Government Hearings - 1991

  • 1991 0227, 0507, 0509, 0523 - GOV (Senate) - Insurance Company Solvency, aka Insurance Company Insolvencies

  • 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.
  • 1991 0409 - GOV (Senate) - How Insurance Laws Are Made:  The NAIC and State Adoption of NAIC Model Law
    • [PDF-379p-GooglePlay, No Video] ->Not on govinfo.gov - R
    • Senate - Committee on the Judiciary -Subcommittee on Antitrust, Monopolies, and Business Rights

  • 1991 0430 and 0625 - GOV (House) - Pension Annuity [sic] Protection in Light of the Executive Life Insurance Company Failure
      • Part 1 - [PDF-197-GooglePlay, No Video] ->Not on govinfo.gov - R
      • Part 2 - 0625 - [PDF-113p-GooglePlay, No Video] ->Not on govinfo.gov - R
      • House - Select Committee on Aging Subcommittee on Retirement Income and Employment 
    • [PDF-369p-GooglePlay, <No Video-227/0507 and 0523> -  0509-VIDEO-CSPAN->Not on govinfo.gov - R
    • 1991 0509
      • Richard Minck (ACLI)
      • Eden Sarfaty (National Org. Life Health Ins. Guaranty-NOLGHA)
      • Donn Sigerson (Policyholder
      • Thomas Sutton (Pacific Life/ACLI)
    •  
  • Executive Life Insurance Failure - R
    • [PDF-145p-GooglePlayVIDEO-CSPAN->Not on govinfo.gov 
    • John Garamendi - California - Insurance Commissioner
    • Salvatori Curiale - New York - Superintendent Insurance
    • Dorgan, Stark
    • House - Committee on Ways and Means - Subcommittee on Select Revenue Measures 
  • 1991 0613 - GOV (House) - Insurance Competitive Competitive Pricing Act of 1991
    • [PDF-237p-GooglePlay, No Video] ->Not on govinfo.gov - R
    • House - Committee on the Judiciary - Subcommittee on Economic and Commercial Law
  • 1991 0620 - GOV (Senate) - Retirees at Risk: The Executive Life Bankruptcy
    • [PDF-77p-GooglePlay, No Video] ->Not on govinfo.gov - R
    • Senate - Committee on Labor and Human Resources - Subcommittee and Labor
  • 1991 0717 and 0724 - GOV (House) - Life Insurance Solvency Issues
    • [PDF-217p-GooglePlay, <No Video-0717> 0724-VIDEO-CSPAN->Not on govinfo.gov  - R
    • 0724
      • 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)
      • House - Committee on Energy and Commerce - Subcommittee on Commerce, Consumer Protection, and Competitiveness
  • 0724 - 
    • 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

  • 1991 0725 - GOV (House) - Oversight Hearing on the Effect on Plan Participants of Insurance Company Failures
    • [PDF-GooglePlay-link]
    • House - Committee on Education and Labor Subcommittee on Labor-Management Relations 
  • 1991 0729 - GOV (House) - Regulation of Insurance Companies and the Role of The National Association of Insurance Commissioners
    • [PDF-286p, No Video] ->Not on govinfo.gov - R
    • House - Committee on Banking, Finance and Urban Affairs - Subcommittee on Policy Research and Insurance
  • 1991 0731 - GOV (Senate) - NAIC oversight of the Executive Life Insurance Company
    • [PDF-163p-GooglePlay, No Video] ->Not on govinfo.gov - R
    • Senate - Committee on the Judiciary - Subcommittee on Antitrust, Monopolies and Business Rights  
    • ...on the adequacy and effectiveness of state regulation of the insurance industry in America
  • 1991 0926 - GOV (House) - Resolution of Troubled Insurance Companies and the role of State Guaranty Associations
    • [PDF-151p-GooglePlay, No Video] ->Not on govinfo.gov - R 
    • House - Committee on Banking, Finance and Urban Affairs - Subcommittee Policy Research and Insurance