Words – Page 9 – [BonkNote]

Rate Regulation Rate regulation is not an issue that pertains to the life market. — William Fisher, ACLI / Vice President and Associate General Counsel for the Massachusetts Mutual Life Insurance Company, on behalf of the American Council of Life Insurers 2001 0621 – GOV (House) – Insurance Product Approval: The Need for Modernization, Richard…

General Accounts 1983 – SOA – Segmentation of Insurance Company General Accounts, Society of Actuaries – 38p New Money / Portfolio Money Investment Generation Method 5. A general account is a design feature that is generally available to purchasers of whole or universal life insurance whereby the general assets of the insurance company support the…

Surplus Surplus Notes Surplus Relief The availability of surplus sometimes constrains the growth of an insurance company. To optimize growth, a company under such constraint must develop equivalent profit standards for all opportunities that use surplus, such as sales of insurance products, acquisition of investments, or development of a sales force. 1981 – SOA -…

Nonguaranteed Non-Guaranteed Elements NONGUARANTEED PREMIUM

Guarantees Guarantees Only 2005 – SOA – What’s Backing Your Life Insurance Guarantee? – [LINK]

Moral Hazard Financial Crisis We argue that changes in the life insurance industry have created a nontrivial moral hazard. We document the industry’s shift from sales of life insurance to sales of mainly rate-of-return oriented investments like single premium deferred annuities (SPDAs) and guaranteed investment contracts (GICs). 1992 – FRB-Minneapolis – SPDAs and GICs: Like Money…

Covered Agreements 2018 0220 – NAIC – Covered Agreement Public Hearing – Comment Letters – 176p 2019 – AP – The Future of the US-EU Covered Agreement: How to Drag an Absurdly Federalist Regulatory System into the Global Reinsurance Market – 23p

Value Cash Surrender Values Cash Value Cash Value Life Insurance Surrender Values Valuation Manual – NAIC Value at Risk – (VAR) Chapter 9 Elizur Wright “Value” – extended term (p153) – he = Patrick Brockett, Plaintiff Expert Witness And he identified the fact that sometimes when the market performs lower, the policy has less value.…

Reserve Relief Warren Buffet – FCIC Interview – mp3 NAIC Proceedings 1933 198x 2008 Belth Re: ACLI’s Proposed Amendment to Actuarial Guideline XXXVIII — ALIA 2010-2 (Summer) – NAIC Proceedings It is ironic, for example, that state regulators are boasting in Congress about the effectiveness of their capital and reserve requirements in stabilizing insurers even…

Demutualization 2000 – SOA – U.S. and Canadian Demutualizations—Postmortem – 21p