold Phillips (Hal), Senior Life Actuary – CA) summarized the problem in his department – Attachment Two-A: Misleading illustrations are structured as inducements to buy rather than helpful tools to understand the workings…

Donna Megregian What is supportable is up to the illustration actuary and involves all aspects of the product, not just the crediting rate. — Donna Megregian 2015 – SOA – Actuarial Guideline 49 (aka Actuarial Guideline YY), Society of Actuaries – 3p

Project – NAIC – Snippets – 2022 2022 0407 – 2022-1, NAIC Proceedings – LIAC – Life Insurance (A) Committee 2. Adopted the Report of the Accelerated Underwriting (A) Working Group and the March 4 Draft Accelerated Underwriting in Life Insurance Educational Report Mr. Birnbaum said he participated, along with Brendan Bridgeland (Center for Insurance…

Project – NAIC – Snippets – 2021 2021 0811 – LIAC – NAIC – Summer National Meeting, Proceedings – 43p (p8) – 2021 0811 – LIIIWG Next Steps Summary Comment Chart 2021 1216 – LIAC – NAIC – Executive (EX) Committee and Plenary – Attachment Four – 4. The Life Insurance Online Guide (A) Working…

Current Experience At one point in the dividend philosophy discussion, there was some consideration of how to enunciate a principle that would clearly state that new money presentations for illustrations based on elements that reflected a rate of inflation were acceptable, whereas other types of projections were not. This becomes very difficult because inflation can…

Recent Company Experience Harold G. Ingraham: What is meant by “recent company experience?” With respect to investment experience, is it the portfolio yield based on the book value of the asset portfolio or does it relate to “new money” yield rates and changes in the realizable value of assets? With respect to expenses, does it…

Thomas Sutton The Actuarial Foundation – Emeritus Trustees – 2023 — [BonkNote] Pacific Life ACLI SOA Tom Sutton, ACLI / Pacific Life – My personal opinion is that I would not have any problem with a kind of disclosure that could be communicated simply, but was based on extensive analysis by someone capable of making…