Regulatory
Q: How Does US Insurance Regulation compare to Other US Federal Regulation?
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) -…
Read MoreQ: What May Have Happened if AIG had Gone Bankrupt?
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…
Read MoreState Insurance Regulation
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
Read MoreModco – Modified Coinsurance
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…
Read MoreCARVM – Commissioners Annuity Reserve Valuation Method
CARVM – Commissioners Annuity Reserve valuation Method This was introduced at the December 1976 NAIC meeting, at which time the Commissioners Annuity Reserve valuation Method (CARVM) was defined for the first time. 1978 – Individual Annuities, Society of Actuaries – 16p
Read MoreQ: Should the Insurance Industry Be Looked At?
Q: Should the Insurance Industry Be Looked At? It is hard to fix a system that has not been analyzed. (p14) — J. Robert Hunter (CFA) 2003 0506 – GOV (House) – Increasing the Effectiveness of State Consumer Protection – [PDF-123p, VIDEO-?] My staff has conducted a major investigation of these issues. I must say today…
Read MoreReceivership
Receivership Courts Dodd-Frank FDIC NAIC Receiver’s Handbook for Insurance Company Insolvencies for Qualified Financial Contracts Troubled Companies 2023 04 – NAIC – State Insurance Receivership Priority Act – Federal Priority Act – 1p UILA – Uniform Insurers Liquidation Act 1940 – LR – Legislation: The Uniform Insurers Liquidation Act – 12p Although there has been a vast…
Read MoreICPs – Insurance Core Principles – IAIS
ICPs – Insurance Core Principles – IAIS iaisweb.org///icp-on-line-tool ICP 18 – Intermediaries – IAIS ICP 19 – Conduct of Business (COB) – IAIS ICP 24 – Macroprudential Surveillance and Insurance Supervision – IAIS federalreserve.gov/// Table 2. Public consultations related to ICP and ComFrame revisions, 2017-18
Read MoreICP 18 – Intermediaries – IAIS
ICP 18 – Intermediaries The supervisor sets and enforces requirements for the conduct of insurance intermediaries, in order that they conduct business in a professional and transparent manner. — ICP 18 – Intermediaries –
Read MoreFair Consumer Outcomes
Fair Consumer Outcomes GFIA – Global Federation of Insurance Associations: In addition, GFIA is concerned that the meaning of “fair treatment of consumers” may be considered different from, or in addition to, legally prescribed standards. Companies may exceed those standards voluntarily, but supervisors should define “fair treatment” solely in terms of the legally established standards…
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