Financial Services and Insurance Regulation Task Force - EX - NAIC

  • 1988-1993
  • William D. Hager, Co-Chair, Iowa Insurance Commissioner 
  • 1988-2, NAIC Proceedings - (p72) - Integrated Financial Services (EX) Task Force and the Securities and Insurance Regulation (EX) Task Force were consolidated.
    • The new task force will be entitled the Financial Services and Insurance Regulation (EX) Task Force.
  • 1988-2, NAIC Proceedings - ...the task force appointed subgroups to address issues involving financial planning, banking and securities 
  • 1988-2, NAIC Proceedings
    • Commissioner Hager
      • ... requested that the NAIC staff reestablish a liaison with the American Bar Association (ABA) and the North American Securities Administrators Association (NASAA) and to advise the Task Force if changes in the Uniform Securities Act are proposed.
      • .... discussed the resolution, prepared by the Securities and Insurance Regulation (EX) Task Force, which was adopted by the NAIC in December 1987 encouraging reciprocal treatment of assets in cases of insurer insolvency.
      • ... proposed that a letter from the Task Force be sent to the states which have not adopted the NAIC Book Entry System Model Act and Book-Entry System Regulation, encouraging them to do so.
    • ... suggested that the Task Force monitor ongoing reciprocal treatment among states in the event of insolvencies in line with the resolution which was adopted in December.
    • .... suggested the Task Force establish a working relationship with the following state regulators: (1) securities (2) banks and (3) savings and loans.
  • Three working groups were appointed:  (Attachment Five-A)
    • (1) Financial Planners Working Group
    • (2) Banking and Savings and Loan Working Group
    • (3) Securities Working Group .
  • 2. Any Other Matters Brought Before the Task Force
    • Jack Blaine (American Council of Life Insurance)
      • ... commented that the ACLI received a letter from Congressman Edward J. Markey solicitating comments on the Securities and Exchange Commission (SEC) recent report on financial planners.
        • [Bonk: 1988 0212 - SEC - Financial Planners: Report of the Staff of the United States Securities and Exchange Commission to the House Committee on Energy and Commerce's Subcommittee on Telecommunications and Finance - 214p]
      • ... commented on the Proxmire bill concerning the authorization of banks to engage in insurance activities.
        • He encouraged the NAIC to examine this bill in light of its 1988 charges.
    • Arnold Dutcher (Ill.) commented on the problems which exist with an insurance company which is a wholly owned subsidiary of a savings and loan in liquidation.
    • Jay Berman (Professional Insurance Agents) asked whether an advisory committee would be appointed.
      • Commissioner Hager responded that an advisory committee would not be appointed at this time, but the co-chairs of the Task Force would be considering it.