NAIC – Insurance Regulators – Snippets – 2010s Writing in our pages in February, former New York Insurance Superintendent Eric Dinallo said that “policyholders would have been protected” in the event of an AIG bankruptcy. That seemed clear enough, but then Mr. Dinallo immediately added that an AIG bankruptcy “would have been bad for those…

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NAIC – Insurance Regulators – Snippets – 2000s (p81) – Thomas Foley said the working group had been charged to make amendments to the Life Insurance Disclosure Model Regulation – (Attachment Three-A) to be consistent with the Life Insurance Illustrations Model Regulation adopted in 1995. (p83) – Thomas Foley said that for a variable product,…

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NAIC – Insurance Regulators – Snippets – 1990s 1991 0717 – NAIC Testimony – Terence Lennon, New York Department of Insurance – 17p (p4) – Individual Products The most important feature of the new individual products was the unbundling or separation of the fund accumulation from the mortality function. In this way the consumer could be shown his…

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Orderly Resolution Authority Orderly Liquidation Authority fdic.gov/resources/resolutions/resolution-authority/index.html AIG’s problems “highlight the need for a resolution authority with the power to manage the orderly restructuring of a large, complex, non-bank financial institution that poses a threat to the stability of our financial system,” Geithner said. 2009 0324 – ThinkAdvisor – Geithner To Ask For More Powers,…

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NAIC – Insurance Regulators – Snippets – 1980s The FTC efforts to deter state action on life insurance cost disclosure, under the guise of assisting the states, when in fact, the game plan was to initiate an FTC regulation on the basis that the states failed to act, might be described as a federal fraud.…

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NAIC – Insurance Regulators – Snippets – 1970s (p1501) – John Durkin, New Hampshire Insurance Commissioner: As a starting point, there is little regulation of the life insurance industry by the States. The States do little with respect to life insurance regulations for many reasons, mainly because there are very few problems with complaints over…

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Unsafe and Unsound The Crisis arose because the Government extended a 100% Guarantee on most Thrift Deposits without taking commensurate measures to prevent unsound banking practices likely to lead to losses. 1990 – AP – The Savings-and-Loan Crisis Causes and Remedies, by  Dalton Leonard Anderson – 203p

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Product Regulation 2001 – SOA- Insurance Product Regulation—A World Tour, part 1 of a four-part series on insurance product regulations around the world, by Yiji S. Starr – 5p

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Insurance Regulation – Purpose Policyholder Protection Solvency of Companies PRELIMINARY COMMENT: The principal goal of insurance regulation has always been to prevent insurer insolvencies. It is pursued in various ways. 1969 0821- Wisconsin – 1969 Senate Bill 525 – Chapter 646 – Insurance Security Fund 

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