Investments – Page 6

Separate Accounts 1985 0717 – Federal Register – Vol. 50, No. 137 p28930-28931 – SEC – Investment companies: Separate accounts funding flexible premium variable life insurance contracts – 2p 2000 – SOA – Separate Account Products in the U.S. and Canada: Comparing Their Design, Regulation, and Taxation, Society of Actuaries – 28p 2. A separate account is…

Monolines Bond Insurers ACA Ambac FSA – Financial Security Assurance MBIA Financial Guarantee Insurance Financial Guarantors Bond Wraps Bill Ackman Eric Dinallo – 2007 01 – 2009 07 – New York State Superintendent of Insurance 1998 – SOA – Credit Enhancement of Guaranteed Investment Contracts and Funding Agreements, Society of Actuaries – 14p 2003 – Monoline Insurance & Financial Guaranty…

Financial Guarantee Insurance Monolines Bond Insurers FRB – Federal Reserve Board NAIC – Financial Guarantee Study Group Model Financial Guarantee Insurance Act SEC – Securities and Exchange Commission The financial meltdown that began in 2007 revealed problems with financial guarantee insurers and regulation of these insurers. 2011 – JIR / NAIC – Financial Guarantee Insurance…

Bond Lending re: Bond Lending / [Securities Lending] There was also some discussion of the lack of liquidity associated with this program and it was felt that that is certainly consideration which must be taken into effect by companies contemplating such transactions. 1986-1, NAIC Proceedings – MINUTES WORKING GROUP ON EMERGING ISSUES CHICAGO ILLINOIS – NOVEMBER 1985…

Lending Bond Lending Loans Securities Lending

Real Estate CMBS RMBS Farms MetLife (p37) – In this connection we believe it is important to note that problems in the financial sector that could potentially affect market stability are not confined to banking. In recent years many securities firms have experienced significant losses, and there have been record numbers of insurance firm failures.…

Search For Yield 2013 – FRB – Are the Fed’s low interest rate policies pushing investors toward risk? – 4p 81. AIG also chased higher yields by investing heavily in bonds of lengthy maturity As a consequence, AIG grossly mismatched the maturity dates of the collateral investments and the underlying securities loans, which rarely had…

Stable Value Prior to the Executive Life Insurance Company (ELIC) default there was no such thing as a stable value fund… — Murray L. Becker 1999 – SOA – Insurance Company Failures of the Early 1990s-Have We Learned Anything?, Society of Actuaries – 25p stablevalue.org/wp-content/uploads/Stable_Times_Volume_3_Issue_2.pdf 2011 – SEC-CFTC Stable Value Contract Study – Study of…

Swaps CDS – Credit Default Swaps The emergence of interest rate swaps as an accepted financing strategy is relatively recent. From their start in 1982, the volume has grown to an estimated $75 billion. 1986 , NAIC Proceedings – WORKING GROUP (EX4) ON EMERGING ISSUES MINUTES, MEETING OF JANUARY 22, 1986

Repos 48 A repo facility is one in which the debtor pledges certain securities (“repoable assets”) in exchange for access to a line of liquidity. See Schreiber: Trial Tr. 6584:19 – 6585:3. (p220) Starr International Company, Inc. v. The United States – Case 1:11-cv-00779-TCW – Document 428 – PLAINTIFFS’ PROPOSED FINDINGS OF FACT – 573p FCIC…