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
Senate - Committee on Labor and Human Resources - Subcommittee and Labor
1991 0717 and 0724 - GOV (House) - Life Insurance Solvency Issues, (CSPAN) - Insurance Insolvencies, (NAIC) - The Impact of Junk Bonds, Real Estate and Mortgages on the Life Insurance Industry
1991 0717 - NAIC Testimony - Terence Lennon, New York Department of Insurance - 17p
1991 0717 - NAIC Testimony- Richard D. Baum, Chief Deputy Insurance Commissioner State Of California - 21p
1991 0717 - NAIC Testimony - Thomas H. Borman, Partner, Maslon,Edelman, Borman and Brand, Former Commissioner of Commerce, State of Minnesota - 9p
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
The Impact of Junk Bonds, Real Estate and Mortgages on the Life Insurance Industry
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