Words – Page 21 – [BonkNote]

Fiduciary Advice Incidental Advice DOL – Fiduciary Rule – Department of Labor Fiduciary Duty Relationship (p54) – 1:34-1:41 – Eric DINALLO, Superintendent, New York State Insurance Department – Well, I think it’s important for everyone to know there’s a very strong tension between policyholders’ interest and shareholders’ interest in a publicly traded company. The board and management…

Futurism 1977 – SOA – Futurism, Society of Actuaries – 18p 1983 – SOA – Futurism – An Art and a Science, Society of Actuaries – 22p soa.org/globalassets/assets/library/newsletters/the-actuary/1987/november/act-1987-vol21-iss09-corbett.pdf

Risks Risk – Index Systemic Risk – Index … referred to the Report of the Committee on Valuation and Related Problems. In that report, the Trowbridge Committee identified three categories of hazards which may impair the financial health of the insurance enterprise. [C1, C2, C3] The report of the committee can be read by the…

Rating Agencies AM Best Best’s Review “Insolvency Studies” Best’s Insolvency Study Duff & Phelps Fitch Moody’s Standard and Poors (S&P) Weiss Research 1990 1215 – NYT – Moody’s Cuts Debt Ratings of Five Leading Insurers, By Richard D. Hylton – [link] The five are Mutual Life Insurance of New York, Mutual Benefit Life Insurance, Home…

GENERALLY RECOGNIZED EXPENSE TABLE (GRET) 1998 – GENERALLY RECOGNIZED EXPENSE TABLE FOR 1998 ILLUSTRATIONS. SOCIETY OF ACTUARIES COMMITTEE ON LIFE INSURANCE RESEARCH. REPORT TO THE NAIC LIFE DISCLOSURE WORKING GROUP, Society of Actuaries – 8p 1996-2 Generally Recognized Expense Table 716 Adopted 695 2000-3 Society of Actuaries Committee on Life Insurance Research Report to the…

Systemic Risk Systemic Risk – Index Assimilation of banking-type activities by life insurers appears to be the key systemic vulnerability. 2003 – IMF – Insurance and issues in financial soundness. IMF working paper 03/138. Das U, Davies N, Podpiera R – 44p 2009 0305 – GOV (House) – Perspectives on Systemic Risk, Paul Kanjorski (D-PA) — [BonkNote] Terri Vaughan…

New Money / Portfolio Money Investment Generation Method We continue to put out these apples vs. oranges illustrations. We’re misleading our policyholders. We are providing the ammunition to make replacements of inforce policies with new coverage that is not in the policyowner’s best interest. — Walter Miller 1983 – SOA – Surplus Distribution and Allocation…

Range Approach 1988-2, NAIC Proceedings, 1988 0613 – ACLI – Statement on Behalf of the American Council of Life Insurance to the NAIC Market Conduct Surveillance (EX3) Task Force (Attachment 2) – 3p 1988 12 – SOA – Two Approaches to Life Insurance Cost Illustrations, Society of Actuaries – 4p 2017 10/15 or 19 -…

Modeling 1994 – SOA – Asset Modeling Concepts – Society of Actuaries – 38p Universal Life Modeling Example Funding Levels Universal life plans offer the policyholder great flexibility in their use of the plan — from a term plan to an investment vehicle. The funding level affects: 1. Universal life commissioners reserve valuation method reserves…

Consumerism I am not convinced that the consumer advocates,–David Swankin excepted– really know or speak for what the average consumer wants. I fear that in the dialogue between regulators, business and consumerists, what the general public really wants may be overlooked. — William M. White, Connecticut General – Director of Government Regulations 1980 – SOA -…