Q: Should the Insurance Industry Be Looked At?

  • It is hard to fix a system that has not been analyzed.  (p14) 

--  J. Robert Hunter (CFA)

2003 0506 - GOV (House) - Increasing the Effectiveness of State Consumer Protection - [PDF-123p, VIDEO-?] 

  • My staff has conducted a major investigation of these issues.
    • I must say today that I was shocked when I saw its findings.  (p1)

--  Senator Metzenbaum

1979 - GOV (Senate) - Cost Disclosure in Life Insurance - Senator Metzenbaum - [PDF-279p-GooglePlay]

  • 2009 0924 - GOV (Senate) - Systemic Risk and Resolution Issues / Experts’ Perspectives on Systemic Risk and Resolution Issues -  [PDF-128p, VIDEO-CSPAN] 
    • Paul Volcker - ".....insurance companies, which I would say parenthetically I hope better regulatory systems will be developed, maybe not as part of this legislation but next year."  (p7)
    • Paul Volcker - "I would hope this committee would look at the question of national charters for insurance companies and bring them under—at least the big ones—under a framework so that something like AIG with similar problems can’t arise in the future."  (p19)
  • But nowhere has there been a serious, full dress attempt to re-define the modern American insurance transaction as a sui generis matter.
  • Perhaps the job is too big, or too dull.
    • [Bonk: sui generis ~ unique]

1950 - LR -The Special Nature of the Insurance Contract: A Few Suggestion for Further Study, by Franklin M. Schultz - 15p

  • 1939 0412 - SEC to President (Franklin D. Roosevelt) - Re: Insurance Investigation -  3p
  • 2009 0924 - GOV (Senate) - Experts’ Perspectives on Systemic Risk and Resolution Issues, (CSPAN) Systemic Risk and Resolution Issues, Barney Frank (D-MA) -[PDF-128p, VIDEO-CSPAN]
    • (p7) - Paul Volcker (former Chairman of the Board of Governors of the Federal Reserve System) - ".....insurance companies, which I would say parenthetically I hope better regulatory systems will be developed, maybe not as part of this legislation but next year." 
  • 2009 0114 - COP - Hearing - Modernizing America’s Financial Regulatory Structure, Congressional Oversight Panel
    • [PDF-180p,  VIDEO-CSPAN]
    • (p72) - Statement of Joel Seligman, President, University of Rochester  
      • Second, the scope of any systematic review of financial regulation should be comprehensive.
        • This not only means that obvious areas of omission today, such as credit default swaps and hedge funds, need to be part of the analysis but also means, for example, our historic system of state insurance regulation should be re-examined as well as current securities laws exemptions for areas, including municipal securities.
        • The fact that the Federal Government provided over $100 billion to insurance giant AIG alone suggests that insurance regulation is no longer purely a state matter.