American Bonded Mortgage Company

  • 1966 0216 – NYT – Grand Jury Indicts Eight In Bonded Mortgage Case, American Bonded Mortgage Company – [link]  —  1p
  • 1966 1223 – NYT – Seven Found Guilt of Securities Fraud, American Bonded Mortgage Company – [link] — 1p
    • The Securities and Exchange Commission charged the seven misled the investors by promising to guarantee their principal, plus a 7 to 8 percent profit.

OneAmerica

  • 2024 0125 – OneAmerica – OneAmerica Appoints New Board Member George Nichols, The CEO of The American College of Financial Services joined at the close of 2023 – [link]

 

Comments About - Companies

  • A book by a specialist in life insurance stocks, published in New York in 1963, states the following: "Under the conditions that have prevailed for the past twenty-five years, life insurance is such an incredibly profitable business that many companies make money, not only 'without really trying,' but in spite of doing nearly everything wrong." 1
    • 1Arthur Milton, Life Insurance Stocks: The Modern Gold Rush. (1963).

--  Arthur Pedoe

1965 - SOA - Certain Actuarial Considerations in Determining Life Insurance Company Equity Values--Actuarial Note, by Thomas P. Bowles, Jr. and Lloyd S. Coughtry,/tsa65v17pt1n4919 - Society of Actuaries - 36p

  • Bob Wright (Virginia) said the Society of Actuaries report referred to the fact that companies said they had no control over what agents did.
  • Bob Wright (Virginia) - Chair of the LDWG - Life Disclosure Working Group - (A) - NAIC  ---  [BonkNote] 

1994-4, NAIC Proceedings

⇒  1991-1992 - SOA - Final Report* of the Task Force for Research on Life Insurance Sales Illustrations, Society of Actuaries  ---  [BonkNote]  ---  142p

  • I would like to comment on one thing.
  • There were huge life insurance market conduct violations with billions of dollars paid by MET Life, Prudential and others a few years ago.
    • I do not think there were any criminal charges brought in any of that.

--  J. Robert Hunter, Insurance Director, CFA - Consumer Federation of America 

2006 0620 - GOV (Senate) - The McCarran-Ferguson Act: Implications of Repealing the Insurers' Antitrust Exemption, Arlen Specter (D/R/D-PA) - [PDF-160p, VIDEO-<Bad Link>-judiciary.senate.gov/committee-activity/hearings/the-mccarran-ferguson-act-implications-of-repealing-the-insurers-antitrust-exemption 

Beneficial Life Insurance

  • beneficialfinancialgroup.com/public/Default.aspx
    • Deseret Management Corporation’s (parent company of Beneficial)
  • 2019 1217 – Deseret News – Church responds to allegations made by former employee in IRS complaint, by Tad Walch –  [link]
    • 2019 1217 – Salt Lake City Official Statement – First Presidency Statement on Church Finances – Statement provided in response to media stories – [link]
    • David A. Nielsen, a former employee for the investment arm of The Church of Jesus Christ of Latter-day Saints, filed an IRS complaint last month alleging the church should be forced to pay taxes on returns made from invested tithing funds and challenging the faith’s investment strategy, humanitarian efforts and tax-exemption status.
    • They claimed that in 2009 Ensign Peak bailed out Beneficial Financial Group, a life insurance company owned by the church’s for-profit arm, Deseret Management Corp., which also owns the Deseret News. They alleged that Ensign Peak delivered $600 million to Beneficial in 2009.
    • Beneficial made full disclosure to the Utah Department of Insurance that Deseret Management Corp., its owner, provided $594 million to Beneficial during the 2008 financial crisis to strengthen its balance sheet. Those public filings are on file with the Utah Department of Insurance and the payment was reported in two articles published by the Deseret News at the time.
  •  – LC- James Huntsman v. Corporation of the President of the Church of Jesus Christ of Latter-Day Saints – Opinion – 41p
    • No. 21-56056, D.C. No. 2:21-cv02504-SVW-SK
    • United States Court of Appeals for the Ninth Circuit
    • B. Fraud Claims
      • Huntsman brings two fraud claims. First, he claims that the Church fraudulently misrepresented that tithing funds
        would not be, and were not being, used to develop the City Creek Mall project. Second, he claims that the Church
        fraudulently misrepresented that tithing funds would not be used to bail out the Beneficial Life Insurance Company. We
        address these two claims in turn.
  • 2005 -2022 1027 – Fred Anson – Thomas S. Monson’s 2005 Beneficial Insurance Ad – [VIDEO-YouTube-01:40]   
  • 2005 – ulisscarple – BENEFICIAL GORDON BS HINCKLEY 512 PMT WATERMARK – [VIDEO-YouTube-08:50]
    • Gordon BS Hinckley speaking at the 100 year anniversary Party for LDS Inc’s Beneficial Financial
  • Quarterly Journal of Economics – Coorperation Amoung the Mormons, VOLUME XXXI – 84p https://dn790003.ca.archive.org/0/items/cooperationamong00gard/cooperationamong00gard.pdf
    • p494 / 71 – For a people who had adopted as a slogan and as apractice “Patronize home industry” it became increasingly evident each year that millions of dollars were being sent East for life insurance which might be kept at home. Accordingly, the Church authorities took the lead in organizing, in 1905, the Beneficial Life Insurance Company, capitalized at $100,000. Using the same well established methods, a list of stockholders numbering 200 was obtained from all parts of the state. The capital was later enlarged to $200,000. The company has prospered from the beginning and today its business operations extend through ten western states.

Woodbridge

  • 2017 - LC - Woodbridge Group of Companies, LLC -  
    • 1:17-bk-12560
    • Delaware Bankruptcy Court
    • Chapter 11
    • Judge: J Kate Stickles
  • 2019 04 - Shapiro was indicted in U.S. District Court, Southern District of Florida - case number 19-20178-CR-Altonaga/Goodman
  • SEC - case number 17-24624, filed against Shapiro
  • 2020 0129 - SEC - In the Matter of Paramount Financial Services, Inc. d/b/a Live Abundant - [Doug Andrew] - Release No. 88070 - ADMINISTRATIVE PROCEEDING - File No. 3-19680 - [Woodbridge]  ---  [BonkNote]  ---  3p

Amway – Life Insurance

  • 2010 0421 – MoneyLife.in – Amway leverages distribution network to sell insurance products, by Ravi Samalad – [link]
    • AmSure Insurance Agency Ltd-a joint venture between Hollard Insurance and Amway India Enterprises-is leveraging the latter’s large distribution network across India to market insurance products.
    • AmSure, a corporate agent of Max New York Life Insurance, started network marketing of insurance products a few years back. AmSure sells six products including life insurance, health insurance, and unit-linked insurance plans (ULIPs).

Combined Insurance Company of America

  • In 1965, when Combined Insurance Company determined that the time was right for it to enter the life insurance market, Walter Chapin was hired as a consultant.
    • Walter suggested a product concept from which was designed that first “prototype” adjustable policy.
    • It was adjustable in that it permitted the policyholder to, at his option, adjust his face amount.

—  Spencer Koppel  

1979 – SOA – Future Trends and Current Developments in Individual Life Products (rsa79v5n44), Society of Actuaries – 24p 

Mutual – Index

A.L. Williams - Index

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