FinCen - Financial Crimes Enforcement Network

  • Coordination with Federal Government and International Partners
  • In addition to our work with insurance consumers within our own states, state insurance
    regulators collaborate with our federal and international colleagues to address insurance
    antifraud issues. State insurance regulators work with the U.S. Department of Treasury and other
    financial regulators on Anti-Money Laundering (AML) initiatives as well as initiatives to combat
    the financing of terrorism (CFT), which can involve permanent life insurance, annuities, and
    other products with cash value or investment features. While the Treasury Department’s
    Financial Crimes Enforcement Network (FinCen) has primary responsibility in this arena, state
    regulators coordinate with FinCen and monitor insurer activities to make sure they are not
    engaging in these activities and are not susceptible to those acts. To cooperate and facilitate the
    sharing of information, state insurance departments and FinCen have established Memorandums
    of Understanding and insurance regulators notify appropriate federal regulators if an insurer is
    not in compliance with AML/CFT requirements.

2017 0803 - NAIC - Testimony of John D. Doak, Insurance Commissioner, State of Oklahoma, On Behalf of the National Association of Insurance Commissioners - 6p

2017 0803 - GOV (Senate) - Insurance, and Data Security - Senate - Committee on Commerce, Science, and Transportation
Regarding: Insurance Fraud in America: Current Issues Facing Industry and Consumers

 

Congress - Snippets - 1990s

  • 01:30:00 - (p414) - Senator Howard METZENBAUM (D-OH). I just want to get this understanding as to where insurance commissioners think that they have the right to permit some policyholder or many policyholders to have a contract made with company A to be transferred to company B without their notice, without their consent, and without any real concern as to whether the transferee is financially stable.

  • Where do you get the right? It just shocks my conscience.

  • Senator Hatch says let them go sue.  Wonderful; what a fantastic opportunity that all the policyholders in the country have to go into court in order to protect themselves.

  • You people supposedly are protecting the interests of the policyholders, and you have just said to me you wouldn't do anything about it unless all of the policies were transferred, and then you would only conduct a hearing, and I gather that the policyholders themselves  would not be notified to be present at that hearing.

    • I don't understand you.

    • I don't understand the commissioners.

    • I don't understand to whom you owe it a responsibility.

    • Do you owe it to the insurance industry or do you owe it to the policyholders?

    • If you owe it to the policyholders, how can you permit this to happen?

FEGLI – Federal Employees Group Life Insurance program

  • Civil Service Subcommittee
  • Office of Personnel Management
  • FEGLI
  • GULP
  • MetLife
  • 1997 1104 – GOV (House) – House Session – [VIDEO-CSPAN]
    • John Mica (Fla) – @03:30:00/ Cummings (Md)
Congress.gov
https://www.congress.gov › senate-report
H.R. 2675 was introduced by Representative John Mica to improve the administration … Universal life insurance generally refers to a whole life policy with …

FRBNY – Federal Reserve Bank of New York

SGLI – Servicemembers’ Group Life Insurance

  • 2011 – AP – Analysis of Servicemembers’ Group Life Insurance (SGLI) Program: History, Current Issues and Future Implications, By: Patrick M. Callan, Christopher M. Schmid, Michael Voogd – 119p

DOL – Department of Labor – Index

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Anti-Trust

  • When I read the program information, I was struck by the antitrust disclaimer that we have at the front of the program.
    • I want to read that disclaimer to you.
      • It says, “Under no circumstances shall meetings or programs be used as a forum for representatives of competing companies and/or firms to reach any understanding whatsoever either about the pricing of specific products, whether particular products should be marketed to the public, or terms on which products are marketed.”
      • That sounds to me like some of the things that are built into and implicit in the illustration model regulation.

—  Kevin A. Marti, vice president of administration and chief actuary for Westfield Life Insurance Company

1995 – SOA – Sales Illustrations, Society of Actuaries – 14p

EBSA – Employee Benefits Security Administration

  • Department of Labor
  • 2017 0706 – RFI – EBSA – Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions – RIN: 1210-AB82, Document Number:2017-14101 – federalregister.gov/documents/2017/07/06/2017-14101/request-for-information-regarding-the-fiduciary-rule-and-prohibited-transaction-exemptions
  • Regulations.gov – EBSA-2017-0004 – regulations.gov/docket/EBSA-2017-0004
    • 822 Comments – regulations.gov/docket/EBSA-2017-0004/comments
      • 2017 0807 – Letter – NAIC to EBSA – Re: RIN 1210-AB82 Request for Information Regarding the Fiduciary Rule and Prohibited Transaction Exemptions – 4p
        • While the DOL has shared jurisdiction with the states with respect to insurance products sold through ERISA plans, states have regulatory responsibilities with respect to the entire market for such products, including disclosure requirements, professional standards of conduct for agents, and supervisory controls. Some sales distribution of insurance and retirement products is shared with investment advisers, securities agents and dealers, and, in fulfilling the congressional intent of Section 989j of the Dodd-Frank Act, we strive for an appropriate amount of regulatory consistency and harmony with other regulators across all uses and sales channels. Coordination and consultation with state and federal securities regulators with the DOL at this critical juncture would ensure that our approaches are as consistent and compatible as possible to provide effective, clear standards for consumer protection, while avoiding excessive compliance burdens on the industry. We also hope we can be a resource to the DOL as it evaluates the existing rule, how it fits with the existing regulation of insurance products and agent sales, and the impact of the rule on the insurance sector and retirement product purchasers.

Federal Crime Insurance Program

1970s

  • 1977 – govinfo.gov/content/pkg/FR-1977-10-06/pdf/FR-1977-10-06.pdf
    • FEDERAL CRIME INSURANCE PROGRAM
      • HUD/FIA proposes a method of compensating property and life insurance agents and brokers with a one time finder’s fee and provide for the designation of certain nonprofit community corporations and organizations as eligible for a finder’s fee; comments by 11-4-77………. 54432

1980s

  • 1980 – Federal Crime Insurance Program – Questions and Answers  —  [link] — 7p
    • A question and answer format is used to provide information about the Federal Crime Insurance Program, through which homeowners, tenants, and business owners can obtain federally subsidized crime insurance in areas lacking available or affordable insurance through the voluntary market.
    • Abstract -Federal Crime Insurance insures against financial losses from burglary and robbery. The program began in 1971 and now makes crime insurance available in 25 States, the District of Columbia, Puerto Rico, and the Virgin Islands. More than 85,000 policies are in force.
  • 1982 – GAO – The Federal Crime Insurance Program: An Overview – CED-82-68  —  [link]  —  22p
  • 1983 01 – FEMA – Federal Crime Insurance Program: Agent Manual – [PDF-214p-GooglePlay]
  • 1989 0628 – GOV (House) – Federal Crime Insurance Program
    • [PDF-441p-GooglePlay]
    • House – Committee on Banking, Finance, and Urban Affairs – Subcommittee on Policy Research and Insurance