(p37/2:08) - Elizabeth Warren - I have heard that the designation process is not transparent, and I am all for increased transparency, but I assume the Council must balance transparency against disclosing confidential or potentially market-moving information.
(p78) - Prepared Statement of Gary E. Hughes - Executive Vice President and General Counsel, American Council of Life Insurers - March 25, 2015
(p127) - Roy Woodall and John Huff dissents on Prudential
(p140) - Roy Woodall and Adam Hamm dissents on MetLife
(p34 - 1:58:00)
Shelby (R-AL) - Would you discuss the likelihood of a so-called run on insurance products such as life insurance and what such a run would have to look like in order to cause systemic risk?
Gary Hughes (AClI) - I know one of the dissents to one of the designations pointed out, quite correctly, that insurance regulators have the absolute authority to prevent people from turning in their policies, if that is warranted.
But I think the experience of the recent economic crisis is very telling in this respect.
In fact, it was just the opposite of a run.
The products were so desirable in terms of the guarantees they made that, notwithstanding the crisis, people were holding onto those products no matter what.
As a liability-driven business, insurance often has long-term cash flow patterns compared to shorter-term activities at banks.
Consequently, current law fails to adequately account for the business model and risk profile of insurance companies, and that should concern us all.
Woodall, McCarty, McRaith, Mark Van Der Weide
Kevin M. McCarty, Commissioner Florida Office of Insurance Regulation, On Behalf of the National Association of Insurance
The fundamental tenet of our U.S. system is to protect policyholders by ensuring the solvency of the insurer and its ability to pay insurance claims. Written Testimony - (p2) - 6p
Examining The Unique Aspects Of The Insurance Industry, The Development And Implications Of Domestic And International Capital Standards, And Evaluate The Current State Of Insurance Regulation In The United States And Abroad
Senate - Committee on Banking, Housing, and Urban Affairs
2015 0429 - GOV (House) - The Impact of International Regulatory Standards - Part 1
House - Committee on Financial Services - Housing and Insurance
Examining Insurance Capital Rules and FSOC Process - Examining the Federal Reserve's Implementation of the Collins Amendment to Tailor Capital Rules for Insurers on FSOC's Designation Process for Nonbank SIFIs and for International Capital Developments for Insurers