Pensions
GIC – Guaranteed Interest Contract
GIC – Guaranteed Interest Contract … around 1980, with the growth of 401(k) and defined contribution pension plans, insurance companies entered the guaranteed interest contract (GIC) business. 2005 – SOA – A Strategic Analysis of The U.S. Life Insurance Industry Part II: Products, A look at the evolution and growth of U.S. life insurance industry products,…
Read MoreUnallocated Annuity Contracts
Unallocated Annuity Contracts GICS – Guaranteed Investment Contracts Unallocated annuities are investment plans generally known as Guaranteed Interest Contracts (GIC). http://leginfo.ca.gov/pub/93-94/bill/sen/sb_0401-0450/sb_435_cfa_930902_231103_sen_floor NOLGHA – Policyholder Information – Frequently Asked Questions – [link] 8. Unallocated Annuity Contracts What is an unallocated annuity contract? Under the NAIC Model Act, an unallocated annuity contract is “an annuity contract or group…
Read MoreAIG – Banklike
AIG – BankLike-? Geithner / Warren – Warren – AIG was not a bank. Volcker – 1987-? FRB-1992-GICS-paper Pension plans that had placed funds in AIG guaranteed investment contracts, or GICs, which function much like deposits in a bank, would have experienced significant losses, losses that would be passed along to retirees or to others…
Read MorePortfolio Insurance
Portfolio Insurance 1984 – SOA – Financial Futures and Options, Society of Actuaries – 28p – Book – A First-Class Catastrophe: The Road to Black Monday, the Worst Day in Wall Street History, Diana B. Henriques 1997 0929 – Pensions & Investments – Jacobs blames portfolio insurance, by Barry B. Burr, The International Newspaper of Money…
Read More1991 – GOV (House) – Insurance Company Solvency – Cardiss Collins (D-IL)
1991 – GOV (House) – Insurance Company Solvency 1991 0227, 0507, 0509 and 0523 – GOV (House) – Insurance Company Solvency, (CSPAN) Insurance Company Insolvencies, Cardiss Collins (D-IL) — [BonkNote] [PDF-369p-GooglePlay, VIDEO-0509-CSPAN] [VIDEO-? – 0227, 0507 and 0523] House – Committee on Commerce, Science, and Transportation – Subcommittee on Commerce, Consumer Protection, and Competitiveness…
Read MoreInsolvent
Insolvent Failures Insolvencies Surplus Notes Solidity (Solvency) 1977 0525 – The Washington Post – How an Insolvent Firm Keeps Selling Insurance, By John F. Berry – [link] 1992 – LR – The Effects of the Insurance Industry Insolvency on Pensioners’ Incomes: A Plan for Federal Insurance, by Lee Anne LeBlanc – 33p 1998 – LR – The…
Read MoreAthene
Athene athene.com/ James Belardi – CEO / CIO in 2006 left as a senior executive at AIG to start an insurer SunAmerica William J. Wheeler, Vice Chairman was President of the Americas group for MetLife 2012 0516 – GOV (House) – The Impact of the Dodd-Frank Act: What it Means to be a Systemically Important Financial…
Read MorePacific Lumber
Pacific Lumber Executive Life Insurance Maxxam 1991 0227, 0507, 0509 and 0523 – GOV (House) – Insurance Company Solvency, (CSPAN) Insurance Company Insolvencies, Cardiss Collins (D-IL) — [BonkNote] 1991 0502 – GOV (House) – Oversight Hearing on the Effect of Proposals to Reform Federal Deposit Insurance on Pension Funds, Pat Williams (D-MT) – [PDF-225p-GooglePlay, VIDEO-?] – LC -…
Read MoreDelphi Pension
Delphi Pension When General Motors (GM) filed for bankruptcy in 2009, the Obama administration terminated the pension plan for 20,000 Delphi salaried employees and the Pension Benefit Guaranty Corporation (PBGC) then cut their retirement benefits by as much as 70 percent. This includes more than 5,000 retirees in Ohio. The PBGC assumed responsibility for the…
Read MorePRT – Pension Risk Transfer
PRT – Pension Risk Transfer Pensions De-Risking AAA (American Academy of Actuaries) – 2016 – AAA – Issue Brief: Pension Risk Transfer- [link] — 12p ACLI (American Council of Life Insurers) – Pension De-Risking – [link] MetLife – 2022 – MetLife – 2022 Pension Risk Transfer Poll – [link] – 10p NAIC – CIPR – Pension Risk…
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