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  • Into the Record
    • 2009 0305 - GOV (House) - Perspectives on Systemic Risk
      • [PDF-254p, VIDEO-youtube-Part 1of 2 - Bad Copies] - <mp3, mp4> - R
      • (p35) - Ed Royce (R-CA) - Earlier, Mr. Bachus alluded to this notion that the underwriting side of AIG overseen by the State insurance regulators was somehow walled off from the abstract securities lending division. Unfortunately, news reports, such as the Wall Street Journal article that was dated October 10, 2008, which I would like to insert into the record, detail the inaccuracy of this perception.
        • Let me just read from the article from the Wall Street Journal: ‘‘Securities lending has long been a reliable side business for life insurers, approved by state regulators. But Moody’s warned in April about the risks that insurers were taking related to these programs. - 
        • <WishList?> - 2008 1009 - WSJ - Further Loan To AIG Shows Fed Miscalculated Risks, By Liam Pleven, Carrick Mollenkamp and Craig Karmin - [link] 
          • Doug Slape, Texas Insurance Commission
      • House - Committee on Financial Services - Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
    •  

[Bonk: Where is the Hearing that Michael McRaith said this?]

  • Cliff STEARNS (R-FL).
    • Now, recently Michael McRaith, who is director of the National Association of Insurance Commissioners, told the Senate Banking Committee, he said, you know, if AIG had gone in bankruptcy, we would have taken care of it.
    • It would have been an orderly disposition.
      • This is what he said: ‘‘AIG’s insurance operations and their other companies would have simply—we would have simply bought up AIG’s insurance assets, allowing a seamless delivery of AIG’s insurance obligations.’’
    • So the question is, considering that the State Insurance Commissions would likely have seized AIG’s insurance subsidiaries, protected policyholders in an AIG bankruptcy, why was it necessary to bail out AIG with taxpayers’ money, based upon the testimony of the director of the National Association of Insurance Commissioners?
  • Mr. PAULSON. I respectfully disagree with him, and I believe that it is——
  • Mr. STEARNS.
    • So you disagree with this guy, with all his knowledge, his years of experience?
  • Mr. PAULSON.
    • I will just say many people with years of experience had some regulatory responsibilities with regard to AIG, but this company was had a huge problem, and it is case No. 1 on what is wrong with our regulatory system.
    • There was no single regulator that had a line of sight on the total company.
    • So there were regulators that looked at different pieces of it, and if the company had gone down, it would have been a huge mess. (p152)

2010 0127 - GOV (House) - The Federal Bailout AIG - [PDF-652p

  • House - Committee on Oversight and Government Reform

NAIC

  • "Insurance Consumers Protected by Solvency Standards" NAIC press Release September 16 2008
  • 1982 - Universal/Flexible Factor: life insurance informational hearing. New Jersey. Department of Insurance New Jersey. Department of Banking & Insurance - KF 1986 U55 
  • 1983 - Universal life insurance regulation workbook National Association of Insurance Commissioners NAIC. (A5) Task Force Industry Advisory Committee - HG 8823 N38 A5 - NAIC CIPR Library
  • 1983-2 NAIC Proc. 
    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). Ms. McGrath distributed the New York "Guidelines for Submission and Approval of 'Universal Life' and Other Life Policies" published March 16, 1983.

House - House recording studio 202 225 5214

Department of Defense

  • See Analysis of the Survivor Benefit Plan and Alternative Estate Building Options (Apr. 1, 1987) (available from DOD Office of the Actuary)
  • (this study compares the cost and benefits of the SBP to the cost and benefits of term life insurance, investments, and universal life insurance)

1990 01 - The Army Lawyer, Department of the Army Pamphlet 27-50-205 - 68p

  • (p14) - 27 "See Analysis of the Survivor Benefit Plan and Alternative Estate Building Options (Apr. 1, 1987) (available from DOD Office of the Actuary) (this study compares the cast and benefits of the SBP to the cost and benefits of term life insurance, investments, and universal life insurance);

<Bonk:  Spoke with a woman from their office.  She said no Transcript was made>

5th Circuit Court of Appeals

JOHNSTON & JOHNSTON v CONSECO

Court of Appeals Docket #: 13-30010
 Docketed: 01/03/2013. Termed: 10/17/2013
Nature of Suit: 4110 Insurance
Johnston & Johnston v. Conseco Life Insurance Co.
Appeal From: Western District of Louisiana, Monroe
 

--  Document Requested:  09/05/2013   ORAL ARGUMENT HEARD before Judges Stewart, King, Prado. Arguing Person Information Updated for: George Adam Cossey arguing for Appellee Johnston & Johnston; Arguing Person Information Updated for: Jason Allen Walters arguing for Appellant Conseco Life Insurance Company [13-30010] (PFT) [Entered: 09/05/2013 11:21 AM]

To get a transcript you have to order it from the court reporter:

https://www.ca5.uscourts.gov/docs/default-source/forms-and-documents---clerks-office/court-reporters/transcriptorderform.pdf

Academic

  • 2012 0517 - GOV (House) - U.S. Insurance Sector: International Competitiveness and Jobs
    • [PDF-250p - Video
    • House - Committee on Financial Services - Subcommittee on Insurance, Housing and Community Opportunity

GOV

Requested - Date Received - Date INFO TO  
   

ERRORS

<No Email>

U.S. Senate Committee on Banking, Housing, and Urban Affairs
534 Dirksen Senate Office Building
Washington, D.C. 20510

Phone: (202) 224-7391

  
         

FCIC / COP -

  • 2010 0610 - JUNE OVERSIGHT REPORT: The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy - Congressional Oversight Panel - 337p

    • 520 E-mail from Alejandro LaTorre, assistant vice president, Federal Reserve Bank of New York, to Timothy F. Geithner, president and chief executive officer, Federal Reserve Bank of New York and other FRBNY personnel (Sept. 16, 2008) (FRBNY AIG00483-486 <WishList>); FRBNY and Treasury briefing with Panel and Panel staff (May 11, 2010); FRBNY and Treasury briefing with Panel and Panel staff (Apr. 12, 2010). Policymakers have pointed out that some runs were seen in foreign jurisdictions.
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