Q: How Does This System Work?

  • We believe it is very important for the subcommittee, and other committees in Congress with jurisdiction over insurance, to have a sound understanding of how our industry operates..... (p26)

--  Gary Hughes (ACLI)

2011 0728 - GOV (House) - Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs - [PDF-285p, Video-?]

  • But nowhere has there been a serious, full dress attempt to re-define the modern American insurance transaction as a sui generis <unique> matter.
  • Perhaps the job is too big, or too dull.

1950 - LR -The Special Nature of the Insurance Contract: A Few Suggestion for Further Study, Franklin M. Schultz - 15p

  • Judge Richard Paez: "Then, How Does This Whole System Work?" - 15-56371 Susan Salyers v. Metropolitan Life Ins. Co. (United States Court of Appeals for the Ninth Circuit)  - [VIDEO-YouTube]

Video-Snippet

On the domestic front, FIO has a dual focus – on both the federal government and the States.

  • NAIFA believes it is critical that FIO use its role as the insurance expert in the federal regulatory structure to
    • (a) educate all levels of the federal government – from the Treasury Department, to the Securities and Exchange Commission (SEC), to the Department of Labor (DOL) – about the insurance industry, how it works, and how it interacts with other financial sectors;

2011 1216 - NAIFA Letter to FIO (Federal Insurance Office) - [link]

  • Docket Number: 2011-26776 - Re: Public Input on the Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the United States

(p24) - Ed Royce (R-CA): That takes me to the theme of Harry Markopolos’ testimony here that I think riveted everyone when he said that it was his belief that the SEC was over-lawyered.

  • He noted, and then subsequently the SEC officials affirmed it, he noted there was a fundamental lack of understanding of the more intricate aspects of our financial markets within the SEC which prevented the SEC year after year from uncovering the Madoff incident.
  • I do think Mr. Markopolos is on to something ...that part of their problem was the ....lack of understanding of how the market works by the people who are supposed to regulate it.

2009 1006 - GOV (House) - Capital Markets Regulatory Reform: Strengthening Investor Protection, Enhancing Oversight of Private Pools of Capital, And Creating a National Insurance Office - [PDF-325p