Lloyd Bentsen

  • 1962 - President of Lincoln Liberty Life Insurance Company (Time-?)
    • Lincoln Liberty Life Insurance, a subsidiary of Lincoln Consolidated Consolidated American Life Insurance Co. (CALICO).
  • 1971-1993 - US Senator - Texas, January 3, 1971 – January 20, 1993
    • ERISA, IRAs, Holding Companies
  • 1993-1994 - Secretary of the Treasury, January 20, 1993 – December 22, 1994 
  • texasmonthly.com/news-politics/the-unveiling-of-lloyd-bentsen/
  • (p5) - Chairman Lloyd Bentsen (D-TX) - It concerns me that we do not have direct supervision over the insurance companies. That job is left to the States.
  • There is substantial variance among the States in the level and degree of supervision.
  • I can recall starting a life insurance company back in Texas in 1954, the worst time I could have started one.
  • At that time, there were all kinds of reports of fraud. I immediately decided the thing for me to do was to buy a company in a State that had a reputation for being very conservative, and I merged my Texas company with it.
  • Since then, Texas has made major changes in its supervision.  
  • The variation in supervision from State to State disturbs me.
  • I do not see any way that the Federal Government, at this point, is going to substitute Federal supervision for State supervision. 
  • What I am probing for is what happens when the individual beneficiary has had absolutely no say in the choice of the company that is carrying his annuity.
  • That is not an easy issue to resolve. That is the purpose of this hearing.

1990 0505 - GOV (Senate) - Guarantees of Retirement Annuities, Lloyd Bentsen (D-TX) - [PDF-89p-GooglePlay]