Change

  • The whole process started in the NAIC, as it had to.
  • If radical changes in the way we illustrate policies were going to be made, they had to start at the NAIC.
    • The NAIC was only too well aware of the fact that sales illustrations were the subject of innumerable abuses and they wanted to correct those abuses.
    • Furthermore, the NAIC was being pushed by Senator Howard Metzenbaum who wanted to accuse the regulatory structure of not doing its job and then to bring regulation up to the federal level." 

--  Frank S. Irish, ASB, Actuarial Standards Board

1997 - SOA - Professional Standards Affecting Life Actuaries, Society of Actuaries - 18p

  • Formation of the Society of Actuaries Nonforfeiture Task Force
    • As a result of the many product changes occurring since 1975, many persons believe that a review of the SNFL is in order.  (p623)

1989-1, NAIC Proceedings

  • This is mostly for historical reasons - because the federal securities laws were adopted when municipal finance was a relatively small and uninteresting corner of the nation's capital markets.
    • But today's market bears almost no resemblance to the relatively small and sleepy municipal bond activity of days gone by.

--  Christopher Cox, SEC Chairman, Speech

2007 0718 - SEC - Speech (Christopher Cox, SEC Chairman) - Integrity in the Municipal Market, Securities and Exchange Commissioner - [link]