Collaboration

  • 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

56. No single information system can provide all the relevant information.  (p406)

2009 - United Nations - Report of the Commission of Experts of the President of the United Nations General Assembly on reforms of the International Monetary and Financial System - (interim draft) - 607p 

  • Director Cameron asked whether CIPR developed resources for producers to use that could help explain complex products. 
  • Mr. Karapiperis said that was not a current focus of CIPR.

2018-3, NAIC Proc.

  • Mr. Gendron said the Center for Insurance Policy and Research (CIPR) is looking to facilitate communication with academics on consumer issues, from both a risk management perspective and a consumer understanding perspective; it could also inform the disclosures contemplated in Model #245.  (p16)

2019 0824 - NAIC Life Insurance and Annuities, National Meeting -  Summer

  • We are a research body and an education body to help educate the public on why these are not guarantees, and how they should be looking at these in terms of flexibility.
    • I'm not talking about numbers now.
    • I'm talking about perceptions and concepts regarding the nonguaranteed elements of a contract.

--  Barbara J. Lautzenheiser

1992 - SOA - Life Insurance Sales Illustrations, Society of Actuaries - 16p

  • 1984 - SOA - Ideas for Potential Authors, by Robert B. Likins, Society of Actuaries -  3p
  • 1998 - SOA - ARIA Promotes Interaction of Academics, Industry, (act-1988-vol22-iss08-huntington), Society of Actuaries - 3p
  • 6. NAIC/North American Securities Administrators Association (NASAA) Enforcement Coordination Subgroup
  • Mr. Nevrla suggested the group solicit speakers from the industry as they are the experts in some of the products and how they work.
    • Mr. Nevrla suggested insurance and security regulators have a greater need to understand how variable annuities and actuarial science work so both groups of regulators can work closer together.  (p553)

2005-1, NAIC Proceedings

  • Statement of Stephen G. Kellison, Executive Director Of The American Academy Of Actuaries To The NAIC Technical Services Ex5 Subcommittee
    • The purpose of this statement is to speak in favor of establishment of a more organized coordination between the NAIC and the actuarial profession.
    • The American Academy of Actuaries is the public interface organization for the actuarial profession in the U.S. and includes actuaries in all areas of specialization within its membership.
    • The balance of this statement discusses ways of achieving stronger liaison.

1985-1B, NAIC Proceedings - 1984 1212 - AAA - The NAIC And The Actuarial Profession - Attachment Three - American Academy of Actuaries

 

  • In addition to our education system, the body of actuarial knowledge itself needs the nutrition that the academic world can supply.
    • Academics look at problems differently than those of us in the practical world, and that difference in perspective can supplement, in a healthy way, the growth and evolution of the basic subject.

1986 - SOA - Richard S. Robertson, Address of the President, Society of Actuaries: The Sad State of Actuarial Education in the United States - 6p

  • The first step the industry has to take is to recognize the things that we have debated.
    • These are all controversial questions and we cannot deal with them as if we are sheep without a bellwether.
  • There is bound to be a controversial element in anything that enlightens the public to these differences and gives them a more intelligent basis for choice than they have at the present time.
  • As long as we are committed institutionally to unity, we are unlikely to be able to take the first necessary step.
  • .....start to announce more steadily and more clearly that these differences do exist.....

-- E. J. Moorhead   

1977 - SOA - Debate: "Resolved... The Life Insurance Business, As Transacted Today, Is In Its Terminal Stages, Society of Actuaries - 14p

  • Remarks Made By Hon. William Barnes (New York Insurance Commissioner from 1860 to 1870) - (p149 / 177)
    • I am very much delighted, Mr. Chairman, to find this contrariety of views among the gentlemen assembled here from the twenty-one different states.
    • Although it may not seem to be exactly in the process toward harmony to commend dissimilar views; but I have no doubt that it is the precise road to harmony.
  • Albert Paine (Maine Insurance Commissioner) - (p13/ 44)
    • We are here, as I understand it, as the friends of the companies, and as the friends of the public, and if there is any conflict between the companies and the public, I hope we are the intermediate parties who may be able to settle or compromise that matter, and bring them to one.
      • But I don't understand that there is a great want of harmony.
    • The commissioners stand on the middle ground.
      • They are the power which brings the companies and the public together, and keeps the one safe and the other secured.

1871-1, NAIC Proceedings, National Insurance Convention

  • I have been present at such meetings more than once when the  whole course of a debate on some important question was changed by the halting remarks of some man who was reluctantly moved by a compelling sense of responsibility to combat theories and statements which had been glibly presented and generally accepted and which he knew to be erroneous, wholly or in part.

--  Alexander C.  Humphreys, President of Stevens Institute of Technology

1920 - Proceedings of the Association of Life Insurance Presidents - Annual Meeting, Life Insurance Association of America: Volume 14

  • G. Criteria for Collaboration
    • The following questions are designed to assist states with the determination of whether an issue is appropriate for collaboration.
    • Regulators are encouraged to review these questions whenever there is an issue of concern raised that involves a regulated entity that does business in many states.
  • ^^If there is not a reference available from the NAIC Research Library or NAIC Market Regulation Department, your concern is not likely going to impact other states.

2011 1207 - NAIC/FIO Meeting on Market Conduct - 83p

  • He pointed out, however, that ARIA is the organization for insurance academics and symposia of this type will serve to foster research in insurance regulation.
  • He said the purpose of the symposium would be to promote interaction between insurance regulators and academics and provide for thoughtful discussion of important regulatory and public policy issues in insurance.
  • Each symposium could be organized around a general theme as opposed to a narrow topic, which would provide some degree of cohesiveness while broadening the potential interest in the symposium.
  • The symposium would be oriented toward applying theoretical concepts and critical analysis to practical regulatory problems.
  • Papers would be solicited and presented on topics related to the symposium theme and sessions would be organized around the different topics and papers.
  • Participants in the sessions would represent a range of perspectives including regulatory, academic and industry.
  • The primary focus would be discussion of the papers but participants would be encouraged to present general views on the topic as well.
  • President Walsh said he believes that the symposium will significantly contribute to regulators' and academics' understanding of important policy issues in insurance
  • Upon motion duly made and seconded, the subcommittee received the report on the overview of the Annual Regulatory Issues Symposium.

1994-4, NAIC Proceedings

  • Commissioner Hager requested that the NAIC staff reestablish a liaison with the American Bar Association (ABA) and the North American Securities Administrators Association (NASAA) and to advise the Task Force if changes in the Uniform Securities Act are proposed.
  • Commissioner Hager also suggested the Task Force establish a working relationship with the following state regulators: (1) securities (2) banks and (3) savings and loans.

Financial Services and Insurance Regulation (EX) Task Force

1988-2, NAIC Proceedings - March 14, 1988

  • (p17) - Susan Voss (IA-Insurance Commissioner / NAIC President). - I would say that one of the positives that has come out of the whole Dodd-Frank debate was reaching out to Federal regulators to share information.
    • And I have to say, we have struck a very good conversation with Chairman Schapiro from the SEC about consumer issues.
      • And whenever we are in Washington, we always reach out to her and her staff.
      • And we actually have regular dialogues.
      • The Federal Reserve comes to our meetings.
    • So I think as far as consumer protection, I would agree that this new body does not have authority over insurance.
    • But we are reaching out to talk to Federal regulators on a regular basis about consumer issues.
    • Because we know that people who are buying insurance products may be interested in securities products and other financial instruments.
    • And for us to at least have regular dialogue with them is very helpful in the interchange of information.
  • Robert Hurt (R-VA).  Madam Chairwoman, do you see any basis for future expansion of the CFPB’s footprint into insurance absent legislation by the United States Congress?
  • Susan Voss. - I don’t think so. I hope not. 

2011 0728 and 1025 - GOV (House) - Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs - Part 1 (2011 0728), Part 2 (2011 1025) - [PDF-285p, VIDEO-?] 

  • Communication is key: The public demands information.
  • The Federal Reserve System, including the FRBNY, long operated in relative anonymity.
    • “We weren’t used to sharing information,” Dahlgren said. “We were a closed society.”
      • The mindset was, “we do monetary policy, and nobody needs to know what that is,” she said.
      • That changed with the financial crisis, when billions of dollars in public money propped up private companies.
    • The idea of communicating to the public and with Congress wasn’t on my radar until all of a sudden, there was enormous backlash.
    • You’ve got enormous compensation issues and a whole bunch of things that we didn’t really anticipate.

2021 04 - Yale -  Lessons Learned: Sarah Dahlgren - Journal of Financial Crises - 3p