GAO - Government Accountability Office - Documents

  • 1979 - SOA - Prospects for Social Discontinuity, Speaker William W. Whitson, GAO, Society of Actuaries - 6p
  • 1981 - SOA - The Actuary, Actuaries in the U.S. General Accounting Office (GAO), by Franklin B. Dana, Society of Actuaries - 3p
    • In 1969, for the first time, the U.S. General Accounting Office (GAO) hired an actuary. This article attempts to answer the often-asked question, "What do actuaries do at the General Accounting Office?
  • 2011 09 - GAO - Review of Federal Reserve System Financial Assistance to American International Group, Inc  ---  [BonkNote]  
  • GAO: REPORTING THE FACTS, 1981-1996: The Charles A. Bowsher Years - 186p
  • GAO, Social Security Reform: Implications of Private Annuities for Individual Accounts, GAO/HEHS-99-160 (Washington, D.C.: July 30, 1999).

1970s

  • 1976 - GAO - Lessons We Can Learn From the Equity Funding Scandal, Donald L. Scantlebury and John R. Schultz, Government Accountability Office - p35-45 - 115p
    • gao.gov/products/090952
    • This article appeared in the GAO Review, Vol. 11, Issue 2, Spring 1976. - Lessons We Can Learn from the Equity Funding Scandal
  • 1979 - GAO - Issues and Needed Improvements in State Regulation of the Insurance Business, Government Accountability Office - 298p
    • 1979 0524 - GOV (Senate) - Cost Disclosure in Life Insurance, Senator Metzenbaum (D-OH)  ---  [BonkNote]  ---  
      • (p9) - Lee Richardson, Director of Consumer Programs, U.S. of Consumer Affairs, Department or Health, Education, and Welfare
    • 1979 - AAA - Statement 1979-27 (p329 - Journal of the American Academy of Actuaries) - 1p - actuary.org/sites/default/files/files/publications/journal_1979.pdf
    • 1979 1127 - Letter - AAA to Wesley J. Kinder, California Commissioner of Insurance - Statement 1979-27 (p329 - Journal of the American Academy of Actuaries)  actuary.org/sites/default/files/files/publications/journal_1979.pdf
      • re: 1979 - GAO - Issues and Needed Improvements in State Regulation of the Insurance Business, Government Accountability Office - 298p
      • I am certain that you are keenly aware of the major report of the General Accounting Office (GAO) concerning state regulation of the insurance industry dated October 9, 1979.
        • There are a number of items discussed in the report which, I am sure, are of great interest to the NAIC and to state regulators in general.
      • One matter dealt with at some length in Chapter 3 of the report is the role of actuaries in the state regulatory mechanism.
        • The report indicates that "actuarial science is perhaps the most relevant professional background for an insurance department" but goes on to discuss a shortage of professionals with specialized training relevant to the insurance business and notes that "in particular, there are few certified actuaries".

1980s

  • 1981 - GAO - Approaches Toward Valuation of Human Life by Certain Federal Agencies. PAD-82-21
  • 1981 09 - GAO - Billions Of Dollars Are Involved In Taxation Of The Life Insurance Industry -- Some Corrections In The Law Are Needed, PAD-81-1A, General Accounting Office - 242p
  • 1981 09 - GAO - Billions of Dollars Are Involved in Taxation of the Life Insurance Industry--Some Corrections in the Law Are Needed, PAD-81-1A - Summary - General Accounting Office - 64p
  • 1981 - GAO - Federal Life Insurance Changes Would Improve Benefits and Decrease Costs
  • 1982 0414 - GAO - Letter - GAO to Dan Rostenkowski (D-IL), Chairman, Joint Committee on Taxation - re: Modified Coinsurance Used to Reduce Taxes - 9p
  • 1982 - GAO - Statement of Morton A. Myers - Director, Program Analysis Division Before The Senate Committee on Finance on Modified Coinsurance, Government Accountability Office - 13p
  • 1983 - GAO - Taxation of the U.S. Life Insurance Industry - 9p 
    • Taxation of the U.S. Life Insurance Industry, by Arthur J. Corazzini, Program Analysis Division, before the Subcommittee on Select Revenue Measures, House Committee on Ways and Means. May 10, 1983. <Wishlist>
  • 1986 03 - GAO - Financial Services: Information on Nonbank Banks, Government Accountability Office - 24p
  • 1986 0407 - GAO - Assessment of Federal Employees' Group Life Insurance Program, GGD-86-28
  • 1987 0625 - GAO - Financial Services: Developments in the Financial Guarantee Industry - 60p
  • 1987 10 - GAO - Taxation of Single Premium Life Insurance - Briefing Report to the Honorable Fortney H. (Pete) Stark (D-CA) , House of Representatives - 38p  
  • 1987 0625 - GAO - Developments in the Financial Guarantee Industry, GGD-87-84
  • 1987 1014 - GAO - Testimony - GOV (House) - Regulation of the Financial Guarantee Industry - William J. Anderson, Assistant Comptroller General - 16p

  • 1988 0315 - GAO - Testimony - Taxation of Single Premium Life Insurance - 15p

  • 1988 06 - GAO - Tax Policy: Mortality Charges on Single Premium Life Insurance Should Be Restricted
  • 1988 0927 - GAO - Taxes Incurred by, and Business Trends of, the Life Insurance Industry, T-GGD-88-54 -
    • Statement of Jennie E. Stathis, Associate Director General Government Division, Before the Subcommittee on Select Revenue Measures Committee on Ways and Means House of Representatives
    • gao.gov/products/t-ggd-88-54
    • Full Report - 12p
  • 1988 09 - GAO - Tax Policy: Information on the Stock and Mutual Segments of the Life Insurance Industry, GGD-88-88FS - 24p
    • Fact Sheet for the Chairman, Subcommittee on Health, and the Chairman, Subcommittee on Select Revenue Measures, Committee on Ways and Means, House of Representatives
  • 1988 - GAO - Additional Information on Life Insurance Mortality Charges - 12p
  • 1989 10 - GAO - TAX POLICY: Allocation of Taxes Within the Life Insurance Industry - 106p
    • 1989 - GAO - Testimony - Tax Policy: Allocation of Taxes Within the Life Insurance Industry, House Ways and Means - 13p

1990s

  • 1990 - GAO - Reports and Testimony:  October 1990,, Government Accountability Office - [PDF-9xxp-GooglePlay]
  • 1990 05 - GAO - European Community: U.S. Financial Services’ Competitiveness Under the Single Market Program, Government Accountability Office -  76p  ---  [link]
  • 1990 96 - GAO - Investment Advisers: Current Level of Oversight Puts Investors at Risk, Government Accountability Office 
  • 1990 01 - GAO - Tax Treatment of Life Insurance and Annuity Accrued Interest - Report to the Chairman, Committee of Finance, U.S. Senate, and the Chairman, Committee on Ways and Means, House of Representatives, Government Accountability Office - 56p 
  • 1990 05 - GAO - Insurance Regulation: State Reinsurance Oversight Increased, but Problems Remain - 67p
    • Report to the Chairman - House - Committee on Energy and Commerce - Subcommittee on Oversight and Investigations
  • 1990 09 - GAO - Issues Relating to Banks Selling Insurance -  42p
  • 1990 11 - GAO - Insurance Regulation: The Insurance Regulatory Information System Needs Improvement - 64p
  • 1991 03 - GAO - Deposit Insurance: A Strategy for Reform - 220p
  • 1991 03 - GAO - Tax-Exempt Bonds: Retirement Center Bonds Were Risky and Benefited Moderate-Income Elderly, General Accountability Office - 71p
  • 1991 0425 - GAO - Private Pensions: Millions of Workers Lose Federal Benefit Protection at Retirement - [link] ---  28p
  • 1991 0627 - GAO - Insurance Company Failures Threaten Retirement Income - Testimony - Joseph F. Delfico, Director, Income Security Issues, Human Resources Division - 24p
  • 1991 - GAO - Questions and Concerns About Solvency Regulation - 15p
  • 1991 - GAO - GAO-01-885R - Regulatory Initiatives of the National Association of Insurance Commissioners - 31p 
  • 1991 0729 - GAO - Insurance Regulation: Assessment of the National Association of Insurance Commissioners, Statement of Richard L. Fogel, Assistant Comptroller General General Government Programs, Before the Subcommittee on Policy Research and Insurance Committee on Banking, Finance, and Urban Affairs, U.S. House of Representatives - 57p
  • 1992 0218 - GAO - Insurance Regulation: The Failures of Four Large Life Insurers, Testimony Before the Committee on Banking, Housing, and Urban Affairs United States Senate, Statement of Richard L. Fogel, Assistant Comptroller General, General Government Programs - 21p
  • 1992 03 - GAO - Life/Health Insurer Insolvencies and Limitations of State Guaranty Fund  - 52p
  • 1992 0409 - GAO - Insurance Regulation: The Financial Regulation Standards and Accreditation Program of the National Association of Insurance Commissioners, Government Accountability Office - Statement of Richard L. Fogel, Assistant Comptroller General,
    General Government Program - 23p 

  • 1992 0909 - GAO - Regulators Failed to Respond in Timely and Forceful Manner in Four Large Life Insurer Failures - T-GGD-92-43 - Statement of Richard L. Fogel Assistant Comptroller General,Testimony Before the Subcommittee on Oversight and Investigations Committee on Energy and Commerce - House of Representatives - 29p
  • 1992 12 - GAO - Weak Oversight Allowed Executive Life to Report Inflated Bond Values - GGD-93-35 - 44p
  • 1993 03 - GAO - Private Pensions: Protections for Retirees’ Insurance Annuities Can Be Strengthened - 78p
  • 1993 0609 - GAO - INSURANCE REGULATION: The National Association of Insurance Commissioners’ Accreditation Program Continues to Exhibit Fundamental Problems, Statement of Richard L. Fogel, Assistant Comptroller General, Government Accountability Office - 47p
    • Testimony - Before the Subcommittee on Oversight and Investigations Committee on Energy and Commerce House of Representatives
    • <Find> - Last year, GAO testified that NAIC's accreditation program results did not distinguish effective from ineffective regulation for three reasons.
  • 1994 01 - GAO - NAIC Screening of Non-U.S. Insurers  ---  33p  ---  [link] 
  • 1994 03 - GAO - International Banking: Strengthening the Framework for Supervising International Banks -  82p  ---  [link]
  • 1994 0518 - GAO - Finanial Derivatives: Actions Needed to Protect the Financial System - GGD-94-133 - 200p
  • 1994 0603 - GAO - Shortcomings in Statutory Asset Reserving Methods for Life Insurers - GGD-94-124 - 50p
  • 1994 09 - GAO - Insurance ratings : comparison of private agency ratings for life/health insurers - 36p
  • 1994 10 - GAO -  Private Pensions: Funding Rule Change Needed to Reduce PBGC's Multibillion Dollar Exposure - 65p
  • 1994 10 - GAO -  Insurance Industry: Chronology of F.T. Riley’s Activities and Related Regulatory Actions, Report to the Chairman, Subcommittee on Oversight and Investigations, Committee on Energy and Commerce, House of Representatives
  • 1995 - GAO - Insurance Regulation: Observations on the Receivership of Monarch Life Insurance Company - 22p
  • 1995 0701 - GAO - Active Assignments -AA-95-7(3) - 18p
  • A Comparison of Non-Traditional Life Insurance Products With Products Sold By Other Providers
    • <Bonk: I emailed the GAO and they said "Our conclusion after internal research is that the project you are inquiring about may have been an active GAO engagement at the time the list was published, but we believe it was terminated before any reports were produced because there are no GAO products associated with it in our records.">
  • 1995 0503 - GAO - Financial Market Regulation: Benefits and Risks of Merging SEC and CFTC - GAO/T-GGD-95-153 - 12p
  • 1997 05 - GAO - Financial Crisis Management: Four Financial Crises in the 1980s
    • gao.gov/products/ggd-97-96
    • Full Report - 81p
    • —the Mexican debt crisis of 1982; the near failure of the Continental Illinois National Bank in 1984; the run on state-chartered, privately insured savings and loan institutions in Ohio in 1985; and the stock market crash of 1987
    • Ohio Savings and Loans
      • (p50) - After questions were raised on a radio talk show about the ability of the Guarantee Fund to meet the needs of Home State depositors, withdrawals began at other thrift institutions.
      • (p55) - The potential buyers, which were unable to determine the financial condition of Home State, wanted the state to provide indemnification or compensation for
        losses. The Governor said he believed this would be unacceptable to the legislature and voters.
  • 1998 - GAO - Regulatory and Industry Approaches to Capital and Risk - 190p
  • 1999 10 - GAO - Long-Term Capital Management: Regulators Need to Focus Greater Attention on Systemic Risk, GGD-00-3, Government Accountability Office -

2000s

  • 2000 01 - GAO - Financial Regulatory Coordination: The Role and Functioning of the President's Working Group, GGD-00-46, Government Accountability Office
  • 2000 09 - GAO - Scandal Highlights Need for Strengthened Regulatory Oversight
    • Full Report - 80p
  • 2000 - GAO - Structured Settlements: The Department of Justice’s Selection and Use of Annuity Brokers
    • Full Report - 24p
  • 2001 08 - GAO - Regulatory Initiatives of the National Association of Insurance Commissioners
    • Full Report - 31p
  • 2001 - GAO - Insurance Regulation: The NAIC Accreditation Program Can Be Improved (31-AUG-01, GAO-01-948) 
    • Full Report - 50p
  • 2002 - GAO - Mortgage Financing: Actuarial Soundness of the Federal Housing Administration's Mutual Mortgage Insurance Fund
  • 2002 06 - GAO - Testimony - State Insurance Regulation: Efforts to Streamline Key Licensing and Approval Processes Face Challenges
    Statement for the Record, by Richard J. Hillman, Director, Financial Markets and Community Investment

    • Full Report: 18p 
    • Before the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, Committee on Financial Services, House of Representatives
  • 2003 09 - GAO - Common Standards and Improved Coordination Needed to Strengthen Market Regulation 
  • 2003 0506 - GAO - Insurance Regulation: Preliminary Views on States' Oversight of Insurers' Market Behavior, Statement of Richard J. Hillman, Director, Financial Markets and Community Investment
  • 2004 05 - GAO - Business-Owned Life Insurance: More Data Could Be Useful in Making Tax Policy Decisions, General Accounting Office - 66p
  • 2005 - GAO - Financial Product Sales: Actions Needed to Better Protect Military Members - 88p  -  [link]
  • 2007 06 - GAO - Defined Benefit Pensions: Conflicts of Interest Involving High Risk or Terminated Plans Pose Enforcement Challenges, gao-07-703 - Government Accountability Office - 67p
  • 2008 - GAO - Risk-Based Capital: New Basel II Rules Reduced Certain Competitive Concerns, but Bank Regulators Should Address Remaining Uncertainties, GAO-08-953 - 74p - [link]
  • 2008 12 - GAO - Troubled Asset Relief Program Additional Actions Needed to Better Ensure Integrity, Accountability, and Transparency - 72p
  • 2009 - GAO - Insurance Reciprocity and Uniformity: NAIC and State Regulators Have Made Progress in Producer Licensing, Product Approval, and Market Conduct Regulation, but Challenges Remain - GAO-09-372
  • 2009 01 - GAO - Financial Regulation:A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial Regulatory System - 107p
  • 2009 05 - GAO - Insurance Sales to Military Personnel: Additional Actions Needed to Prevent Improper Life Insurance Sales and Pay Allotment Transactions, GAO-09-452 
  • 2009 09 - GAO - Troubled Asset Relief Program: Status of Government Assistance Provided to AIG (TARP) - Report to Congressional Committees - 101p

2010s

  • 2010 04 - GAO - {TARP] - Troubled Asset Relief Program: Update of Government Assistance Provided to AIG - Report to Congressional Committees - 97p
  • 2010 07 - GAO - Life Insurance Settlements: Regulatory Inconsistencies May Pose a Number of Challenges
    GAO-10-775.

  • 2010 - GAO - Federal Deposit Insurance Act: Regulators' Use of Systemic Risk Exception Raises Moral Hazard Concerns and Opportunities Exist to Clarify the Provision, GAO-10-100
  • 2011 01 - GAO - Consumer Finance: Regulatory Coverage Generally Exists for Financial Planners, but Consumer Protection Issues Remain, Government Accountability Office
  • 2011 03 - GAO - 401(K) Plans: Certain Investment Options and Practices That May Restrict Withdrawals Not Widely Understood, Government Accountability Office
  • 2011 07 - GAO - Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices, GAO-11-400, Government Accountability Office 
  • 2011 07 - GAO - Troubled Asset Relief Program: The Government’s Exposure to AIG Following the Company’s Recapitalization, Government Accountability Office
  • 2011 09 - GAO - Review of Federal Reserve System Financial Assistance to American International Group, Inc., Government Accountability Office  ---  [BonkNote]  
    • Highlights Page:  1p
    • Full Report:  152p
  • 2011 10 - GAO - Federal Reserve Bank Governance: Opportunities Exist to Broaden Director Recruitment Efforts and Increase Transparency, Government Accountability Office
  • 2012 01 - GAO - Municipal Securities: Overview of Market Structure, Pricing, and Regulation, Government Accountability Office
  • 2012 05 - GAO - Troubled Asset Relief Program Government’s Exposure to AIG Lessens as Equity Investments Are Sold, Government Accountability Office
  • 2012 11 - GAO - Elder Justice: National Strategy Needed to Effectively Combat Elder Financial Exploitation, GAO-13-110, Government Accountability Office
  • 2012 12 - GAO - Retirement Security: Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States, GAO-13-75, Government Accountability Office
  • 2013 01 - GAO - Financial Regulatory Reform: Financial Crisis Losses and Potential Impacts of the Dodd-Frank Act, Government Accountability Office
    • Full Report - 99p
  • 2013 03 - GAO - Private Pensions: Timely Action Needed to Address Impending Multiemployer Plan Insolvencies, Government Accountability Office
  • 2013 06 - GAO - Insurance Markets: Impacts of and Regulatory Response to the 2007–2009 Financial Crisis - aka Insurance Study, Government Accountability Office
  • 2013 1216 - GAO - 401(k) Plans: Other Countries' Experiences Offer Lessons in Policies and Oversight of Spend-down Options, GAO-14-9,  Government Accountability Office
  • 2013 11 - GAO - Government Support For Bank Holding Companies: Statutory Changes to Limit Future Support Are Not Yet Fully Implemented, Government Accountability Office
  • 2014 09 - GAO - Pension Plan Valuation: Views on Using Multiple Measures to Offer a More Complete Financial Picture, Government Accountability Office
    • Full Report: 95p
  • 2014 01 - GAO - Government Support for Bank Holding Companies: Statutory Changes to Limit Future Support Are Not Yet Fully Implemented
  • 2014 01 - GAO - Are Financial Planners Always Working in Your Best Interest?, Government Accountability Office - [link]
  • 2014 09 - GAO - Financial Stability Oversight Council: Status of Efforts to Improve Transparency, Accountability, and Collaboration - GAO-14-873T, Government Accountability Office
    • Full Report: 19p
    • Summary: 1p
  • 2014 06- GAO - Pension Advance Transactions: Questionable Business Practices Identified, Government Accountability Office
  • 2014 11 - GAO - Financial Stability Oversight Council: Actions Could Improve the Nonbank Designation Process - GAO-15-51, Government Accountability Office
  • 2015 06 - GAO - International Insurance Capital Standards: Collaboration among U.S. Stakeholders Has Improved but Could Be Enhanced, Government Accountability Office
  • 2016 - GAO / IRS - Guidance Concerning Use of CSO Tables Under Section 7702; Notice2016-63, Government Accountability Office - 7p
  • 2016 - GAO - Financial Regulation: Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness, Government Accountability Office - 147
  • 2019 - GAO - Veterans Benefits: Actions VA Could Take to Better Protect Veterans from Financial Exploitation. 
    GAO-20-109, Government Accountability Office - 33p

2020s

  • 2020 - GAO - Offshore Insurance Products and Associated Compliance Risks, GAO-20-589: Published: Jul 30, 2020. Publicly Released: Aug 31, 2020. - 36p
  • 2020 - GAO - Principles for Evaluating Policies to Assess and Mitigate Risks to Financial System Stability, GAO-21-230SP: Published: Jan 28, 2021. Publicly Released: Jan 28, 2021. - 35p
  • 2021 01 - GAO - Macroprudential Oversight, Principles for Evaluating Policies to Assess and Mitigate Risks to Financial System Stability- GAO-21-230SP, Government Accountability Office - 35p
  • 1989 0531 - GAO - Bank Failures: Independent Audits Needed to Strengthen Internal Control and Bank Management (GAO/AFMD-89-25) - 90p
  • 1991 0422 - GAO - Failed Banks: Accounting and Auditing Reforms Urgently Needed (GAO/AFMD-91-43) - 64p
  • 2002 0424 - GAO - Mortgage Financing: Actuarial Soundness of the Federal Housing Administration's Mutual Mortgage Insurance Fund
  • 2007 1012 - GAO - Financial Regulation: Industry Trends Continue to Challenge the Federal Regulatory Structure (12-OCT-07, GAO-08-32) - 59p
  • 2013 0123 - GAO - Financial Regulatory Reform: Regulators Have Faced Challenges Finalizing Key Reforms and Unaddressed Areas Pose Potential Risks - GAO-13-195 - 53p
  • Joseph F. Delfico - 1990s
  • The GAO Journal
  • GAO has issued the 2021 High-Risk List, a list of programs and operations that are ‘high risk’ due to their vulnerabilities to fraud, waste, abuse, and mismanagement, or that need transformation.
  • The list is issued every 2 years at the start of each new session of Congress and has led to more than $575 billion in financial benefits to the federal government over the past 15 years.
  • Categories
    • Abusive Tax Schemes
    • Bank Powers
    • Financial Derivatives
    • Financial Institutions and Markets Issue Area
    • Insurance Failures
    • Insurance Regulation
    • Macroprudential Oversight
    • Private Pensions
    • Tax Failures