Government Hearings - 1990s

 

 

  • x-1990 1210 - GOV - Insurance Company Solvency
    • [PDF-596p-GooglePlay, No Video] ->Not on govinfo.gov 
    • Subcommittee on Antitrust, Monopolies, and Business Rights - Committee on the Judiciary - Senate
  • x-1991 - 0227, 0507/09/23 - GOV - Insurance Company Solvency
    • [PDF-369p-GooglePlay, No Video] ->Not on govinfo.gov 
    • Subcommittee on Antitrust, Monopolies, and Business Rights - Committee on the Judiciary - Senate
  • x-1991 0409 - GOV - How Insurance Laws Are Made NAIC
    • [PDF-358p-GooglePlay, No Video] ->Not on govinfo.gov 
    • Subcommittee on Antitrust, Monopolies, and Business Rights - Committee on the Judiciary - Senate
  • x-1991 0430  - GOV - Pension Annuity [sic] protection in light of the Executive Life Insurance Company failure
    • [PDF-197-GooglePlay, No Video] ->Not on govinfo.gov 
    • SUBCOMMITTEE ON RETIREMENT INCOME AND EMPLOYMENT - SELECT COMMITTEE ON AGING - 
      HOUSE
  • x-1991 0717and24- GOV - Life Insurance Solvency Issues
    • [PDF-217p-GooglePlay, Video-CSPAN-0724] ->Not on govinfo.gov 
    • SUBCOMMITTEE ON COMMERCE, CONSUMER PROTECTION, AND COMPETITIVENESS - COMMITTEE ON ENERGY AND COMMERCE - HOUSE
  • Insurance Company Insolvencies
    • [PDF- ??????p-, 0509-VIDEO-CSPAN] ->Not on govinfo.gov 
    • 1991 0509-VIDEO-CSPAN
      • Richard Minck (ACLI)
      • Eden Sarfaty (National Org. Life Health Ins. Guaranty-NOLGHA)
      • Donn Sigerson (Policyholder)
      • Thomas Sutton (Pacific Life/ACLI)
  • Executive Life Insurance Failure
    • [PDF-147p-GooglePlay, VIDEO-CSPAN] ->Not on govinfo.gov 
    • 1991 0522-VIDEO-CSPAN
      • John Garamendi - California - Insurance Commissioner
      • Salvatori Curiale - New York - Superintendent Insurance
    • SUBCOMMITTEE ON SELECT REVENUE MEASURES - COMMITTEE ON WAYS AND MEANS HOUSE OF REPRESENTATIVES
  • x-1991 0620 - GOV - Retirees at RiskThe Executive Life Bankruptcy - 
    • [PDF-77p-GooglePlay, No Video] ->Not on govinfo.gov 
    • SUBCOMMITTEE ON LABOR - COMMITTEE ON
      LABOR AND HUMAN RESOURCES - SENATE
  • Insurance Insolvencies
    • [PDF- p-GooglePlay, VIDEO-CSPAN] ->Not on govinfo.gov 
    • Commerce, Consumer Protection and Competitiveness - Energy and Commerce Subcommittee - House
      • Marcia Horton - ACLI / Lincoln National Life Insurance Company - Vice President - Government Relations
      • Bert McKasy -Commissioner- Minnesota
      • Olga Pegelow - Chicago, IL - Policyholder
      • Eden Sarfaty - President - National Org. Life Health Ins. Guaranty (NOLHGA)
  • x-1991 0729 - GOV - REGULATION OF INSURANCE  COMPANIES AND THE ROLE OF THE NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
    • [PDF- 291p-GooglePlay, No Video] ->Not on govinfo.gov
    • SUBCOMMITTEE ON POLICY RESEARCH AND INSURANCE - COMMITTEE ON BANKING, FINANCE AND URBAN AFFAIRS - HOUSE
  • x-1991 0731 - GOV - NAIC oversight of the Executive Life Insurance Company
    • [PDF-163p-GooglePlay, No Video] ->Not on govinfo.gov 
    • SUBCOMMITTEE ON ANTITRUST, MONOPOLIES AND BUSINESS RIGHTS - COMMITTEE ON THE JUDICIARY - SENATE
  • x-1991 0926 - GOV - Resolution of troubled insurance companies and the role of state guaranty associations
    • [PDF-151p-GooglePlay, No Video] ->Not on govinfo.gov 
    • SUBCOMMITTEE POLICY RESEARCH AND INSURANCE - COMMITTEE ON BANKING , FINANCE AND URBAN AFFAIRS - HOUSE
  • x-1992 0218 - GOV - Causes and Implications of Insurance Company Failures
    • [PDF- 425p-GooglePlay, No Video] ->Not on govinfo.gov 
    • COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS - SENATE
    • [Both Dates PDF-629p-GooglePlay, 0428-No Video / 0505-VIDEO-CSPAN- Insurance Policy Transfers]->Not on govinfo.gov 
    • Subcommittee on Antitrust, Monopolies and Business Rights - Judiciary Subcommittee - Senate
    • Belth (Professor), James McNeill (Insurance Agent)
  • x-1992 0623 - GOV - Consumer disclosure of insurance
    • [PDF-323p-GooglePlay, No Video]->Not on govinfo.gov 
    • Subcommittee on Antitrust, Monopolies, and Business Rights - Committee on the Judiciary - Senate
  • x-1993 0525 -  GOV - When Will Policyholders Be Given The Truth About Life Insurance?
    • [PDF-354p-GooglePlay, No Video]->Not on govinfo.gov 
    • SUBCOMMITTEE ON ANTITRUST, MONOPOLIES AND BUSINESS RIGHTS - COMMITTEE ON THE JUDICIARY - SENATE
  • x-1993 0629 - GOV - NOLHGA Bails Out a Healthy Insurance Company: EXAMINING THE CURRENT SYSTEM THE STATE GUARANTY FUND SYSTEM USES TO PAY OFF INSURANCE POLICYHOLDERS, re: Security Benefit Life Insurance Company
    • SUBCOMMITTEE ON ANTITRUST, MONOPOLIES AND BUSINESS RIGHTS - COMMITTEE ON THE JUDICIARY - SENATE
    • [PDF-73p-GooglePlay, No Video] -> Not On govinfo.org
  • X-1993 0802 - GOV - Recent Court Decisions Affecting ERISA and Executive Life Annuities
    • [PDF- 56p-GooglePlay, No Video] ->Not on govinfo.gov 
    • SUBCOMMITTEE ON LABOR - COMMITTEE ON
      LABOR AND HUMAN RESOURCES - SENATE
  • X-1994 0528 AND 0929 - GOV - DECEPTIVE PRACTICES IN THE SALE OF LIFE INSURANCE
    • [PDF-69p-GooglePlay, No Video]->Not on govinfo.gov 
    • Subcommittee on Commerce, Consumer Protection, and Competitiveness - Committee on Energy and Commerce
  • 1995 0606 - GOV - Financial Services Competitiveness Act of 1995, aka Financial Services Regulation - HR 1062
    • [PDF-329p, VIDEO-CSPAN-Financial Services Regulation] -> not on govinfo.org
      • Gary Hughes (ACLI)
      • Martin Meyer (Brookings Institution)
      • Greenspan (FRB), Levitt (SEC), Williams (OCC)
    • JOINT HEARING BEFORE THE SUBCOMMITTEE ON
      TELECOMMUNICATIONS AND FINANCE AND THE
      SUBCOMMITTEE ON COMMERCE, TRADE, AND HAZARDOUS MATERIALS OF THE COMMITTEE ON COMMERCE HOUSE OF REPRESENTATIVES
  • Insurance Company Insolvencies
    • VIDEO

      The Senate Commerce Committee heard testimony on the financial failure of the Executive Life Insurance Company and the financial stability of the insurance industry in the U.S. Insurance executives discussed the failure of the Executive Life Insurance Company and its effect on holders of policies which currently may or may not be financially secure. They also proposed methods of detecting and preventing imminent financial failures of insurance companies. This hearing followed a previous hearing on May 7 which also examined the failure of the life insurance company. In April 1990, Executive Life Insurance Company of California and Executive Life Insurance Company of New York were put into conservatorships by their respective states, making them the largest government seizures in the history of the life insurance industry. The financial collapse occurred despite approval from insurance rating firms and an independent accounting firm.

  • Executive Life Insurance Failure

    The subcommittee heard testimony on the failure of the Executive Life Insurance Company, the largest life insurance company to date to suffer financial collapse. Mr. Garamendi documented the growth and collapse of the life insurance company, which relied on investments in high yield junk bonds to finance the high yields on its products. Executive Life had invested $6.4 billion in the junk bond market, 60 percent of its assets. Following the collapse of the junk bond market, and the subsequent collapse of Executive Life Insurance Company, 200,000 policy holders in Executive Life are unsure of their insurance coverage. Mr. Garamendi said some or all Executive Life Insurance policy holders may have to take a loss if the company can be saved. The committee examined the regulatory policies that failed in the collapse of the Executive Life Insurance Company, the methods being used to attempt to restructure the company, and methods that may prevent similar collapses in the future.

  • Insurance Insolvencies - The committee heard testimony from insurance industry representatives on the reliability state-run insurance guarantee funds, which are intended to repay holders of insurance policies from insurance companies that go bankrupt. Witnesses included two elderly holders of insurance policies who lost money upon the financial failure of the companies with which they held policies
  • Insurance Policy Transfers
  • 1991 0522 - GOV - Certain issues related to the conservatorship of the Executive Life Insurance Company : hearing before the Subcommittee on Select Revenue Measures of the Committee on Ways and Means, House of Representatives, One Hundred Second Congress, first session
  • 1991 0620 - GOV - Retirees at risk : the Executive Life bankruptcy : hearing before the Subcommittee on Labor of the Committee on Labor and Human Resources, United States Senate, One Hundred Second Congress, first session, examining the risk faced by retirees who receive their retirement benefits through insurance annuity contracts
  • 1991 0731 - GOV - NAIC oversight of the Executive Life Insurance Company : hearing before the Subcommittee on Antitrust, Monopolies, and Business Rights of the Committee on the Judiciary, United States Senate, One Hundred Second Congress, first session, on the adequacy and effectiveness of state regulation of the insurance industry in America
  • 1991 0926 - GOV - Resolution of troubled insurance companies and the role of state guaranty associations : hearing before the Subcommittee on Policy Research and Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Second Congress, first session
  • 1991 0929 - GOV - regulation of insurance companies and the role of the national association of insurance commissioners
  • Consumer Finance Reform in 106th Congress
  • x - 1992 0623 - GOV - Consumer disclosure of insurance : hearing before the Subcommittee on Antitrust, Monopolies, and Business Rights of the Committee on the Judiciary, United States Senate, One Hundred Second Congress, second session, on concerns relating to the adequacy of financial disclosures made in connection with the purchase of whole life insurance policies
  • 1993 0629 - GOV - Agency actions to reduce the negative impact of regulations on credit availability : hearing before the Subcommittee on Financial Institutions Supervision, Regulation, and Deposit Insurance of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session
  • 1993 0802 - GOV - Recent Court Decisions Affecting ERISA and Executive Life Annuities - PDF-61p
  • 1993 0923 - GOV - Operation of VA Life Insurance Programs CHRG-103hhrg75302
  • 1994 0528 AND 0929 - GOV - DECEPTIVE PRACTICES IN THE SALE OF LIFE INSURANCE
  • Consumer Finance Reform in 106th Congress - The panelists discussed the recent changes in the financial services marketplace and how they affect consumers. They focused on the mergers of several banks and companies and how consumers can receive some of the benefits of these mergers.

Insurance Competitive Pricing Act of 1993. Subcommittee on Economic and Commercial Law. July 29, 1993. (H.R. 9).

  • Markup of Banking Bill -
    • Members of the House Banking Committee debated amendments to bank legislation that would allow the Federal Deposit Insurance Corporation to borrow up to $30 billion from the Federal Treasury.
  • Banking Legislation Markup 
    • The committee says a bill is urgently needed, because the bank insurance fund that pays depositors of failed banks is virtually out of money.
  • Interstate Banking and Insurance Activities of National BanksHearings Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Third Congress, First Session, on Nationwide Banking and Branching and the Insurance Activities of National Banks, October 5 and November 3, 1993, Volume 4

    • Governor Ware - FRB
    • fice of banks, to their own customers rather than just broadcast.
      Somewhere in that range, it seems to me, would be a reasonable restraint, and at the same time offer the consumer advantages of perhaps being able to purchase all kinds of general insurance at lower premiums because the large commission for the agent, which is a major part of at least the first year's premium , for example,
      on a life insurance policy, could be substantially cut because of the more efficient way of distributing it.

     

  • 1998 0310 - GOV - Oversight of Pension Issues
    • on govinfo