Words – Page 15 – [BonkNote]

Mass Lapse 2016 – IAIS – Risk-based Global Insurance Capital Standard Version 1.0 Disintermediation Run – Triggers Legal Case – Fairbanks v Farmers Survey – 50% Unfortunately, some offices issued these contracts with a cash value of something approaching the total single premium guaranteed at any time. Interest rates rose, competitors offered better terms, and…

Surrender Cash Surrender Values Lapse vs Surrender Surrender Values 2013 – AP – An Empirical Analysis of Life Insurance Policy Surrender Activity, by David T. Russell, Stephen G. Fier, James M. Carson, and Randy E. Dumm – 23p 1877 0723 – New York Senate – Testimony Taken Before the Senate Committee on Charges Against De…

Information Sharing (p20) / 01:00:00 – I heard the consistency on the panel that there is no call here for a new regulator or super regulator to take the place, but rather someone to connect the dots. [PDF-254p, VIDEO-YouTube-Part 1of2 — Steve Bartlett, President and Chief Executive Officer, The Financial Services Roundtable 2009 0305 -…

Deceptive Deceptive Business Practices Deceptive Contracts Deceptive Sales Practices When a policyholder feels deceived, the disintermediation potential is enhanced. — Allen D. Booth, a consultant in the Milwaukee office of Towers, Perrin, Forster and Crosby 1982 – SOA – Universal Life Update, Society of Actuaries (rsa82v8n34) – 26p In guarding the public against insolvent insurance…

Capital Standards ICS – Insurance Capital Standards – IAIS Spencer BACHUS (R-AL) – I believe to protect those that are relying on the bond insurers’ capitalization, I believe the superintendent of the New York Insurance Department could have raised the capital standards. Governor SPITZER. Sir, I think you misapprehend— Spencer BACHUS (R-AL) I believe there…

OFC – Optional Federal Charter “OFC proposal” 2007 1214 – CRS – Insurance Regulation: Optional Federal Charter Legislation – 16p 2004 – AP – Consumer Ramifications of an Optional Federal Charter for Life Insurers, Sheila Bair – 273p Chart – p262 2008 – SOA – Optional Federal Charter (OFC)—Another Acronym, Another Concern, By Norman E.…

SIFI – Systemically Important Financial Institutions (p21) – Chairman LUETKEMEYER (R-MO) – Thank you. Mr. Van Der Weide, I want to let you know that you gave us more information in your 2 or 3 minutes’ response here than all of the other folks we have had before this committee, put together, when we asked…

Mis-selling …customers may be satisfied with companies because they provide inexpensive products, but the customers may be misinformed about what is being sold. (p3) 2015 0501 – Letter – AAA to IAIS – Committee Comments To IAIS on Conduct of Business Risk Draft Paper, American Academy of Actuaries – 4p Mis-selling and market conduct issues…

Policyholder Protection Consumer Protection The fundamental tenet of our U.S. system is to protect policyholders by ensuring the solvency of the insurer and its ability to pay insurance claims. (p36) — Prepared Statement of Kevin M. McCarty, Commissioner Florida Office of Insurance Regulation – On Behalf of the National Association of Insurance 2015 0428 – GOV…

Codification One other issue I did want to touch on is the effort of the NAIC on codification. I’m sure that a lot of you have not paid a lot of attention to codification. It seems like an effort that the accountants are making, that we hope won’t effect us too much. The effort on…