Sherrod Brown

  • 2022 0316 – Letter – Senator Sherrod Brown (D-OH) to FIO (Federal Insurance Office) and the NAIC (National Association of Insurance Commissioners) – 3p
    • 2022 0416 – Letter – NYSID –  Insurance Circular Letter No. 5 –  [link]
    • 2022 0531 – Letter – NAIC Response to Senator Senator Sherrod Brown (D-OH) regarding Private Equity – 11p
  • (p5) – Even if we concede these differences, insurance policy holders can “run,” just differently.
    • A life insurance policy is not indentured servitude.
    • Policyholders can cash out whole life and annuity products, and halt premium payments on term products.
    • Indeed, one of the biggest life insurance failures – $15 billion Executive Life – suffered debilitating policy surrenders contributing to its failure in 1991.
  • (p5) – I question the argument that insurance organizations should have weaker bank/thrift holding company protections because their insurance policy holders can’t easily cash out if they make bad investments.

2014 0310 – Letter – Sheila C. Bair to Senator Sherrod Brown (D-OH) – 6p

– Finding the Right Capital Regulations for Insurers, Sherrod Brown (D-OH)  —  [BonkNote]

  • – Finding the Right Capital Regulations for Insurers, Sherrod Brown (D-OH)  —  [BonkNote]
  • The State of the Insurance Industry and Insurance Regulation, Richard Shelby (R-AL) – [PDF-56p, VIDEO-Senate]
    • Sen. Sherrod Brown (D-OH) – Opening Statement – [link] 
    • Insurance is an area of great interest to me.
      • In addition to the millions of insurance consumers in the state of Ohio, the city of Columbus is second in the nation behind Hartford in concentration of insurance jobs.
    • Insurance became an area of great interest to all of us in 2008, when the near-failure and bailout of the insurance company AIG was a central event in the financial crisis.
    • ⇒  Finally, I am interested in hearing about how state and federal regulators are identifying and addressing emerging risks in the insurance markets, including captive reinsurance, private equity ownership, and reaching for yield.
    • ⇒  We should not take our eyes off potential sources of risk to policyholders and more broadly to the financial system
  • 2019 0411 – Press Release – Senator Sherrod Brown (D-OH) to FSOC (Steven T. Mnuchin – Chair) – re: Leveraged Lending – 3p
  • 2019 0419 – Press Release – Senator Sherrod Brown (D-OH): Mnuchin Must Take Action To Address Emerging Threats To The Economy – [link]
  • (p2) – Statement of Sherrod Brown (D-OH)
    •  Our State-based insurance system is unique, as we know, throughout the world. It has largely served us well.
      • We should fight to maintain it, including by rejecting efforts to impose the Solvency II accord, Europe’s insurance capital rules, on our insurers.
      • At the same time, it means that companies that want to operate internationally face challenges.
      • We need a system that works, too, for them.
    • (p2) – The financial crisis of several years ago, almost a decade ago, showed there were shortcomings in the consolidated supervision of international insurance conglomerates.
      • Since the crisis, State insurance regulators have worked on proposals to develop comprehensive supervision and capital frameworks for insurance companies.
      • While some progress has been made, there is clearly much to be done.

2017 0502 – GOV (Senate) – Examining the U.S.-EU Covered Agreement, Mike Crapo (R-ID) – [PDF-89p] – [VIDEO-Senate-page]