Words – Page 10 – [BonkNote]

Deposit Bank-like Deposit Term Policy Demand Deposits Savings Deposits Demand Deposits Demand deposits are funds on deposit with banks; they are subject to immediate withdrawal and are classified as cash. Savings Deposits These are interest-earning accounts in which the depositor is required (or may at any time be required) by the bank to give notice…

Runnable Run Disintermediation Surrender We define “runnables” as “pay-on-demand” transactions which embed defaultable promises made by private agents or state and local governments without explicit insurance from the federal government. 2015 0903 – FRB – The Runnables – [link] A life insurance policy is not indentured servitude. 2014 0310 – Letter – Sheila C. Bair…

Contagion Run – Index 1994 – FRB / AP – Announcements of Asset-Quality Problems and Contagion Effects in the Life Insurance Industry, Journal of Financial Economics, Vol. 35, No. 2 – 29p 2014 1218 – LC – 15-cv-45 – MetLife v FSOC – re: MetLife – D85-2, 85-2 – Explanation of the Basis of the Financial…

Structured Settlements 1999 – GOV -Tax Treatment of Structured Settlements [PDF-86p-govinfo.org, No Video]

Cost Benefit 1995 0308 – Regulatory Reform [VIDEO-CSPAN] Senate Governmental Affairs Committee members heard testimony from witnesses concerning regulatory reform issues, including whether cost/benefit analysis and risk assessments should be conducted before new regulations are put into effect.

SVL – Standard Valuation Law 820-standard-valuation-law II. Proposed Changes in the Standard Valuation Law Draft of November 20, 1972 1973-1, NAIC PROCEEDINGS lt may be of interest to convey some of the highlights, – – – excerpts of these communications follow: We could accept the judgment of many, but not all, financial experts that we…

GAAP – Generally Accepted Accounting Principles First, let me remind you of the brief history of GAAP for life insurance companies. You will recall that the first exposure draft of the American Institute of Certified Public Accountants (AICPA) appeared in December, 1970. — John H. Biggs 1976 – SOA – Trends in GAAP and Statutory…

Guaranty Funds NAIC – Financial Condition Committee – (E) — [BonkNote] Guaranty Fund Issues Working Group – (E) – NAIC — [BonkNote] NCIGF – National Conference of Insurance Guaranty Funds – ncigf.org/ — [BonkNote] NOLHGA – National Organization of Life and Health Insurance Guaranty Associations — [BonkNote] (p515) – The working group identified several issues relevant…

GICs – Guaranteed Investment Contracts FABN – Funding Agreement-Backed Note GICS – AIG – FCIC GIA’s Guaranteed Interest Contracts Stable Value Unallocated Annuity Contracts 412(i) 1991 0903 – NYT – Worry Over Retirement Funds, By Eric N. Berg – [link] GIC’s, Executive Life, Mutual Benefit Also, you had a lot of different interests in Executive Life.…

Policyholder Options Many insurance contracts offer the policyowner options regarding premium payment, benefit patterns, and policy loans. This flexibility means that many different patterns of future cash flow could arise under the contract. (p6) 2002 09 – AAA – Fair Valuation of Insurance Liabilities: Principles and Method, American Academy of Actuaries – 48p The ACLI’s Dolan…