DOTT – Department of the Treasury – Snippets

  • … the life insurance industry has developed new products that contain predominantly investment features similar to those offered by depository institutions.  (p93)

—  William S. McKee, Tax Legislative Counsel, Department of the Treasury [DOTT]

1983 0311 – GOV (Senate – Committee on Finance) – Taxation of Financial Services Industry (HRG98) – [PDF-356p, VIDEO-?]

  • While cash value policies are in force, the amounts saved by the policyholders are combined by the insurance company to form a large block of capital which the insurance company may invest on a long-term basis.
  • This concentration of investment capital historically has allowed insurance companies to play a significant role in the capital formation of this country.

—  John E. Chapoton, Assistant Secretary for Tax Policy, DOTT – Department of the Treasury

1983 0510, 0511 and 0728 – GOV (House) – Tax Treatment of Life Insurance, Pete Stark (D-CA)  —  [BonkNote]

  • The dollar amount of universal life insurance in force in the United States increased sevenfold between 1983 and 1987.7
    • 7/ See American Council of Life Insurance, Life Insurance Fact Book (1988 ).  (p23)

—   Statement of Kenneth W. Gideon Assistant Secretary for Tax Policy Department of the Treasury (DOTT)

1989 1019 – GOV (House) – Life Insurance Company Taxation, Charles Rangel (D-NY)  —  [BonkNote]

  • 2006 0803 – DOTT- Remarks of David G. Nason Deputy Assistant Secretary, Financial Institutions Policy U.S. Department of the Treasury Before the National Organization of Life and Health Insurance – [link]
    • These events, of course, were the reasons that NOLHGA was created (under the auspices of the ACLI).
    • Role of State Guaranty System
  •  2009 06 – DOTT – Financial Regulatory Reform, A New Foundation: Rebuilding Financial Supervision and Regulation, Geithner – [PDF-93p-GooglePlay]
    • Federal Insurance Office Act
    • Federal Insurance Expertise.  Insurance plays a vital role in the smooth and efficient functioning of our economy, but the credit crisis highlighted the lack of expertise within the federal government regarding the industry, especially during the collapse of American International Group (AIG) and last year’s turmoil in the bond insurance markets.
      • A Federal Insurance Office will provide national policymakers with access to the information and resources needed to respond to crises, mitigate systemic risks, and help ensure a well functioning financial system.
    • International Coordination.  Although America’s insurance markets still operate on a state-by-state basis, today’s markets are global.
      • The Federal Insurance Office will therefore provide a unified voice on insurance matters for the United States in global deliberations.
  • 2009 1117 – FCIC – Hearing – Financial Crisis Inquiry Commission – Timothy Geithner, Secretary of the Treasury – Closed Session, Former President of the Federal Reserve Bank of New York  —  [BonkNote]