Dots - Letter

Overview

  • Runs
    • 1992 - Companies on the Edge, Society of Actuaries - 20p
      • When a run starts, it can leap up rather geometrically.  On May 10, 1991, we were issued a cease-and desist order, which enabled us to stop the policyholder run. <re:First Capital>
    • Video - 199x - GOV - Siegerson - Executive Life
    • Video - GOV - Minnesota / California
    • Eric Dinallo re: AIG (2008) - 2021 - YPFS Lessons Learned Oral History Project: An Interview with Eric Dinallo - 19p
      • If you file for bankruptcy at the holding company level.... Then you're going to have a run on insurance companies.
      • They were lining up in Singapore for....  They were acting like a run-on-the-bank moment.
  • Guaranty Funds
    • 199x - GOV
      • Video - Eden 
      • Video - Illinois Woman
      • 1995-2, NAIC Proceedings - Guaranty Fund Issues Working Group - (p515) - The working group identified several issues relevant to the charges, including: - Does the current structure for handling life insurer insolvencies encourage a policyholder "run"?
      • 2010 0420 - NAIC letter to Senators on the Restoring American Financial Stability Act of 2010 (RAFSA) - 4p - Further, state guaranty funds protect policyholders from any shortfalls. (p2) -- Vaughan, Mccarty, etc.
  • Regulator Collaboration
    • Video - 199x - GOV - Minnesota / California
    • Eric Dinallo re: AIG (2008) - 2021 - YPFS Lessons Learned Oral History Project: An Interview with Eric Dinallo - 19p
      • I realized, there was nobody else. There was no one for me to get help on this. This was it. I'm in the room. Geithner's asking. Paulson's listening.
    • Alabama / Louisiana
    • 2013 1211 - Thomas Leonardi (Connecticut Insurance Commissioner) Letter to NAIC etc - 3p
      • “We have met the enemy and he is us!” This famous line from the comic strip Pogo aptly describes the current state of governance at the National Association of Insurance Commissioners.
  • MetLife Similarties to AIG
    • Knowledge of Contracts
      • MetLife (Securities Lending)
      • AIGFP (Credit Default Swap Collateral Swap Agreements - Market Value Adjustments)
      • AIG Securities Lending (ALM, Richard Scott - These would be the last things that would be asked for.  If there was a default the companies would just keep the Securities)
  • Activities / Triggers
    • MetLife - Life Insurance as Retirement
    • 2014 12 - Woodall / Hamm / FSOC - re: MetLife Designation - Views of the Council’s Independent Member Having Insurance Expertise - 13pl
        •  Roy Woodall  - It is important to identify particular activities in order to encourage appropriate and further action that could lessen any company-specific threat to U.S. financial stability.
        • *Paraphrasing what one insurance thought leader once told me: “We should not tolerate any insurance company posing a threat to our financial system – pinpoint what makes them systemically risky and let’s fix them.”3
          • 3Therese M. Vaughan, Ph.D., Dean of the College of Business and Public Administration, Drake University, and former Iowa Insurance Commissioner, President and CEO of the National Association of Insurance Commissioners, International Association of Insurance Supervisors Executive Committee member, and Chair of the Joint Forum.>
    • MetLife 
      • re: Brighthouse - On March 6, 2017, MetLife separated its U.S. retail business. The separated business launched Brighthouse Financial, Inc. - an independent company that is no longer a part of MetLife. - metlife.com/brighthousefinancial/
      • LIRP??

FSOC

  • Company Failures
    • Executive Life, Mutual Benefit
  • Guaranty Funds / NOLGHA
  • Regulators Abilities / Collaboration
  • Securities Lending - MetLife - Didn't understand Contracts, Similar to AIGFP / AIGSL
  • ALM / Long-Term

1991  - GOV - Bank Industry Restructuring - [PDF-, Video-CSPAN]

From <http://www.bonknote.com/gics-guaranteed-investment-contract/>

01:32:30

SEN. KERRY

Likewise, life insurance companies because of the huge growth

of the guaranteed investment contracts have liabilities with an

average duration of about years. Yet, they're even more

heavily invested in long-term mortgages and real estate equities.