• (p30) - Claims for the September 11 event will not be a problem for our company, nor will I expect it to be a problem for the life insurance industry.
• I should note, however, that the life insurance companies are major investors in corporate America.
  • We are holders of corporate bonds, real estate mortgages, and a small percentage of our portfolio is in the equity market.
• If the economy worsens, some life insurers could have problems on the asset side of the balance
  sheet. I know this committee and the NAIC, led by Commissioner Sebelius, will monitor this closely.

-- Sy Sternberg, Chairman, President and CEO, New York Life Insurance Company

2001 0926 - GOV (House) - America's Insurance Industry: Keeping the Promise,  U.S. Securities and Insurance Industries (CSPAN) - [PDF-214p, VIDEO-CSPAN]