Social Media

  • 2020 – JIR / NAIC – Social Media as a Factor in Personal Injury Underwriting: Risk, Rate and Regulation, by Harold Weston and Brenda P. Wells, Vol. 39, No. 1 – 26p
  • The Society’s percentage of business sold in 2020 was attributable to the following organizations:
    • Symmetry Financial Group  – 36%
    • [Bonk: IMG – Integrity Marketing Group] – Total – 64%
      • National Agent Alliance – 24%
      • Equis Financial – 22%
      • National Agent Alliance Wholesale Channel – 10%
      • Family First Life – 7%
      • People Helping People – 1%

2020 – NYDFS – Financial Condition Report on Examination of the United States Branch of the Independent Order of Foresters as of December 31, 2020 – 20p

  • Eric Weinstein
  • 2020 – The Portal, Ep. #025 (solo with host Eric Weinstein), The Construct – Jeffrey Epstein – [VIDEO-YouTube]
    • 2000 – AP – Hedge fund transparency: quantifying valuation bias for illiquid assets, Risk.net, by Eric Weinstein – 4p
    • 26 – Church and Pike Committees
  • [Speech Pattern]
  • 2023 1028 – Always Marco – Meet Zig Ziglar – [VIDEO-YouTube]
    • 44 
    • 112 – [Bonk: Sounds Like Arlo Guthrie, Alices Restaurant]
    • garrett gunderson – re: doug andrew, speech pattern
  • [Selling Policies – Easy, Hard, Policies per month]
  • 2023 0621 – AlwaysMarco – Debating A Member Of WFG – [VIDEO-YouTube]
    • 58 – 4 policies a month would be pretty impressive
    • 134 – not many people are willing to work hard
    • 135 – it’s not easy
    •  – ? –
      • 36 policies – Woman – FFL-?
    • [Bonk: Connect: SOA – are our products so horrible…only sell 1 per month]
  • [MassMutal – Infinite Banking Letter – <WishList>]
    • Life180
    • SOA – Loans, 
  • [Cash Flow Elements – Works – P1P2]
    • Anna Rappaport
    • Life180
  • 2023 1230 – Svoboda Finance by Andreas Svoboda – Exploring Universal Life Insurance: Origins Popularity and Benefits – [VIDEO-YouTube-03:31]
  • [We don’t know what we don’t know]
  • Life180 – Chris Kirkpatrick – 
  • Doug Andrew
  • Tom “Big Al” Schreiter – “People Don’t Make Decisions Based on Information” – [VIDEO-YouTube-11:42]
    • We don’t know what we don’t know
  • 2024 0313 – Power 3 Financial – WFG v. GFI: Industry insights with Money Mythbuster – [Matt Schloss]  —  [BonkNote]  —  [VIDEO-YouTube-46:08]
    • Matt Schloss – Money Mythbusters – Current GFI Agent, Former WFG Agent
  • [Corridor]
  • 2024 0824 – BetterWealth – DEBATE: Whole Life VS IUL – Which Permanent Life Insurance is Better? With ‪@LIFE180‬ & Terry Rocks  —  [BonkNote]  —  [YouTube-01:34:19]
    • Terry – Corridor – Didn’t know what this was until a few years ago.
  • 2023 1126 – BetterWealth – The Last Video You’ll Ever Need On Infinite Banking | with @Mr_brrrr  —  [BonkNote]  —  [VIDEO-YouTube-01:00:44]
    • 50 – Mr. Brr- his policy example. 125k per year for 10 years, then 50k. bought at 34yo. Corridor. 
  • Caleb
  • [Lawsuits]
  • – LC – Legal Case / Cease and Desist Letter
    • LC – LIFE180 – Chris Kirkpatrick and National Life Group
    • LC – AlwaysMarco – Primerica
  • Integrity Marketing
    • Equis
    • FFL – Family First
    • PHP – People Helping People
  • 2019 1028 – LifePro Financial – How to Properly Fund an IUL Policy Per the IRS Guidelines – Money Script Monday – LifePro Financial Services, Inc – https://www.youtube.com/watch?v=nvApsjfUVRE
    • EF Hutton – max funding [Bonk: GOV ]
  • Haven Life – MassMutual
    • 2023 1126 – Charlie Gipple CFP, CLU, CHFC – Direct to consumer life insurance company getting shut down. Haven Life – [VIDEO-YouTube]
  • 2023 0428 – Mark J Kohler – IUL Insurance: Caution Advised #shorts – [VIDEO-YouTube]
    • Here’s my concern. It gets sold to people that are in debt. They don’t even make enough money to pay their bills or fund their retirement accounts. And you’re like … Life Insurance is better than Retirement Account.
    • No, it’s not. I’ll debate Roth and Life Insurance with you all day long.
      • Because people don’t lose their Roth if they can’t keep up on the premiums. It’s effective, but it’s not for everybody.

Taxonomy

  • Classification
  • A few companies have introduced a product known as Universal or Total Life. (p70)

1982 – Book – Life Insurance, by Huebner and Black   

[Bonk: This passage was in Chapter 5 titled “Term Insurance]

  • Out of curiosity, I examined Conning and Company’s printed studies on twenty-two large stock life insurance companies …
  • Among those companies showing a more rapid growth in the whole life and endowment account, I found the following changes had transpired between 1961 and 1966:
    •  (2) modified premium whole life policy had been classified as term insurance in 1961 and as whole life insurance in 1966; 

—  Frederick S. Townsend

1967 – SOA – Digest of Discussion of Subjects of Special Interest – Individual Life and Health Insurance, Society of Actuaries – 62p

  • 2020 / 2021 – IAIS – Resolutions to Public Consultation Comments on Development of Liquidity Metrics: Phase 1 – Exposure Approach, 9 November 2020 – 9 February 2021 – 106p
    • 235. ACLI – American Council of Life Insurers:
      • The Consultation seems to acknowledge that the protection purpose for which a policy is purchased plays an important role in the risk of surrender, yet the methodology contains no classification by product type that would incorporate this important factor.
      • This would need to be remedied if the ILR is to provide a meaningful assessment of an insurer’s liquidity risk.
    • Q23 General comments on the Public Consultation Document on the Development of Liquidity Metrics: Phase 1 – Exposure Approach
      • 476. IIF – (Institute of International Finance): The IAIS should also provide for a more granular categorization of insurance products in order to capture the significant variation in surrender and lapse across product type.

Current Events

  • 2026 - LIAIWG - Life Insurance and Annuities Illustrations Working Group - A - NAIC  ---  [BonkNote]
  • 2023 - LC - Primerica vs. Marco Moukhaiber - [Always Marco]  ---  [BonkNote]
  • 2024 0215 - GOV (House) - Protecting American Savers and Retirees from DOL's Regulatory Overreach, Bob Good (R-VA)  ---  [BonkNote]
    • PIABA - Joseph C. Peiffer, President, Public Investors Advocate Bar Association - 30p
      • First, I'd like to talk about a group of approximately hundreds of investors across the country that myself along with Rikard & Protopapis represented. Our clients lived in in California, Utah, Illinois, Missouri, Kansas, Texas, South Carolina, North Carolina, Louisiana, Florida, Ohio, Arizona and Idaho. But, these investors exist all over the country.
  • 2025 - LC - Kyle Busch vs. Pacific Life Insurance Company  ---  [BonkNote]
  • 2025 1230 - LIFE180 / Chris Kirkpatrick - IUL Lawsuits Explained: Why Indexed Universal Life Is Under Legal Fire - [Robert Rikard] - [VIDEO-YouTube-35:26]
  • Primerica
    • Always Marco - Primerica
      • 2023 - LC - Primerica vs Marco Moukhaiber - Always Marco  ---  [BonkNote]
    • Primerica - The Bear Cave Report  ---  [BonkNote]]
      • 2024 0418 - Report - The Bear Cave - Problems at Primerica (PRI), by Edwin Dorsey - [link]
  • DOL - Fiduciary
  • FSRA - Ontario, Canada 
  • FSOC
  • IAIS Consultations
    • 2025 - IAIS - Structural Shifts in the Life Insurance Sector  ---  [BonkNote]
  • NAIC Working Groups
    • Illustrations - Generally
      • 2024 - SOA - Life Insurance and Annuity Illustrations - [link]
        • Research Objective
        • The Individual Life & Annuity Curriculum Committee is seeking a researcher to investigate and document the intricacies of illustrations and illustration testing. The following are examples of proposed topics that may be addressed:
      • Birny Birnbaum / Brenda Cude
        • 2024 0102 - ThinkAdvisor - Regulators lukewarm on illustrations rewrite in 2024, by John Hilton - [link] 
        • 2023 - NAIC - LIAC - Fall Meeting - 112p
          • Agenda Item #4 - Hear a Presentation on Consumer Financial Literacy vs. Life Insurance and Annuities Illustrations -Birny Birnbaum (Center for Economic Justice-CEJ) and Brenda J. Cude (University of Georgia)
    •  IUL
      • Nov 3
      • Nov 22
    • LIAC -
      • Judith L. French, Chair, Ohio
      • Jim L. Ridling, Alabama
      • Marlene Caride, New Jersey
      • Doug Ommen, Iowa
      • James J. Donelon, Louisiana
    • Online information- ?? - Laura Kane, Brenda Cude
  • Senate
  • Social Media 
    • [17:00-VIDEO-Clip] - 2024 0117 - Life180 - Chris Kirkpatrick - Why Won't Doug Andrew, Curtis Ray, or David McKnight Debate Me LIVE! - [VIDEO-YouTube-00:44]
      • 2024 0117 - Life180 - Chris Kirkpatrick - The Surprising Truth: Why Whole Life Outshines IUL for YOU - [VIDEO-YouTube-29:30]
  • 2022 08/09 - naic.org///national_meeting/Minutes-FSTF.pdf - 44p
    • 12. Pension Risk Transfer (PRT) Business Supported by Complex Investments
      • 2016 - NOLHGA - State Guaranty Funds Compared to Pension Benefit Guaranty Corporation (PBGC) Protection - National Organization of Life and Health Insurance Guaranty Associations -  68p
        o No further action was deemed necessary
  • NAIC
    • IULISG - Indexed Universal Life Illustrations Subgroup - NAIC
    • Life Insurance Online Buyer's Guide - ??
      • 2022 0720 - I listened in on the Life Insurance and Annuities (A) Committee Call Today and I have a few questions.
        • 1). Is there a working group or something that is working with Laura Kane and Brenda Cude on the NAIC Website that Laura was talking about today?  It seems kind of like the Online Buyer's Guide Subgroup, but I haven't seen anything about that.
        • 2) Laura mentioned 2 things that I was wondering if they were available to send to me.
          • One was the Powerpoint deck that she was using today. (She mentioned a Texas Chart on it). 
          •  And two, She mentioned something about a Survey.  I didn't catch the details.  I think she said something like 15 States were participating.  
  • Senate - Banking Committee 
  • 2019 0411 - Press Release - Sherrod Brown (D-OH) to FSOC (Steven T. Mnuchin - Chair) - 3p
    • Leveraged Loans
  • 2019 0419 - Press Release - Sherrod Brown (D-OH): Mnuchin Must Take Action To Address Emerging Threats To The Economy - [link]
  • 2022 0316 - Letter - Sherrod Brown (D-OH) to FIO and the National Association of Insurance Commissioners - 3p
    • 2022 0416 - Insurance Circular Letter No. 5 - NYSID - [link]
      • 2022 0425 - Sullivan and Cromwell - 8p
    • 2022 0429 - Retirement Income Journal - Private Equity in the Life/Annuity Biz, By Kerry Pechter - [link]
    • 2022 0531 - Letter - NAIC to GOV (Senate-Sherrod Brown (D-OH)) - NAIC Response to Senator Sherrod Brown regarding Private Equity, National Association of Insurance Commissioners - 11p
    • 2022 0603 - Retirement Income Journal - NAIC Reassures Congress on Private Equity-Led Insurers, By Kerry Pechter, Media - 4p
    • 2022 0629 - Letter - FIO to GOV (Senate-Brown) - FIO Response to Senator Sherrod Brown regarding, Federal Insurance Office - 10p
    • 2022 0729 - RoughNotes - NAIC Picks a fight with Committee Chair, by Jim Brooks, Media - [link]
    • 2022 0805 - Letter - GOV (Senate- Sherrod Brown (D-OH) - FIO (Seitz) - 2p
  • 2022 0908 - GOV (Senate - Banking) - Current Issues in Insurance  ---  [BonkNote]
    • banking.senate.gov/hearings/current-issues-in-insurance
      • VIDEO
      • Senator Sherrod Brown (D-OH) - Opening Statement - 3p
      • Senator Patrick J. Toomey (R-PA) - Opening Statement - 3p
      • NAIC - Kathleen A. Birrane - Maryland Insurance Commissioner - 12p
      • FIO - Steven Seitz, Director - Federal Insurance Office, U.S. Department of the Treasury - 4p
    • [VIDEO-CSPAN] - Hearing on Insurance Industry Practices
    • Video-Youtube
    • Media
      • 2022 0912 - InsuranceJournal - Federal Insurance Office: A Study in Evasiveness, By Jerry Theodorou - [link]
      • 2022 0927 - Wilkie - Congressional Hearing Considers Private Equity-Controlled Insurers - 4p
      • 2022 1007- actuarial.news -  Congressional Hearing Considers Private Equity-Controlled Insurers, by Mary Pat Campbell - [link]
  • 2022 - IAIS - Public consultation on draft criteria that will be used to assess whether the Aggregation Method provides comparable outcomes to the Insurance Capital Standard 15 Jun 2022 - [link]
    • IAIS - Project Update for the Aggregation Method Comparability Assessment - 1p
      • In response to stakeholder comments on the draft criteria that will be used to assess whether the Aggregation Method (AM) provides comparable outcomes to the Insurance Capital Standard (ICS), the International Association of Insurance Supervisors (IAIS) has decided to provide additional opportunity for stakeholder engagement on the development of scenarios that will be used to inform the assessment. These engagements will begin in October 2022.
    • Date-? -  NAIC's Interpretive Guidance on ICS Comparability Assessment Framework -     1p
    • 2022 0815 - IAA (International Actuarial Association) - 5p
    • 2022 0815 - AAE  (Actuarial Associationof Europe) - 7p
    • 2022 - IIF (Institute of Interntional Finance) - <Bad Link> -  iif.com/Publications/ID/5037/IIF-Response-to-IAIS-Consultation-on-AM-Comparability
    • 2022 0817 - Insurance Europe - 11p
    • 2022 0815 - Center for Capital Markets (U.S. Chamber of Commerce - 5p
    • 2022 0812 - GFIA (Global Federation of Insurance Associations - 2p

Communications

  • William Koenig (Northwestern Mutual) suggested that the parties all needed a common understanding of the terms used in their discussion. (p655)

1993-4, NAIC Proceedings – Life Disclosure Working Group – NAIC

  • GOV to NAIC
  • NAIC to Government
  • 2009 0731 – NAIC to NYT – re: The New York Times July 30 article, “After Rescue, New Weakness Seen at A.I.G”, by Mary Williams Walsh – 1p
    • 2009 0730 – NYT – After Rescue, New Weakness Seen at A.I.G., by Mary Williams Walsh – [link]
  • 2013 1211 – Letter – Tom Leonardi (Connecticut Insurance Commissioner) to NAIC etc, re: Corporate Governance – 3p
    • “We have met the enemy and he is us!”
      • This famous line from the comic strip Pogo aptly describes the current state of governance at the National Association of Insurance Commissioners.
  • 2022 1024 – NAIC to NAIC – To: NAIC Members, From: Director Judith L. French, Chair
    Life Insurance and Annuities (A) Committee, RE: Survey Inquiry about Enhanced Cash Value Offers on Universal Life Insurance Policies – 8p
  • 2009 1030 – Letter – GOV – Issa (R-CA) to William C. Dudley, President, Federal Reserve Bank of New York – 5p
  • 14. Paragraph 25: The comments regarding level playing field could be extended to noninsurance (ie investment-related) products offered by insurers.

2011 0926 – IAIS to OECD  – Comment on the OECD’s draft paper on Policyholder Protection Schemes: Selected Considerations 

  • IAIS to OECD Comment Letter – [Automatic Download – 5p]
  • OECD’s draft paper on Policyholder Protection Schemes: Selected Considerations – 64p
  • 39 – Comment on paragraph 39:
    • We suggest to mention that the appearance of conflict of interest can be as harmful to the reputation risk to the insurer or the industry than the conflict of interest itself.

— Autorite des marches financiers (Quebec) – lautorite.qc.ca/grand-public

2015 – IAIS – Compiled Comments on Consultation Document: Issues Paper on Conduct of Business Risk and its Management, Comments as compiled on 15 August 2015 – 37p

  • 2014 1008 –  Starr International Company, Inc. v. The United States – Case 1:11-cv-00779-TCW –  Trial Volume 8 – Geithner – 254p
    • (p62-63) – Q. Now, with respect to AIG, the financial problems that AIG had were financial problems that related to subsidiaries other than the insurance subsidiaries; correct?
    • A. I believe that’s true, but I couldn’t say with confidence today that there were not also problems in some of the insurance subsidiaries.
    • Q. In September of 2008, you were not aware of any problems in the insurance subsidiaries; correct?
    • A. I’m just being careful because I don’t think I could say with confidence today or even then what was the precise locus of the losses and the funding needs that were the basis for their coming to us and asking for assistance.
    • Q. Didn’t you speak to Mr. Dinallo, the insurance commissioner of New York?
    • A. I did.
    • Q. And didn’t he tell you that the insurance subsidiaries were stable and well-capitalized?
    • A. I don’t know if that’s exactly how he would have said it or generally how he would have said it.
    • Q. Is that the substance of what he conveyed to you, sir?
    • A. I guess the reason I’m being careful is because I don’t know the extent to which he could have spoken to all of AIG’s insurance subsidiaries. He could have spoken to those with respect to those within his jurisdiction I suspect, but I’m not sure he would have represented that with respect to the firm as a whole.
    • (p73) – Q. Let me show you Plaintiffs’ Trial Exhibit 2762.  This is a news release by the National Association of Insurance Commissioners, dated September 16, 2008.
    • (p77) – Q. I mean, for example, if you look at the last paragraph and indeed the last sentence, where it says, “Strict solvency standards and keen financial oversight — based on conservative investment and accounting rules — continue to be the bedrock of state-based insurance regulation.” Do you see that?
    • A. I do.
    • Q. And did you understand that the point that the National Association of Insurance Commissioners were making were that the individual AIG insurance subsidiaries were stable and properly capitalized?
    • A. That is my sense. Yes.
    • Mr. Boies: Let me go back now to the issue with respect to the Doomsday Books.  <WishList>

Indexes

#

Back to top

  • Dividend Index
  • Price Index
  • Volatility Index

Regulatory

  • 2022 1109 – AP – Regulatory Competition in the US Life Insurance Industry, by Johnny Tang – 88p
    • Competition between jurisdictions is a central feature of many public policy problems.
      • I examine the consequences of such competition in the US life insurance industry, where states vie to attract insurers by setting lower capital requirements, but the costs of such actions are borne by consumers in other states.
      • I document empirical evidence of competition between state regulators and its effects on the supply of life insurance.
      • I then develop a quantitative model of the insurance market to evaluate the effects of this competition.
      • I find that competition leads regulators to set lower capital requirements, which increases default risks but also increases consumer surplus by lowering prices.
      • On net, these effects decrease regulators’ utility based on regulators’ revealed- reference objective functions.

Financial Services

  • 1969 – SOA – Diversification of Life Companies to Financial Services, Society of Actuaries – 84p
    • a) Includes expansion within the insurance business into new lines not previously offered: for example, health, group, property and casualty, variable annuities, mass marketing, pensions.

 

  • Integrated financial Services Task Force (EX) – NAIC
  • Acacia Mutual Life Insurance Co. announced yesterday it plans to buy the Calvert Group, a Washington-based mutual fund company, for $12.5 million.
    • The acquisition, believed to be the first local combination of an insurance company and an investment company, demonstrates the blurring of traditional distinctions between financial services. Insurance companies are racing commercial banks into other investment areas.
    • The giant Prudential Insurance Co. began the trend by merging with Bache Securities about two years ago.
    • Geico Corp. has started mutual funds and also owns an industrial bank.
  • The Reagan administration has proposed allowing bank holding companies to underwrite insurance.

1983 0826 – Washington Post – Acacia Will Purchase Washington Mutual Fund, by Nancy L. Ross – [link]

  • Until fairly recently, subsidiaries were not an important aspect of the life insurance business.
    • In the 1960’s, however, there was a strong movement toward diversification via subsidiaries to enable life insurance companies to market other products and skills to meet all of an individual’s needs for financial security, and also to move into other enterprises which may be financially advantageous. (p181)
1980 0915 – Letter – ACLI to NAIC – To: Task Force on Subsidiaries and MSVR Rules of the the NAIC Valuation of Securities Subcommittee
Re:  Mandatory Securities Valuation Reserve Requirements for Controlled Subsidiaries

1981-1, NAIC Proc.

  • 1973 – SOA – Digest of Discussion at Concurrent Sessions – 1973 SOA Annual Meeting, Society of Actuaries – 130p
    • This … simply another manner of broadening the financial services of the life insurance agent. 
  • Statement on Behalf of the National Association of Insurance Commissioners – Submitted to the Senate Committee on Banking, Housing and Urban Affairs
    • …..on the Integration of Financial Services, By Bruce W. Foudree Insurance Commissioner of the State of Iowa and Chairman of the NAIC Integrated Financial Services Task Force – (p90-

1983-2, NAIC Proceedings

Company

 

“It is a general principle of corporate law deeply ingrained in our economic and legal systems that a parent corporation (so-called because of control through ownership of another corporation’s stock) is not liable for the acts of its subsidiaries.” United States v. Bestfoods, 524 U.S. 51, 61 (1998) (internal quotation marks omitted).

2015 – CFPB – IN THE MATTER OF CIVIL INVESTIGATIVE DEMAND ISSUED TO ASSURANT, INC – [PDF-78p]