GSLIC - Guarantee Security Life Insurance Company
- 2016 - The Australian Actuarial Journal - “Someone Else’s Problem” – The Failure of the Guarantee Security Life Insurance Company, by S. Ferris - (p1-64) - 113p
- The receiver estimated that GSL’s policy liabilities amounted to $620 million – but unfortunately the company’s assets were worth only $230 million.
- The shortfall was about $390 million, ie. a deficit amounting to 63% of the liabilities.1
- At the time, this was one of the largest insolvencies in the history of the US life insurance industry.2
- nolhga.com/companies/public/main.cfm/NAICCode/84271/GAID/100
- Midland National Life Insurance Company
- myfloridacfo.com/division/receiver/companies/detail/403
- <WishList> - 1993 - GOV (Senate) - Third interim report on United States government efforts to combat fraud and abuse in the insurance industry: enhancing solvency, regulation, and disclosure requirements - a case study of Guarantee Security Life Insurance Company
- Senate - Committee on Governmental - Affairs. Permanent Subcommittee on Investigations
- (Y 1.1/5: 103-29) , 93-19683
- - LC - GUARANTEE SECURITY LIFE INSURANCE COMPANY, PLAINTIFF, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, ET AL., DEFENDANTS
- 1996 - LC - In re Receivership of Guarantee Security Life Insurance Company, 678 So. 2d 828 (Fla. 1st DCA 1996).
- 1991 1221 - NYT - Merrill Is Sued in Florida Over Ties to Shaky Insurer, By Kurt Eichenwald - [link]
- Transmark, Guarantee Security Life Insurance Company, Coopers & Lybrand, Shereff, Friedman, Hoffman & Goodman
- The transfers allowed the company to appear solvent, when in fact it became insolvent in 1985, the state regulators assert.
- 1992 0429 and 0430 - GOV (Senate) – Efforts To Combat Fraud And Abuse In The Insurance Industry – Part V - [PDF-1419p-GooglePlay]
- 1994 - LC - Transmark, U.S.A. v. Dept. of Ins. Co. - [link-casetext.com]
- Court: District Court of Appeal of Florida, First District
- Date published: Mar 2, 1994
- 631 So. 2d 1112 (Fla. Dist. Ct. App. 1994)
- In SEC v. Transmark USA, Inc.,27 the Commission alleged that the defendants failed to disclose the nature of certain transactions and materially misstated the financial condition of the company's principal subsidiary, Guarantee Security Life Insurance Company (GSL). The complaint alleged four instances of related sale and repurchase transactions in high yield securities between GSL and Merrill Lynch. These transactions occurred at year-end and were intended to replace temporarily GSL's portfolio of high yield securities with either a cash receivable or liquid Treasury securities, resulting in increased reported statutory capital and surplus. The defendants consented to the entry of injunctions.
- (p15) - The Commission alleged violations of the books and records provisions in In the Matter of Merrill Lynch, Pierce, Fenner & Smith, Inc.,44 administrative proceedings against Merrill Lynch; Robert Plunkett, a trader formerly associated with Merrill Lynch; and Frederick Roemer, a Merrill Lynch corporate bond salesman. The Commission found that Merrill Lynch failed to record properly certain securities transactions in two separate matters.
- The first matter involved related sale and repurchase transactions designed to permit a customer, Guarantee Security Life Insurance Company, temporarily to replace high yield securities with a cash receivable or liquid Treasury securities at year end, thereby avoiding certain reserve requirements of Florida insurance law.
- The second matter involved a series of sale or repurchase transactions between Merrill Lynch, Reliance Group Holdings, Inc., and a third party, designed to permit Reliance to realize gains on certain securities.
- Respondents, without admitting or denying the Commission's findings, consented to the entry of a cease and desist order by which they were censured and Merrill Lynch was required to adopt internal procedures, policies, and controls reasonably designed to assure compliance with broker-dealer recordkeeping requirements.
1994 - SEC - Annual Report - 182p