Financial Services

  • 1969 - SOA - Diversification of Life Companies to Financial Services, Society of Actuaries - 84p
    • a) Includes expansion within the insurance business into new lines not previously offered: for example, health, group, property and casualty, variable annuities, mass marketing, pensions.

 

  • Integrated financial Services Task Force (EX) - NAIC
  • Acacia Mutual Life Insurance Co. announced yesterday it plans to buy the Calvert Group, a Washington-based mutual fund company, for $12.5 million.
    • The acquisition, believed to be the first local combination of an insurance company and an investment company, demonstrates the blurring of traditional distinctions between financial services. Insurance companies are racing commercial banks into other investment areas.
    • The giant Prudential Insurance Co. began the trend by merging with Bache Securities about two years ago.
    • Geico Corp. has started mutual funds and also owns an industrial bank.
  • The Reagan administration has proposed allowing bank holding companies to underwrite insurance.

1983 0826 - Washington Post - Acacia Will Purchase Washington Mutual Fund, by Nancy L. Ross - [link]

  • Until fairly recently, subsidiaries were not an important aspect of the life insurance business.
    • In the 1960's, however, there was a strong movement toward diversification via subsidiaries to enable life insurance companies to market other products and skills to meet all of an individual's needs for financial security, and also to move into other enterprises which may be financially advantageous. (p181)

1980 0915 - Letter - ACLI to NAIC - To: Task Force on Subsidiaries and MSVR Rules of the the NAIC Valuation of Securities Subcommittee
Re:  Mandatory Securities Valuation Reserve Requirements for Controlled Subsidiaries

1981-1, NAIC Proc.

  • 1973 - SOA - Digest of Discussion at Concurrent Sessions - 1973 SOA Annual Meeting, Society of Actuaries - 130p
    • This ... simply another manner of broadening the financial services of the life insurance agent. 
  • Statement on Behalf of the National Association of Insurance Commissioners - Submitted to the Senate Committee on Banking, Housing and Urban Affairs
    • .....on the Integration of Financial Services, By Bruce W. Foudree Insurance Commissioner of the State of Iowa and Chairman of the NAIC Integrated Financial Services Task Force - (p90-

1983-2, NAIC Proceedings