John Oxendine

  • (p28) – John Oxendine, NAIC – Georgia Insurance Commission
    • The problem, of course, is that some agents are not trustworthy.
      • Sometimes they sell unsuitable products.
    • Most soldiers already purchased the affordable SGLI and may not need supplemental life products.
    • These supplemental policies are often sold to soldiers as investments rather than as insurance.
    • While it is true that an insurance policy can be one component of an individual’s investment strategy, the investment portion of the policy is, in some cases, being overemphasized and/or misrepresented.
    • Some soldiers have testified that they did not even realize that they had purchased life insurance. Some also testified they thought they were opening a savings account. 

2005 1117 – GOV (Senate) – A Review of the GAO Report on the Sale of Financial Products to Military Personnel, Richard Shelby (R-AL)  —  [BonkNote]

  • 2019 0923 (aired) – Fox 5 Atlanta – I-Team: Jim Beck’s Staff Closed Criminal Case at Request of John Oxendine – [VIDEO-YouTube-05:43] 
  • 2021 (aired) – Fox 5 Atlanta – I-Team: Judge dismisses ethics charges against John Oxendine – [VIDEO-YouTube-03:30]
  • 2022 0520 (aired) – Fox 5 Atlanta – I-Team: Former insurance commissioner John Oxendine indicted by federal grand jury – [VIDEO-YouTube-04:26]

1999 0914 – GOV (House-Report) – Interstate Class Action Jurisdiction Act of 1999 – 47p

  • 1999 0914 – GOV (House-Report) – Interstate Class Action Jurisdiction Act of 1999  —  [BonkNote]  —  47p
    • The Committee on the Judiciary, to whom was referred the bill (H.R. 1875) to amend title 28, United States Code, to allow the application of the principles of Federal diversity jurisdiction to interstate class actions, having considered the same, reports favorably thereon with an amendment and recommends that the bill as amended do pass.
  • 39 – Equitable Life Assurance Company, an Iowa corporation, agreed to a $20 million settlement of two class-action lawsuits involving 130,000 persons filed in Pennsylvania and Arizona State courts. The class action alleged that Equitable misled consumers, in violation of State insurance fraud law, when trying to sell ”vanishing premium” life insurance policies in the 1980s. Equitable sold the policies when interest rates were high, informing potential customers that after a few years, once the interest generated by their premiums was sufficiently high, their premium obligations would be terminated. However, when interest rates dropped, customers ended up having to continue to pay the premium in full.49
    • 49 See David Elbert, ”Lawsuits to Cost Equitable $20 Mill,” Des Moines Register, July 19, 1997 at 12 and ”Cost of Settling Lawsuits Pulls Equitable Earnings Down,” Des Moines Register, August 6, 1997 at 10.

1996 – Report of The Multi-State Life Insurance Task Force and Multi-State Market Conduct Examination of The Prudential Insurance Company of America – 270p

  • 1996 – Report of The Multi-State Life Insurance Task Force and Multi-State Market Conduct Examination of The Prudential Insurance Company of America  —  [BonkNote]  —  270p
  • (p8) – 33 percent of the sales complaints concerned misrepresentation by agents in the course of a sale.
    • (p12) – Such complaints were not new, but due to recent media attention and other factors, have been received and handled in large numbers. 
  • (p) – There is ample evidence to suggest that many of the practices at Prudential are, or were, present at other life insurers.

Bob Corker

  • Bob Corker (R-TN)
  • 2007-2019 – US Senate
    • 2015-2019 – Chair of the Senate Foreign Relations Committee 
  • (p33) – Bob Corker (R-TN) – You know, there are very few complaints. I mean, life insurance is not what drives complaints at your State Insurance Commissioner’s officer, really, is it? It is just a small percentage, is it not?

2009 0317 – GOV (Senate) – Perspectives on Modernizing Insurance Regulation, Chris Dodd (D-CT)  —  [BonkNote]

  • (p25) – Bob Corker (R-TN) –  Well, it may not-I think this whole issue of authority is pretty incredible, and I think all of us realize that the Fed nor anyone else has the authority not only to deal with AIG but Citigroup or Bank-there is nobody.
    • I mean, I think that is an amazing thing that for some reason only hits my alarm bell, nobody else’s.
    • But there is no entity in our country that has the ability to deal with an AIG, a Citigroup, a Bank of America, anybody.
    • I find that pretty incredible. 

2009 0305 – GOV (Senate) – American International Group: Examining What Went Wrong, Government Intervention, And Implications for Future Regulation, (CSPAN) Government Intervention and Regulation of AIG, Chris Dodd (D-CT)  —  [BonkNote]

Jim Bunning

  • Jim Bunning (R-KY)
    • 1987-1999 – US House 
    • 1999-2010 – US Senate 
  • (p6) – Jim Bunning (R-KY) – I do not know anyone who read The New York Times’ investigation of sales of financial products to the military personnel who was not at the very least appalled and concerned about the practices.

 

CII – Council of Institutional Investors

  • One important lesson of the recent crisis is that as financial products and services proliferate and become more complex, they often fall through the regulatory cracks. (p16)

—  CII – Testimony of Ann Yerger, Executive Director – Council of Institutional Investors – 106p

2009 0729 – GOV (Senate) – Protecting Shareholders and Enhancing Public Confidence by Improving Corporate Governance, (CSPAN) Improving Corporate Governance, Jack Reed (D-RI) – [PDF-252p, VIDEO-CSPAN]

  • CII – Testimony of Ann Yerger, Executive Director – Council of Institutional Investors – 106p
    • (p71-106) – Attachment 4 – U.S. Financial Regulatory Reform: The Investors’ Perspective A Report by the Investors’ Working Group
      • (p81) – Studying a federal role in the oversight of insurance companies. The current state‐based regulation makes for patchwork supervision that has proven inadequate to the task.

2023 0705 – BetterWealth – Expert Reviews Whole Life Insurance, IUL’s, and Annuities – [Bobby Samuelson] – YouTube

  • 5 – 1st job – NFP
  • Ohio National Life Company
  • Dom
  • 6 – 2009-? – Blog – White Paper – IUL
    • vaccuum of insurance writers, no Consumer Reports, CNET for life insurance
  • 2013-2017 – MetLife
  • 9 – can’t just google this stuff
  • 10 – Bobby – I’m the only one writing about this stuff 
  • 10 – Dom – Where to find information?
    • Statutory
    • older people in field aren’t available
  • 10 – Bobby – Getting info from older people. Example – 1980s – General American Actuary – I don’t have stuff to read. people will take my call and answer my weird questions.
  • 11 – Dom: Where do you find research.
  • 12-13 – Bobby – I don’t have stuff to read, but I do have people to talk to. UL in the 1980s. New money vs. Portfolio money. final Expense Market.
  • 15 – Not a big social Media person – 
  • 17 – Bobby – Word of Mouth guy
  • Why do you do this? – Bobby – Curiosity, sink my teeth into, South Africa, Russian History, “I find Life Insurance and Annuities endlessly fascinating.”  “I’m just working out my curiosity.”
  • 19 – Morgan Stanley, Merrill Lynch
  • 20 – Bobby – 2007 – Peak of STOLI, Misrepresentations – harm being caused, STOLI, AIG 10%, “fighting against ridiculous IUL Illustrations.” My Calling. BS. IUL Illustrations rate. Morality. Truth. Call and Curiosity has kept me going for 20 years. 
  • 22 – Dom – Millenial Space, 
  • 23 – Bobby – Social Media. Battle Ground. Going to be a lot of. tiktok. my jaw drops. [lirps], customer complaints, 
  • 25 – Caleb – Infinite Banking, Tax-Free Income, Where do we even beginning. History… people are shocked that they are buying life insurance, say / not say.
  •  26 – Bobby – Best Book – 1907 – Book – The Story of Life Insurance, by Burton J. Hendrick – 307p
    • Shenanigans – Same, Same, Same,  — 2 things – 1) Insurance being Sold as an Investment, 2) Absurd Illustrations, Promises of returns, Assumptions, Tontine Dividends, Semi-tontine Dividends, Vanishing Premium in Whole Life, VUL, not comparable to Whole Life, Guaranteed UL, STOLI, IUL since 2009, promotion – investment, no risk, absurd illustrations, assumptions, Toxic Mix, 
  • 29 – Dom – What has the Journey been like? IUL History, AG49
  • 30 – Bobby – Agnostic on Product.  Product vs Illustration.  Story – IUL Sales History, What is good IUL? Before, later….no rules for illustrating IUL.. Helped create AG49. LoopHole…PACLife, Illustration Wars, Whatever Illustrations the best, Long-term Performance, Reasonable Expectaions, perform the worst, illustrate the best… they knew… shameless, Product vs Illustration, one huge game,
    • amerus, etc.
    • 2006 – AIG, Securian, Penn Mutual 
    • PacLife PDC
    •  
  •  Dom – Gives me the Chills, Makes me sick, Companies know what is going on. What is the Solution?
  •  35 – Bobby – tiktok, Fatal Addiction to Illustrations, same goes for Whole Life, they are going to be wrong… current dividends vs, historical look back..
    • Actuarial Task Force – Late 1990s [Bonk: Early 1990s – Type A vs Type B] – 1991-1992 – SOA – Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries  —  [BonkNote]  —  142p
      • Irony – Illustratioo Doesn’t Explain the Product at all.
      • Policy Charge page isn’t used.
      • only used for projection purposes.
      • Cold Turkey, Explanatory Documents, not projections, Avoiding the Investment thought process, change Illustrations, Open up Illustrations Model Regulation.  Everybody recognizes the problem.
  •  – Dom – just IUL or all Illustrations..
  • 39 – – IUL First, including Whole
  • 39 – Caleb – Overfund .. Base, PUA, Questions, Don’t Illustrate income – WL not an investment,
  •  Bobby – #1 problem is Illustrating Income, [Cash Flow Mechanics] – Policy View, Charges, Premiums, Performance, Charges are the focus….Explain how the products work, Games in Illustrations – mostly happen after the first 20 years. Gimmecktry, Blood Bath on big companies on how to deal with the question
  • 42 – Caleb – Specific Person Example – [Bonk: Who? – Curtis Ray – MPI-?] – no chance things will happen.  Maybe he doesn’t know what he’s doing?
  • 42 – Bobby – Probability of things working. Volatility.  – [Bonk: Who? – Curtis Ray – MPI-?] – 0% chance of these working.   I can’t blame that. it’s not in the illustration.  [Bonk: Richard Weber]
  • 44 – Caleb – Caps, companies can change Levers, Is that a problem? Will companies in 20 years….. Demutualize … 
  • 45 – Bobby – Companies getting sold, mergers, run-offs.  But, that’s not the biggest problem.   Illustrations – Actuaries – Illustrations are fuzzy math, grey area. Guardians at the company. Whole Life, dividends, Non-Guaranteed Elements (NGE’s), Actuaries, rate setting – 
  • 48 – Dom – Ohio National – What was the main reason why Ohio National failed.  Demutualization.
  • 48 – Bobby – Cheapest and Best Illustrating – Can’t coexist. Sold too many Variable Annuities with Guaranteed Benefits. Reinsurance, Grand Caymans, Constellation stepped in.  Closed Blocks of Business.  Ohio National Dividends – Adverse to Policyholders. Closed blocks,
  • 53 – Dom – Penn Mutual – Cheapest and Best Currently. Can they do this long term. Is something going to have to change?
  • 54 – Bobby – GUL – Lincoln, Write downs.  MassMutual, 
  • 57 – Caleb – PUAs, Cash Value, Dividends, Base, Is there downside for massively overfunding, front loads, 
  • 59 – Bobby – MassMutual 10-pay (great), overfubding, Downside – 1990s – Term Blends – underfunding – WL is 95% as flexible as UL. 
  • 1:00 – Dom – Infinite Banking – once a year conference – MEC
  • 1:01 – Bobby – Necessary Premium Test – Asteroid, 
  • 1:03 – Caleb – people hate life insurance, scum of the earth, TikTok, What is the one thing you would get across to people. we are horrible at communicating. Core mission. people should be insured. We don’t want to be hiding 30 years from now.
  • 1:04 – Bobby – 1) there is no substitute for life insurance. Period. Everybodl is going to die. Contingent Capital.  Income Replacement. Life Happens, Estate Planning, Business Planning, Buy-sell agreements, high net-worth. Cure. Disease. How does it actually work. Simple. Cash Flow Mechanics. Asset Class, Company Investments, Cash Value only goes up [Bonk – ?} – What always endures? Protect Family, Preserve Capital, Provide Stability. That’s it. Unique. No Substitute. I own a ton of this stuff. my wife has no idea why. 
  • 1:07 – Bobby – Cash Flow – Policy Mechanics – P1P2 – Power of Permanent Life Insurance.
  • 1:09 – Caleb – Diversification – Overfunding – Bonds – Retirement – F
  • 1:09 – Bobby – 60/40 – Bonds – risks – CMBS – MetLife – Fixed income allocation, 
  • 1:11 – Bobby – WL, VUL, LTC, – 500 Subscribers –

David Rutstein

  • Family First Life Lawsuit Witnesses - YouTube  ---  [BonkNote]
  • YouTube - Family First Life Lawsuit Witnesses
    • PlayList - 108 VIDEOS (as of 2024 0306) - [YouTube-link]
    • PlayList - 129 Videos (as of 2025 1214) 
    • re: FFL-Family First Life, Integrity Marketing Group, Leads, Agents, Lawsuits, FTC Cease and Desist Life
  • Gus Fox
  • NAAIP
  • - LC - Compulife v. Rustein  ---  [BonkNote]
  • Family First Life - Lawsuits
    • Greg Birch
    • Christopher S. Coyle
    • - LC - Family First Life v. Rutstein
  • [Family First Life v. Rutstein]
  • 2022 - LC - Family First Life v. David Rutstein
    • 9:2022cv80242
    • Florida Southern District Court
    • 02/15/2022 02/16/2022
  • 2022 - LC - Family First Life v. David Rutstein
    •  9:2022cv80243
    • Florida Southern District Court
    • 02/15/2022 08/18/2023
  • 2022 0529 - Family First Lawsuit Witnesses - FFL Life Insurance Agent is Key Witness in Defamation Trial Against NAAIP - [VIDEO-YouTube-29:52]

Cowboy Athletics v. Lincoln National Life Insurance Company

  • 2010 – LC – Cowboys Athletics v. Lincoln National Life Insurance Company – [T. Boone Pickens]  —  [BonkNote]
    • 2007 program, called Gift of a Lifetime
    • 2007 0326 – LA Times – Now this is taking one for the team, by Greg Johnson – [link]
      • The Pickens insurance plan passed muster with Oklahoma state regulators, but Oklahoma State’s Gift of a Lifetime Program is generating controversy.
      • U.S. Sen. Charles E. Grassley (R- Iowa), who has been investigating the tax-exempt status of major college athletics programs, last week told Congressional Quarterly that he had questions about the Pickens program.
    • 2010 0212 – NYT – University and Pickens Sue Over Fund-Raising Plan, By Stephanie Strom – [link]
    • 2012 0318 – AM Best / WinkIntel – Lincoln National Wins Lawsuit over Life Policies Benefiting a University, by Jeff Jeffrey – [link]
  • wikipedia.org///Gift_of_a_Lifetime
    • “To a layperson like myself, it’s amazing insurance companies make money on this, too, but they know their business,” Reece told The Oklahoman.
    • Program canceled & lawsuits
      • As of February 2010, OSU and Lincoln National had filed suits against each other.
      • The OSU suit claimed Lincoln National’s agents lied and misrepresented the plan and its costs.
      • Lincoln National’s lawsuit was filed against Boone Pickens, claiming he was responsible for urging the OSU to cancel the policies.
      • On March 9, 2012, the federal judge overseeing the lawsuit between OSU and Lincoln National sided with Lincoln National in its case with OSU.[7]
  • 2010 – LC – Cowboy Athletics, Inc. and T. Boone Pickens v. The Lincoln National Life Insurance Company – Case No. CJ-2010-54 
    • Oklahoma state court, Payne County
    • Case No. CJ-2010-54
  • 2010 – LC – Lincoln National Life Insurance Company v. Cowboy Athletics
    • 3:10-cv-00173
    • Texas Northern District Court
    • Filed: Jan 29, 2010
    • Judge: Jorge A Solis
  • 2010 – LC – Cowboy Athletics v. Lincoln National Life Insurance Company – 2010cv00164
    • Pacer – Yes
    • 5:2010cv00164
    • Oklahoma Western District Court 
    • 02/18/2010 – 03/19/2010
    • Filed: Feb 18, 2010
    • 03/19/2010 34 Joint Stipulation to REMAND action back to Okla. State Court. Signed by Honorable David L. Russell on 3/19/10. (ns, ) (Entered: 03/19/2010)
  • 2011 – LC – THE LINCOLN NATIONAL LIFE INSURANCE COMPANY v. COWBOY ATHLETICS
    • 2:11-mc-00276
    • Court – Pennsylvania Eastern District Court
    • Filed: Nov 30, 2011
    • Judge: Cynthia M Rufe
  • 2011 – LC – MANAGEMENT COMPENSATION GROUP LEE, INC.v. OKLAHOMA STATE UNIVERSITY
    • Case No. CIV11967D.
    • November 3, 2011
    • United States District Court, W.D. Oklahoma.
  • 2012 – LC – The Lincoln National Life Ins. Co. v. Cowboy Athletics, Inc. and T. Boone Pickens
    • 934 F.Supp.2d 884 (N.D. Tex. 2012)
    • Pacer – No
    • 2013 0318 – LC – The Lincoln National Life Ins. Co. v. Cowboy Athletics, Inc. and T. Boone Pickens, 5th Circuit Court of Appeals, 12-10360 – Decision –  5p
  • 2012 – LC – Lincoln Natl Life Ins Co. v. Cowboy Athletics
    • 0:12-pcd-10360
    • Court – Fifth Circuit U.S. Court of Appeals
    • Filed: Apr 04, 2012

2008 0627 – MG – Bloomberg – AIG to Absorb $5 Billion Loss on Securities Lending: Insurance Units Wrote Down $13B Tied To Mortgages, by Miles Weiss

  • 2008 0627 – MG – Bloomberg – AIG to Absorb $5 Billion Loss on Securities Lending: Insurance Units Wrote Down $13B Tied To Mortgages, by Miles Weiss  —  [BonkNote]

2008 0628, Sat National Post (Toronto, Ontario, Canada) Newspapers.com