Deregulation

  • It is an exciting time in the financial services industry today.
    • Banks want to sell insurance.
    • Insurance companies want to sell securities.
    • Sears Roebuck wants to sell everything.

I will discuss the insurance activities of banks and bank holding companies

-- Charles Eggleston, not a member of the Society, is a Senior Manager at Price Waterhouse

1984 - SOA - Deregulation of Financial Industries (rsa84v10n221) -  30p 

  • NAIC
    • 1984-2, NAIC Proceedings - Systems for Deregulation and Improved Regulation (EX) Task Force
      • J. Michael Low, Chairman - Arizona
  • Paul KANJORSKI (D-PA): If we have learned anything from the financial crisis, it is that excessive deregulation is dangerous.
    • My three bills work to reverse this trend by closing loopholes and fixing problems in the broken regulatory structure, especially in our securities and insurance markets.  (p1)

2009 1006 - GOV (House) - Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, And Creating a National Insurance Office - [PDF-325p

  • (p26) - Pete STARK (D-CA) The only thing I think we can do better than the States is pay, and I am not sure we can do that much better than a rich State like California or New York.
    • But I am suggesting that if we are called upon to pay, that perhaps at that point we could reasonably require some minimum asset standards, to insure the integrity of the assets, so we would not have to pay again and again and again.
  • John GARAMENDI, California Insurance Commissioner - That, of course, is coupled with regulation, and here is the case where my State fell down and did not carry out its regulatory responsibilities.
    • In fact, I suspect for most of America, the 1980s, the deregulation period, when the mantra of deregulation was preached in most every hall in America-the result of that is now the debacle of the 1990s, the S&Ls, the banks and now some parts of the insurance companies.

Executive Life Insurance Failure, Charles B. Rangel (D-NY)  ---  [BonkNote]