Regulatory – Page 7

ICS – Insurance Capital Standards – IAIS 2015 – IAIS – IAIS Capital-related Stakeholder Meeting – 83p Feedback from 2014 field testing Mainly concerns with volatility and harm to the long term nature of insurance business Additional feedback received from industry Long duration discount rates should not be extrapolated from extremely limited tenors Use more stable…

Basel bis.org/basel_framework/ 2011 06 – Basel III: A global regulatory framework for more resilient banks and banking systems, December 2010 (rev June 2011) – 77p This standard has been integrated into the consolidated Basel Framework: bis.org/basel_framework/

ERM – Enterprise Risk Management 2010 – SOA – Did Enterprise Risk Management Really Work? – The Case of Lincoln Financial Corporation, Scott Engle, Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries – 18p 2013 – SOA – ERM-ILA Model Solutions, Fall 2013, Society of Acuaries – 38p Learning Objectives: 2. The candidate will…

AIG – Securities Lending – Insurance Regulators Q: Did Insurance Regulators tell AIG to Wind-Down their Securities Lending Business? (18) – Baxter: When you look at what happened with AIG’s securities borrowing program, in a nutshell, AIG’s insurance companies held Treasury securities, which they lent out for cash. Then they used that cash to buy…

DOL – Fiduciary Rule DOL – Definition of the Term “Fiduciary” Proposed Rule – Historical Information – dol.gov/agencies/ebsa/laws-and-regulations/rules-and-regulations/public-comments/1210-AB32 regulations.gov/search?filter=%22fiduciary%20rule%22 Conflict of Interest Rule Sutherland – List of Links – dolfiduciaryrule.com/ 2023 1110 – ThinkAdvisor – The 2 Biggest Fights Brewing Over DOL’s New Fiduciary Rule, By Melanie Waddell – [link] This aspect of the new rule…

Twisting Churning Replacements We have all heard some talk about twisting, and it has strong negative connotations. Universal Life, mainly because of its premium flexibility, has changed that. I recently heard one of our marketing people refer to replacement of old traditional permanent policies with Universal Life. He called it “The Enlightened Liberation of Assets”.…

Moratorium Moratorium Stay Contractual State Courts (p16) – Willis B. Howard, Jr., NOLHGA – National Organization of Life and Health Insurance Guaranty Associations: I’d like to respond briefly to my honorable friend, Commissioner Bartlett. Dwight, the guarantee association system works, and it works well. Dwight K. Bartlett III, Maryland Insurance Commissioner: Are you going to tell…

Regulators – AIG – FCIC YPFS: Since AIG is an insurance company, what was the role of the insurance regulators and their interaction with the Fed during this time? Baxter: Part of the reason some people were not comfortable that the Trust owned 80% of AIG was because the investment could be subject to the…

IIPRC – Insurance Compact IIPRC – Interstate Insurance Product Regulation Commission – Insurance Compact NCOIL collaborated with the NAIC and the NCSL to develop a successful Interstate Insurance Product Regulation Compact, IPRC, a speed to market vehicle for life insurance products now in force in 41 jurisdictions. 2011 0728 and 1025 – GOV (House) -…

ESG – Economic Scenario Generator Academy’s Economic Scenario Generator Work Group 16. Discussed the ESG Implementation Timeline and Overview of Treasury Model Pat Allison (NAIC) reviewed the implementation timeline for the economic scenario generator (ESG) (Attachment TwentyFive). She noted that the first three milestones have been completed and reminded the audience that the presentation given to the…