House - Committee on Commerce - Subcommittee on Finance and Hazardous Materials
(p111) - NAIC - Prepared Statement of Commissioner George Nichols III Chairman, Committee on Financial Services Modernization
1999 0625 - GOV (House) - Risky Business in the Operating Subsidiary: How the OCC Dropped the Ball - [PDF-106p, VIDEO-?] --- [BonkNote]
(p100) - 12 As you know, however, insurance industry trade groups have filed suit in federal court challenging the OCC’s approval of the sale of fixed rate annuities by national bank operating subsidiaries.
See Variable Annuity Life Insurance Co. [VALIC] v. Clarke, 786 F. Supp. 639 (S.D. Tex. 1991); National Association of Life Underwriters v. Clarke, 761 F. Supp. 1285 (W.D. Tex. 1991).
While the lower court decision in VALIC upheld the OCC’s approval, this case presently is on appeal.
The final resolution of this litigation could result in a different outcome and possibly affect the Partnership’s ability to engage is such activities