ACLI - WishList

1970s

  • <WishList - "The Consumer Experience in the Marketplace Study">
    • 1981 - SOA - The Life Insurance Business--The View of Consumerists, Daniel F. Case - Moderator, Society of Actuaries (rsa81v7n38) - 18p
      • --  Harold G. Ingraham
      • In that regard, I will share with you the results of a recently published study of the ACLI and LIMRA, a study that commenced in 1979.
        • It was called "The Consumer Experience in the Marketplace Study", and it surveyed the opinions of insurance buyers and nonbuyers with particular emphasis on cost disclosure.
  • 1977 - SOA - Report of the Historian, Society of Actuaries - 22p
    • According to an August, 1977, Wall Street Journal article, the Treasury Department is considering, as a part of President Carter's comprehensive tax reform legislation, taxation of the "inside buildup" in cash-value life insurance policies. - <WishList - Wall Street Journal article>
      • Under this proposal the annual interest element on the "savings" portion of such policies would be taxed as income to policyholders.
      • <WishList> - The ACLI submitted a memorandum opposing the proposal strenuously to Treasury Secretary Blumenthal and White House officials. 
      • Needless to say, implementation of any such proposal would have profound repercussions on the life insurance industry.

 

1980s

  • Thus, we have universal life policies with a so-called low target premium where excess interest earnings can carry the policy for the whole of life with the payment of that low premium.
  • We have the other extreme where the premium is higher but through the use of dividends or excess interest earnings, premiums are paid for only a few years.

--  John L. Marcus

  • Senior Vice President of Prudential, in charge of the Insurance Services department.
    • He is also Chairman of Pruco Securities and Vice-Chairman of Pruco Life.
    • In these capacities he is responsible for the development of Prudential's investment type products.
  • At its inception, Mr. Marcus was a deputy on the American Council of Life Insurance (ACLI) Task Force on Financial Services Integration.
    • As a member of its Blueprint Committee he was one of the authors of the ACLI's study of financial services in the 1980's. <WishList>

1984 - SOA - Deregulation of Financial Industries (rsa84v10n221), Society of Actuaries - 30p

1990s

  • <WishList> -  American Council Bulletin No. 4310, dated December 21, 1990. 

    • 1991 - SOA - Term Insurance Developments, Society of Actuaries - 28p

  • < WishList> - I saw a quiet report circulated within the insurance industry that was hardly noticed.
    • It was a report of the American Council on Life Insurance which said recently, "Despite the overall financial stability of the industry, there are undoubtedly individual companies which have taken and will continue to take unreasonable risks.
    • Steps must be taken to address the potential problems posed by these conditions."
    • And the report went on to recommend, "We believe that the lack of consistent solvency regulations among states must be addressed, coupled with adequate and appropriately targeted enforcement."
    • --  Dr. William Freund - Chief Economist Emeritus, New York Stock Exchange
      • 1991 - SOA - Major Issues Facing the Economy,  The Insurance Industry and Actuaries in the Years Ahead - 12p 
  • <WishList> - Gary E. Hughes, "Market Conduct: Short-Term Crisis or Long-Term Problem?"

2000s

  • <WishList> - 2000 - ACLI to NAIC - An Optimal Approach to Insurance Product Regulation
    • 2001 0621 - GOV (House) - Insurance Product Approval: The Need for Modernization - [PDF-208p, VIDEO-?]
  • 2002 - LC - James Szymanski vs. Boston Mutual Life Insurance Company., 56 Mass. App. Ct. 367, March 7, 2002 - November 7, 2002 - Vanishing Premium
    • <WishList> - American Council of Life Insurers, amicus curiae, submitted a brief.  Victoria E. Fimea, Evan M. Tager, & Peter C. Choharis

  • 2007 0605 - TheHill - Insurance industry divided over federal regulation, by Jessica Holzer - [link]

    • The president of the ACLI and the former Democratic governor of Oklahoma, Frank Keating, called the OFC “the No. 1 issue facing the life insurance industry in the U.S.”
    •  The ACLI... unveiled a study last week that concluded a federal regulator would generate up to $5.7 billion in savings for the 284 life insurers analyzed. <WishList>
    • Keating said the ACLI would keep on pressing its case with Aflac: “We will continue to attempt to persuade them that the devil they know is worse than the devil they don’t know.”
  • 2008 1101 - ThinkAdvisor - Smoke and Mirrors?, By Marlene Y. Satter - [link]
    • When ACLI and AIA issued their statements pushing for federal oversight, NAIC accused them of playing politics, reiterating that the state-regulated insurance companies that were part of AIG were sound and “are not the problem.”
      • Further, NAIC explained that “the problem lies with the AIG financial holding company that is subject to federal regulatory oversight by the U.S. Office of Thrift Supervision (OTS).”
      • That holding company, it continued, “took on more risk than they [sic] could handle” and invested in non-state-regulated collateralized debt instruments that included mortgage-backed securities and credit derivative swaps.
      • When the housing market went south, it took these investments with it.
    • ACLI Statement - <WishList> - programbusiness.com/news/acli-to-treasury-include-optional-federal-charter-for-life-insurers-in-regulatory-reform/
    • AIA Statement - <WishList>
  • 2009 0212 - ThinkAdvisor - ACLI Counters Anti-OFC Letter, By Arthur D. Postal - [link]
    • ⇒  2009 - ACLI Letter - <WishList>
    • The federal government must develop an insurance regulatory presence with the capacity to monitor the insurance marketplace and identify risks to consumers, the industry and the broader financial system before they reach the “crisis stage,” ACLI President Frank Keating says in a response to the letter.
    • “Life insurance is a $5 trillion industry which affects the lives of almost all Americans and closely interacts with banks and securities firms,” Keating says.
      • “Consumers cannot afford a regulatory structure in which federal financial regulators are effectively walled-off from overseeing the insurance marketplace.”

2010s

  • 2013 0917- ThinkAdvisor - ACLI calls Lawsky's letter on reserves 'irresponsible', By Elizabeth D. Festa - [link]
    • In a letter to state insurance commissioners, the American Council of Life Insurers (ACLI) called the top New York insurance regulator’s remarks on life insurance reserving “irresponsible” and inaccurate, the former because they erode trust in the state regulatory system and the industry and the latter for actuarial reasons.
    •  Actuarial Guideline 38 (AG 38)
    • Lawsky Letter - Bad Link - https://www.dfs.ny.gov/about/press2013/pr1309111-link.pdf - <WishList>
    • ACLI Letter - <WishList>
  • 2018 0718 - InvestmentNews.com - State insurance commissioners don't include life products in their annuity suitability reform, by Mark Schoeff Jr. - [link]
    • ACLI - “Including life insurance in the model regulation is unnecessary because life insurance sales practices are already subject to comprehensive state laws and regulations which assure that life insurance products are sold consistent with the best interest of consumers,” J. Bruce Ferguson, senior vice president for state regulation at the American Council of Life Insurers, wrote in a May 29 comment letter. - <WishList>