NAIC – National Association of Insurance Commissioners – WishList

1970s

1973-1 – The Subcommittee heard an interim report from the Price Illustrations Task Force.
- The report was widely distributed prior to the meeting.
- Some discussion ensued and a specific presentation was made to the entire Subcommittee by Mr. Robert Seiler.
- The written document was distributed to the Subcommittee members, but it was decided not to attach the document to the Task Force report.
1973 – Interim Version of the NAIC Life Insurance Buyer’s Guide
1973 – Report – McKinsey – Strengthening the system for exercising surveillance over insurance companies – HG 8536 M34 S78 – WishList>
1973 – Report – McKinsey – Improving the efficiency and effectiveness of the system for exercising surveillance over insurance companies – HG 8536 M34 S77 – <WishList>
1974 – Report – McKinsey – Strengthening the surveillance system : Phase 1 report – HG 8536 M34 S79 1973 – <WishList>
1974 – Report – McKinsey – Strengthening the surveillance system : final report – 126p – naic.soutronglobal
1974 – Report – McKinsey – Improving the property/liability early warning system McKinsey & Company, Inc 1974 HG 8535 M34 S81 – <WishList>
1974 – Report – McKinsey – Improving the life and health early warning system McKinsey & Company, Inc 1974 HG 8535 M34 S80 – <WishList>

1980s

1981 0811 – Testimony – NAIC – National Association of Insurance Commissioners Task Force on Cost Disclosure – HG 8755 N38 C6 1981 – https://naic.soutronglobal.net/Portal/Public/en-GB/RecordView/Index/5517 – <WishList>
1982 – New Jersey – Universal/Flexible Factor: life insurance informational hearing
- Department of Insurance, New Jersey. Department of Banking & Insurance
- [Bonk: the NAIC has it in their Database, but it is currently unavailable for viewing – KF 1986 U55 – (as of 2023)]
- Bill White, chief actuary, New Jersey, reported on their special project pertaining to universal life. – <WishList>
- Their commissioner, on June 25, 1982, declared an 81-day moratorium on “Universal-Flexible Factor” type of policies.
- His staff was directed to
  - (1) study the matter and issue a position paper on the subject;
  - (2) conduct public hearings on March 10-11;
  - (3) terminate the moratorium April 16 with the publishing of a set of guidelines. – <WishList>
- Reports and results have been mailed to each insurance department.
1982-2, NAIC Proceedings
<WishList> – The 1983 Life Insurance Buyer’s Guide prepared by the National Association of Insurance Commissioners – “no Official copy exists”
1983 – NAIC CIPR Library – Universal life insurance regulation workbook National Association of Insurance Commissioners NAIC. (A5) Task Force Industry Advisory Committee – HG 8823 N38 A5
1983-2 NAIC Proc.
- <WishList> – Mr. Jackson distributed copies of the article “A Regulator’s View of Universal Life,” by John 0. Montgomery, F.S.A., M.A.A.A., and also a working draft of the Universal Life Insurance Model Regulation, which contained Definitions, Valuation and Non-Forfeiture sections (Attachment Two-A1).
- <WishList> – Ms. McGrath distributed the New York “Guidelines for Submission and Approval of ‘Universal Life’ and Other Life Policies” published March 16, 1983.
1988-2, NAIC Proceedings – <WishList – Survey>
- Commissioner Hager asked for a report on the result of the survey which was sent over the State Telecommunications Network to all states asking them for identification of any consumer/disclosure concerns over universal life insurance, variable life insurance and any other related interest-sensitive products.
- Carole Olson (NAIC) reported that at least five states had responded to the message which was sent out on June 4 and that a written report would be presented at the September meeting.

1990s

1990-2, NAIC Proceedings – Troubled Company Working Group of the Examination Oversight (EX4) Task Force
- Chair – Norman Koefoed, Chair (Ill);
- (p ) – The Chair notified the task force that a Non-Investment Bonds Working Group had been appointed to review companies with large holdings in non-investment grade bonds.
  - The group had met three times since being organized.
  - The initial concern has been with Executive Life Insurance Company of California.
  - <WishList-x2> – The group has received reports from both an independent actuarial firm and the company and is monitoring the situation.
  - The chair advised that no precipitous action should be necessary against the company.
  - In addition, the group has provided the California Department with a list of recommendations regarding needed information from the company.
  - The chair stated that information provided to the group indicates the company to be in a very liquid position, with surrenders declining as compared to January and February of this year.
  - Mr. Montgomery stated that the Actuarial Valuation Report from Milliman and Robertson should be completed by week end and copies would be available to states from the actuarial firm. – <Wishlist>

1991-1, NAIC Proceedings – 10. Special Report on Executive Life Companies – <WishList>
- Jim Schacht delivered a special report on the Executive Life Companies.
  - He reported that since January 1990 a special committee has been addressing the situation with regard to Executive Life Insurance Companies.
  - It was noted that the financial evidence reveals that the company is in no imminent financial danger but that precipitous action by any state could create serious problems.
  - After much discussion a resolution that recommends that no state take precipitous action and urges all states to continue to cooperate was drafted and unanimously adopted.
- 1994 10 – GOV (House – Report) – Wishful Thinking: A World View of Insurance Solvency Regulation – John Dingell (D-MI) — [BonkNote] — [PDF-137p]
1991 0227, 0507, 0509,0523 – GOV (Senate) – Insurance Company Solvency – [PDF-369p-GooglePlay]
- (p116) – Orin Kramer (KramerAssociates, Information Institute) – In December 1990, just 4 months before Executive Life failed, NAIC issued a statement that Executive Life was and I quote, “in no imminent financial danger.”
- ⇒ <WishList> – NAIC issued a statement that Executive Life was and I quote, “in no imminent financial danger.”
- [Bonk: Also Referenced in:]
  - 1991-1A, NAIC Proceedings (p16)
  - 10. Special Report on Executive Life Companies
    - Jim Schacht delivered a special report on the Executive Life Companies.
    - He reported that since January 1990 a special committee has been addressing the situation with regard to Executive Life Insurance Companies.
    - It was noted that the financial evidence reveals that the company is in no imminent financial danger but that precipitous action by any state could create serious problems.
    - After much discussion a resolution that recommends that no state take precipitous action and urges all states to continue to cooperate was drafted and unanimously adopted.
<WishList> – 1997 – NAIC – An Overview of the State Insurance Receivership System, 27 Brief 12, 13 (Fall, 1997), Francine L. Semaya & Lenore S. Marema
- 2016 0822 – 16-5086 – NAIC – D1631439 – Brief of Amicus Curiae the National Association of Insurance Commissioners in Support of Plaintiff Appellee [MetLife] – MetLife v FSOC – 40p

2000s

2003 0313 – NP – The Washington Post – The Trick to Insurance Is Grasping the Details – [link]
- A survey last year by the National Association of Insurance Commissioners found that only 28 percent of people with insurance — life, auto, home, health or disability — really understood the details of their coverage. – [link]
- <WishList – NAIC Survey>
2003 – LC – Fay v Aetna – William Hager – Excerpt – Deposition – Doc 65 – 2p
- A: William Hager – Surveys would be to determine – lets take a regulatory survey.
  - Through a regulatory survey, we could efficiently determine and get a read through the regulators in all 50 states as to whether a particular matter, particular issue was in fact a nationwide issue that merited national attention or in fact whether it was a localized issue.
- Q. So when you say an issue, could an example of an issue be the types Of disclosures that are being made in illustrations?
- A. Yes.
- Q. Was that in fact one of the issues that was reviewed?
- A. Yes. In fact, while was insurance commissioner, I oversaw a survey to that effect.
- Q. As chair of the life insurance product development task force, you led the development of model disclosure statements for….
- ⇒ <WishList – Complete Deposition>
- ⇒ <WishList – NAIC – Hagers Survey from his time as an Insurance Commissioner>

<WishList> – 2004 – NAIC – Military life insurance sales regulatory response options, Market Regulation & Consumer Affairs (D) Committee, Market Analysis Working Group, HG 8861 N38
2008 0918 – NAIC – Press Release – The NAIC’s press release responding to critics of state-based regulation, titled “AIG: Conversation Should Stay Focused on the Facts” – <WishList>
- 2008 0926 – CEI – Facts About the AIG Collapse: A Response to the NAIC: An Optional Federal Charter Might Have Impacted AIG’s Situation, by Eli Lehrer – 3p
2009 0120 – NAIC – Press Release – NAIC Still in Opposition to Federal Regulation – <WishList>
- 2009 – LR – Differential Compensation and the “Race to the Bottom” in Consumer Insurance Markets, by Daniel Schwarcz – 33p
Case 1:11-cv-00779-TCW Document 258-1 Filed 08/06/14 – 26p
- 183 – FRB018-00408344 to FRB018-00408345 – Letter – (2/27/2009 12:35 pm) – From: Roger Sevigny (NAIC) – To: Thomas Baxter – re: Meeting between NAIC and FRBNY – <WishList> – Page 18 of 26

2010s

2010 – <WishList> – See Public Hearing on Insurance Contract Readability Standards Before the NAIC Consumer Connections Working Group for the Public Hearing on Insurance Contract Readability Standards (Mar. 2010) (testimony of Brenda Cude, Prof. of Hous. & Consumer Econ., Univ. of Ga.) (on file with author).
- 2014 – LR – Transparently Opaque: Understanding the Lack of Transparency in Insurance Consumer Protection, 61 UCLA Law Review 394, Daniel Schwarcz – 69p

2014 0921 (Updated) – WSJ – New York Probes Indexed Universal Life Sales Practices Benjamin Lawsky Concerned Insurance Companies Giving Optimistic Projections, By Leslie Scism – [link]
- New York’s top financial watchdog has launched an investigation into sales practices surrounding one of the hottest-selling products in life insurance, according to a letter from the regulator’s office reviewed by The Wall Street Journal
- [Bonk: <WishList> 1) Lawsky Letter 2) Outcome of Lawsky’s Investigation. Any Documents]