Pacific Life

John C. McCone (Board / CIA Director)
Thomas S. Sutton
Bill Hezzelwood
2023 – LC – Marie v. Pacific Life Insurance Company — [BonkNote]
2025 – LC – Kyle Busch vs. Pacific Life Insurance Company — [BonkNote]

1991 0227, 0507, 0509 and 0523 – GOV (House) – Insurance Company Solvency, (CSPAN) Insurance Company Insolvencies, Cardiss Collins (D-IL) — [BonkNote] — [PDF-369p-GooglePlay, VIDEO-0509-CSPAN]
NAIC
- IULSG

With respect to guardrails, Pacific Life believes that it is critical that any proposed limit on the illustration of benefits be derived from sound principles and reasonable assumptions.
This methodology will help regulators best target changes to AG 49.

2019 0906 – Letter – Pacific Life to NAIC LATF (Fred Anderson), 2019-3 (p6-319)

2012 – LC – Pacific Life Funds and Pacific Select Fund vs AIG Complaint for Violations of The Federal Securities Laws – 12-CV-6071
- Complaint For Violations Of The Federal Securities Laws – Demand For Jury Trial – 241p
– LC – GARY MARENZI, ET AL. VS PACIFIC LIFE INSURANCE COMPANY, ET AL.
- forbes.com/advisor/life-insurance/premium-financing-problems/
- wsj.com/articles/rising-rates-make-life-insurance-funded-with-debt-more-costly-11663849907?mod=article_inline
2021 – LC – DREW v. PACIFIC LIFE INSURANCE CO.
- SUPREME COURT OF THE STATE OF UTAH
- No. 20190695, Heard March 5, 2021, Filed September 2, 2021
- 2021 0305 – Utah Supreme Court – https://www.youtube.com/watch?v=90iWco2-NOY&t=1557s
  - 33 – Judge – Agent – Appoint – Statutory Interpretation – Liability – 4052 – are they or are they not Appointed Licensee – Liability of Pacific?
  - 34 – Lawyer – statutes – Silent as to “Appointed Licensee” – Agency –
  - Judge Himonas – “Fact of Agency” – Principal / Agency Relationship – Heart of the matter. What is the
  - Defense Lawyer – Labels are unhelpful all around.
  - Judge Himonas – Is there any liability for selling the policy?
  - Working for Company or Policyholders?
  - 41 – Relationship for Real Estate Agent
  - Scope of Authority – Employee vs Agent
  - Employees vs Independent
  - Vicarious Liability
  - 43 – Express Authority, Express Authority, Implied Authority, Apparent Authority –
  - 44 – Judge Pearce – [Interesting Line]
  - 46 – Judge Thomas Lee
  - 46 – Producers Contract
    - 50 – Temporal argument –
    - 51 – Ratification of Behavior
  - Judge Paige Petersen – licensee – Company vs policyholder, liability – What does this language mean? Sea change – Insurer liability
  - – Burden on producer –
  - Plaintiff Lawyer- Loosle – Timeframe
  - 57 – November – Reverse Mortgage process
  - April – Insurance Application
  - Judge – Where in the record? Discussion after appointment?
  - Judge: Direct me to the misrepresentations after appointment?
  - [More]
- Opinion – 40p

(p258) – Statement of Tom Sutton, Chairman and Chief Executive Officer of Pacific Mutual Life Insurance Co., On Behalf of the Council of Life Insurance (ACLI)
- We have already seen the effects of underpriced products in the market place, where Executive Life was taking away the business of more prudently managed companies by illustrating or guaranteeing unrealistic interest rates.
- One current example is that Pacific Mutual was one of the losing bidders on the Pacific Lumber annuity case that you just heard about.
- Regarding Executive Life’s strategy, Pacific Mutual and others in the industry have had a high level of concern which was dismissed by some regulators at that time as competitive sour grapes.
- Second, Executive Life, together with others in the Milken daisy chain, had substantial lobbying power in Sacramento.
  - For example, last year I testified in favor of a legislative limit on below investment grade securities before the California assembly insurance and finance committee.
  - Intense lobbying by those opposed to such a limit led to only 4 affirmative votes out of a committee of more than 20.
- Could we have done more at the time?
  - Perhaps, but the combination of financial euphoria and political clout would have made success extremely difficult.

1991 0227, 0507, 0509 and 0523 – GOV (House) – Insurance Company Solvency, (CSPAN) Insurance Company Insolvencies, Cardiss Collins (D-IL) — [BonkNote] — [PDF-369p-GooglePlay, VIDEO-0509-CSPAN]

Senator BRYAN. Are we likely, Mr. Sutton, to see other insurance company failures, life insurance company failures?
Mr. SUTTON. Yes.

Senator BRYAN. Is the concept of a disclosure offensive to you, assuming that you could get a disclosure that is not so highly technical as to be actually meaningless? But I mean, is the concept of full disclosure at the point of sale, assuming that you could get something that is more understandable than the complexities might permit it to be? You can be so complex that nobody is going to read it, and those that do —
Mr. SUTTON. My personal opinion is that I would not have any problem with a kind of disclosure that could be communicated simply, but was based on extensive analysis by someone capable of making the appropriate analysis.
- I would not like a simplistic disclosure that could cause great dislocation because it did not recognize all of the factors in what is, in fact, a very complicated business. – (p280)