SEC - Securities and Exchange Commission

That tests the limits of the SEC staff's gullibility, believe me it does.

-- W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues

1993 - SOA - Variable Products -- Product for the 1990s?, Society of Actuaries - 22p

  • Christopher Cox
    • August 3, 2005 – January 20, 2009 - SEC Chair
    • January 3, 1989 – August 2, 2005 - Congressman - (R-CA)
  • Gary Gensler 
    • April 17, 2021 - Current - SEC Chair
  • Lori Richards
  • Mary Schapiro
  • Mary Jo White
    • April 10, 2013 January 20, 2017 - SEC Chair
  • 2020 - SEC - Statement: Investment Adviser Marketing - Past Proposals are Not Necessarily Indicative of Future Adoption - [link]
    • Hypothetical Performance
      • Hypothetical performance can be a useful tool for certain investors who understand the risks and limitations associated with such advertisements.
      • As the name suggests, hypothetical performance does not reflect investments actually managed or results actually achieved.
      • As a result, hypothetical performance can pose a heightened risk of misleading investors because they can be readily optimized through hindsight.[13]
      • That is why, under the advertising rule, advisers are required to ensure that hypothetical performance is accompanied by sufficient information about the assumptions and criteria used so that recipients may fully understand the relative import of the data, as well as the risks and limitations of relying on it.[14]
  • 1978 - ABA - The SEC Looks at the Insurance Business, The Forum, Samuel C. Cantor, (American Bar Association. Section of Insurance, Negligence and Compensation Law), Vol. 13, No. 3 (Spring 1978), pp. 735-753 - 19p
    • In my judgment one of the major issues confronting the insurance industry today is that which is involved in the present SEC study regarding the so-called guaranteed interest contracts.  [GICS] - <WishList>
  • 2022 0718 - SEC - Press Release - Equitable Financial To Pay $50 Million Penalty To Settle SEC Charges That It Provided Misleading Account Statements to Investors Accounts belonged to public school teachers and staff investing for retirement
    • sec.gov/news/press-release/2022-124
    • "When considering how to invest their hard-earned money and save for retirement, it is essential that investors not be misled about the fees they are paying," said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement.
      • "This case should serve as an important reminder to investment firms to carefully review their statements to ensure fee information is disclosed properly."
  • 1936 - SEC - STUDY AND INVESTIGATION OF THE WORK, ACTIVITIES, PERSONNEL AND FUNCTIONS OF PROTECTIVE AND REORGANIZATION COMMITTEES
    • PART IV - COMMITTEES FOR THE HOLDERS OF MUNICIPAL
      AND QUASI-MUNICIPAL OBLIGATIONS - [GooglePlay-link]
  • 1939 - TNEC  / SEC - Charts on Insurance - 39p
  • 1940 - SEC - Investment Trusts and Investment Companies - Report of the Securities and Exchange Commission [SEC] - 84p
    • (p19-20) - Q. Were there instances where brokerage firms who had clients with very substantial accounts would suggest that they retain investment counsel to Assist them in the management of those accounts?
      • A. There have been a few instances of that kind.
      • Q. Recommendations by brokers?
      • A. Yes. 
      • Q. Investment banking institutions?
      • A. Yes.
      • Q. What other types of organization would be a potential institution to recommend that the individual avail himself of investment counsel?
      • A. We have had individuals come in who were recommended by commercial banks and by law firms.
      • Q. Insurance companies?
      • A. Not that I knew of.
  • 1972 - SEC - Statement of the Securities and Exchange Commission on the Future Structure of the Securities Markets, February 2, 1972
  • 1972 - SEC - Institutional Investor Study Report of the Securities and Exchange Commission - Volume
    • Volume 1 - [GooglePlay-170p]
    • Volume 4 - [GooglePlay-154p]
    • Summary Volume - [GooglePlay-1xxp]
      • CHAPTER VI - INSURANCE COMPANIES - LIFE INSURANCE
  • 1972 - SEC - The Financial Collapse of The Penn Central Company Staff Report of the Securities and Exchange Commission to the Special Subcommittee on Investigations, Hon. Harley 0. Staggers, Chairman - 409
  • 1973 - SEC - Variable Life Insurance and The Petition for the Issuance and Amendment of Exemptive Rules - [205p-GooglePlay] 
  • 1983 - SEC - An Overview of the Integration of Securities and Banking Activities in the United States- 57p
  • 1992 - SEC - Protecting Investors: A Half Century of Investment Company Regulation -  553p
  • 1994 - SEC / FINRA - Notice To Members 94-36 - SEC Approves Communication Guidelines For Variable Products - [link]
  • 1996 1015 - SEC - Regulation of Insurance Products, Audit No. 242 - [link]
    • The Office of Insurance Products (OIP) is responsible for the regulation of variable insurance under the Investment Company Act of 1940. The Office consists of 13 staff and is part of the Division of Investment Management. The primary objective of the audit was to evaluate the efficiency and effectiveness of the Office of Insurance Products.
    • Recommendation M - The Division of Investment Management and the NASD should establish regular communications to coordinate their policies concerning variable life insurance products.
    • More Training Needed about Variable Life Insurance - OIP staff need to receive additional training about variable life insurance in order to effectively guide regulatory policy, according to outside attorneys we interviewed. Variable life insurance is a complicated product that will continue to gain in importance as the number of policies issued proliferate. The number of variable life insurance policies sold increased 65% between 1991 and 1994 from 434,000 to 719,000.
    • Recommendation N - OIP should invite experts from industry and academia to assist in training staff about variable life insurance. OIP should also consider inviting NASD staff to participate in training related to variable life insurance.
  • 2009 0831 - SEC - SEC Inspector General Report, David Kotz - Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme - Public Version, Report No. OIG-509 - 477p
  • Mason & Roth, “SEC Regulation of Life Insurance Products -- On the Brink of the Universal.” 15 Conn. L. Rev. 505, 551 n.186 (183)  - <WishList>
  • 1971 - GOV (House) - Institutional Investor Study Report of the Securities and Exchange Commission - no. 92-64
    • lawcat.berkeley.edu/record/332272
    • 8 parts in 4 volumes
    • Volume 1. Part 1 - 170p
    • Part 4 - 154p
    • Part 6 - Supplementary Volume I Consisting of a Report of The National Bureau Of Economic Research on Institutional Investors and Corporate Stock - A Background Study - 208p
    • Part 8 - Communication from the Securities and Exchange Commission - 83p

  • 64 FR 70613 - Regulation of Market Information Fees and Revenues

  • 'Solely Incidental' Broker-Dealer Exclusion

  • When the product was launched, SEC ruled that one was allowed to illustrate a variable life product assuming a growth rate of only 8 percent in the underlying funds.
  • The resulting cash values were not much better than the old participating product.
  • When Monarch Life filed their prospectus, they managed to persuade the SEC that 8 percent was out of date and that 12 percent should be used.
  • Everybody used 12 percent, and the resulting variable product values were much better than those under the traditional participating product.

--  Michael R. Tuohy

1985 - SOA - Variable Universal Life Insurance, Society of Actuaries - 22p

  • First of all, the SEC is slow.
  • It does not understand insurance.
    • It thinks it is dealing with a complicated mutual fund.
  • It has 600 lawyers and no actuaries.
  • I do not know whether that is good or bad, but it does not speed things up, that's for sure. 
  • The people there speak a different language from the state insurance regulators we are used to.

--  Gilbert W. Fitzhugh - Senior Vice President and Actuary at PRUCO Life, stock subsidiary of the Prudential Insurance Company

1986 - SOA - Variable Life/Fixed and and Fexible Premium, Society of Actuaries - 38p

Proposed Rule: Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts

Comments on Proposed Rule: Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts

[Release Nos. 33-10569, 34-84508, IC-33286; File No. S7-23-18]

SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 200, 230, 232, 239, 240, 270, and 274
[Release Nos. 33–10765; 34–88358; IC– 33814; File No. S7–23–18]
RIN 3235–AK60

  • Updated Disclosure Requirements and Summary Prospectus for Variable Annuity and Variable Life Insurance Contracts

govinfo.gov/content/pkg/FR-2020-05-18/pdf/FR-2020-05-18.pdf

???
https://www.sec.gov/files/amac-071620-transcript.pdf

https://www.sec.gov/comments/s7-07-18/s70718-4585041-176288.pdf

  • 1. Meeting with Securities and Exchange Commission (SEC)
    • Commissioner Robert E. Wilcox (Utah) reported that several members of the working group met during the morning with the representatives from the SEC.
    • He said it was a very productive meeting and introduced Bob Dorsey (SEC).
    • Commissioner Wilcox said that, while the members of the working group recognized that there were differences between variable and non-variable life, there were more similarities than differences.
    • He said the working group thought it important that in the areas of similarity the products were regulated similarly.

1995-1, NAIC Proc.

  • In the Matter of World Group Securities, Inc.
    • On November 22, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions (Order) against World Group Securities (WGS). The Order finds that WGS failed to supervise certain registered representatives in WGS' Pomona branch office who recommended the use of home equity to purchase variable universal life insurance policies, the recommendation of which was unsuitable.
    • Based on the above, the Order WGS is (1) censured; (2) shall pay a civil monetary penalty in the amount of $200,000; and, (3) shall retain an outside vendor not unacceptable to the Commission to provide annual suitability training to each of WGS' registered representatives for a period of two years focusing specifically on (a) suitability of variable universal life insurance policies and (b) suitability considerations related to the use of home equity to purchase securities. (Rel. 34-63354; File No. 3-14132)

sec.gov/news/digest/2010/dig112210.htm

  • 1975 - May, 1975, when the S.E.C eliminated fixed minimum commission rates on the New York Stock Exchange.
  • 1980 - SEC - Source of Rule: Securities and Exchange Commission, Citation: SEC Release No. 33-6051, "General Statement of Policy Regarding, Exemptive Provisions Relating to Annuity and Insurance Contracts" - 1p