Questions
Q: How Do Agents Use Life Insurance Illustrations?
Q: How Do Agents Use Life Insurance Illustrations? How do Agents use these? It would be good to hear from agents. — Richard Wicka, WI-Chair) 2018 12 – NAIC – Life Insurance Illustrations Issues Working Group 2017 – State Farm Agent Training / Van Mueller Approximately 2:11 – “I don’t ever use an illustration.” See…
Read MoreQ: Are Life Insurance Policies Being Sold For a Death Benefit or an Investment Vehicle?
Q: Are Life Insurance Policies Being Sold For a Death Benefit or an Investment Vehicle? Life Insurance as an Investment LIRP/ SLIRP – Life Insurance Retirement Plan LIRP – Life Insurance Retirement Plan – Index MetLife 1990s FSOC I didn’t buy a Life Insurance Policy SOA – Looks like an Annuity Walker vs.…
Read MoreQ: Who At AIG Was Responsible for Securities Lending?
Q: Who at AIG Was Responsible for Securities Lending? AIGFP and AIG Securities Lending – Connected? Outside of the holding co., the insurance subs have about $68B in securities lending liabilities to the 12 largest firms. Program is managed by the holding company (AIG Financial Products). 2008 0912 – FCIC – 2008-09-12 Alejandro LaTorre Email…
Read MoreQ: Did Insurance Regulators tell AIG to Wind-Down their Securities Lending Business?
Q: Did Insurance Regulators tell AIG to Wind-Down their Securities Lending Business? This regulator said it began discussions with the company about securities lending in 2006. ⇒ AIG told us it was unaware of the regulator’s concerns. (p15) 2011 09 – GAO – Review of Federal Reserve System Financial Assistance to American International Group, Inc…
Read MoreQ: What Was The Relationship Between AIGFP and the Insurance Subsidiaries?
Q: What Was The Relationship Between AIGFP and the Insurance Subsidiaries? Outside of the holding co., the insurance subs have about $68B in securities lending liabilities to the 12 largest firms. Program is managed by the holding company (AIG Financial Products). 2008 0913 – FCIC – FRB (Brian Peters/NY/FRS) -FRBNYAIG00510 – 2p – <includes: 2008 0912 – FCIC…
Read MoreQ: Can the Insurance Industry Create Systemic Risk?
Q: Can the Insurance Industry Create Systemic Risk? Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. 2003 – IMF – Insurance and Issues in Financial Soundness. IMF working paper 03/138. Das U, Davies N, Podpiera R – 44p Paper – Concepts for Successful Regulation of Systemic Risk Section 1: Identification of…
Read MoreQ: What is the NAIC – National Association of Insurance Commissioners?
What is the NAIC? It is unprecedented that the Federal Government would give such power to a private trade association—I repeat, a private trade association—or to what NAIC immediate past resident Walter Bell of Alabama in an April 9, 2007, letter called: ‘‘a 501(c)(3) nonprofit corporation with voluntary membership and not a State government entity.’’…
Read MoreQ: AIG – Where Did The Money Go?
Q: AIG – Where Did The Money Go? Q: AIG – Where Did the Money Go? – Securities Lending 2009 0315 – AIG Press Release – AIG Discloses Counterparties To CDS, GIA And Securities Lending Transactions – 6p Hank Greenberg (Former AIG CEO) – FCIC Interview – mp3 <78B?> She explained that most of the money drawn from…
Read MoreQ: Is Universal Life Insurance a Traditional Product?
Q: Is Universal Life Insurance a Traditional Product? Due to the unique nature of universal life products, a number of states have issued guidelines governing the sale of such products. These guidelines address contractual requirements as well as policyholder disclosure procedures. — Leonard E. Odell, ACLI 1981 – SOA – Universal Life (RSA81V7N412), Moderator: Samuel H.…
Read MoreQ: What did I Buy?
What Did I Buy? 2003 0313 – A survey last year by the National Association of Insurance Commissioners found that only 28 percent of people with insurance — life, auto, home, health or disability — really understood the details of their coverage. The Washington Post – [LINK] Senator, I understand that this is a burden,…
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