Senate - Committee on Commerce, Science, and Transportation
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
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
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