Regulatory

Fraud NAIC – Anti-Fraud (EX6) Subcommittee Fraudsters The fact that we charge people fees that we have disclosed and that fees reduce the value of your policy, and if your policy keeps reducing in value, it will lapse, is not a fraud. That’s common sense. That’s how life insurance works. (p171) — Closing Argument by…

Insurance Regulators – Companies are Okay 1980s Baldwin United 1990s Executive Life 2000s AIG Executive Life Insurance Company 1990 1207 – Los Angeles Times – N.J. Seeks Deposit From First Executive : Insurance: The ailing firm must make a $500-million payment or lose its right to sell policies there, the state says., BY Scot J.…

Narrative Summary The narrative summary consists of: (1) a brief description of the policy being illustrated and the statement that the policy being illustrated is a life insurance policy; (2) a brief description of the premium outlay or contract premium as applicable for that policy; (3) a guaranteed maturity premium to keep the policy in…

Missouri – Insurance Commissioners insurance.mo.gov/about/pastdir.php Director Tenure Chlora Lindley-Myers, Director March 6, 2017 to Present John F. Rehagen, Acting Director February 7, 2017 to March 6, 2017 John M. Huff, Director February 6, 2009 to February 6, 2017 Kip Stetzler, Acting Director January 10, 2009 to February 5, 2009 Linda Bohrer, Acting Director June 1,…

Regulations.gov federalregister.gov/documents/2016/04/25/2016-09456/proposed-agency-information-collection-activities-comment-request 2011 0406 – Re: Financial Stability Oversight Council Notice of Proposed Rulemaking Regarding Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies (12 CFR Part 1310; RIN 4030-AAOO) – 11p Dennis Glass, 2023 – federalregister.gov/documents/2023/04/28/2023-08964/authority-to-require-supervision-and-regulation-of-certain-nonbank-financial-companies DOL – Fiduciary Rule – [BonkNote] DOL – Fiduciary Rule – Outline – [BonkNote] Retirement Security Rule: Definition of…

Ring Fence AIG – Ring Fencing Insurance Companies

How Does US Insurance Regulation compare to Other US Federal Regulation? (p16) – Mr. ROSS. And that causes less stringent regulation? Mr. SCHWARCZ. Of course. If you— Mr. ROSS. To whom? What about the State regulator? Are you demeaning the State regulator by saying they don’t require stringent regulation? 2018 0307 – GOV (House) -…

Q: What May Have Happened if AIG had Gone Bankrupt? Davis Polk’s lawyer, Mr. Huebner, testified that it would have been a “very hard landing” for AIG, like cascading champagne glasses where secured creditors are at the top with their glasses filled first, then spilling over to the glasses of other creditors, and finally to…

State Insurance Regulation State insurance regulation was not a factor in the economic downturn and should not be swept into any proposed financial services overhaul. 2009 0402 – NCOIL Letter to Senators Dodd, Frank, Shelby, Bachus – 2p

Modco – Modified Coinsurance What happened under TEFRA? Several things: We lost MODCO 820 forever. We had a deceptively modest reduction in 818(c)2. A lot of the teeth were taken out of reinsurance as a tax planning tool. Universal Life was given legitimacy through 101(f). In terms of Anderson’s Taxation Horseman, it is now clearly…

Fraud

Insurance Regulators – Companies are Okay

Narrative Summary

Missouri – Insurance Commissioners

Regulations.gov

Ringfencing

Q: How Does US Insurance Regulation compare to Other US Federal Regulation?

Q: What May Have Happened if AIG had Gone Bankrupt?

State Insurance Regulation

Modco – Modified Coinsurance