Regulatory – Page 9

Run Run – Index Run-off Firesale 2015 – FRB – Self-Fulfilling Runs: Evidence from the US Life Insurance Industry – 52p In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced ‘bank runs’. FCLIC’s run followed regulators’…

Regulatory Forbearance 2021 – AP – Regulatory Forbearance in the U.S. Insurance Industry: The Effects of Removing Capital Requirements for an Asset Class, by Bo Becker (Stockholm School of Economics, CEPR, and ECGI), Marcus M. Opp (Stockholm School of Economics and CEPR), Farzad Saidi University of Bonn and CEPR), The Review of Financial Studies, Volume…

RBC – Risk-Based Capital NAIC Risk-Based Capital (RBC) For Insurers Model Act, MDL-312 – 20p content.naic.org/cipr_topics/topic_riskbased_capital.htm NAIC – Life Risk-Based Capital Report: Including Overview and Instructions for Companies – link – 1993-Current Financial Condition (E) Committee Life Risk-Based Capital (E) Working Group – content.naic.org/cmte_e_lrbc.htm 1994 – NAIC – Raising The Safety Net: Risk-Based Capital for…

Crisis 2008 Financial Crisis Crisis in Confidence Crisis – 1990s FCIC – Financial Crisis Inquiry Commission Liability Crisis We’ve all heard a lot about the junk bond crisis. Is the next crisis going to be junk illustrations? — Judy Faucett 1991 – SOA – Illustrations, Society of Actuaries – 20p 2009 – AP – Reflections on Northern…

Functional Regulation vs Entity Regulation Gary Hughes, ACLI, SOA Gramm-Leach-Bliley (GLBA) Banks, Insurance, Securities, CFTC 1985 – LR – Functional Regulation: Looking Ahead – 25p 1998 – LR – Functional Regulation of Bank Insurance Activities: The Time Has Come, Linda Birkin Tigges – 35p 1959 – LC – 91. SEC v. Variable Annuity Life Ins. Co.,…

Best Interest Standards acli.com/Public-Policy/Best-Interest-Standard content.naic.org/cipr_topics/topic_annuity_suitability_best_interest_standard.htm 2018 – SOA – Changing the Retirement Advice Conversation, Society of Actuaries – 5p 2023 0520 – Letter – Barry Flagg / Veralytic to Finseca – 2p I regret to have to resign from Finseca … again, for the following reasons. California Best Interest Rule for insurance products (i.e., CA…

Private Right of Action 2004 – LR – PSLRA, SLUSA, and Defrauded Retirement Investors: Overlooked Side Effects of a Potent Legislative Medicine, by Michael J. Borden — [BonkNote] A regulator pointed out that a provision for a private cause of action is a major departure from NAIC policy, and after extensive discussion, the working group…

Congressional Oversight 2021 – CRS – Congressional Oversight Manual – 127p Congressional oversight : methods and techniques prepared for the Subcommittee on Oversight Procedures of the Committee on Government Operations, United States Senate, by the Congressional Research Service, Library of Congress, and the General Accounting Office, July 1976. 2000 – Congressional Oversight: Challenges for the 21st Century Statement…

Risk Classification 1980 – SOA – Risk Classification, Society of Actuaries – 18p 26. Five sets of congressional hearings have been held on a bill introduced by Senators Hatfield and Packwood and Representative Dingell that would prohibit classification on the basis of race, color, religion, sex, and national origin. Most of the testimony from the…

NARAB – National Association of Registered Agents and Brokers 2000 0412 – Testimony – NAIC to GOV (Senate) – State Implementation of the NARAB Subtitle in the Gramm-Leach-Bliley Act, Testimony of the Financial Services Modernization NARAB Working Group, Terri Vaughan (IA) – 19p Senate – Committee on Banking, Housing, and Urban Affairs – Securities Subcommittee…