Reading List

  • 2013 - LR - A Transactional Genealogy of Scandal: From Michael Milken to Enron to Goldman Sachs, by William W. Bratton and Adam J. Levitin - 87p
  • 2023 - LR - A Matter of High Interest: How a Quiet Change to an Actuarial Assumption Turbocharges the Life Insurance Tax Shelter, by Andrew Granato - 71p
    • For decades, the provision was left alone. However, buried in the 2020 COVID-19 omnibus relief bill, Congress included—with essentially no public debate—a change to a key actuarial assumption of the § 7702 test. The result was that § 7702 was made substantially more permissive, giving policyholders much greater leeway to use life insurance policies as conduits for tax-exempt wealth accumulation, rather than mere protection of beneficiaries in the event of the worst.
    • After over thirty years of near-total absence of analysis of Congress’ life insurance definition in the legal literature, this paper resurrects the history, purpose, and structural limitations of § 7702 and the hyper-technical approach to tax policy it embodies. It further provides the first exhaustive analysis of the new world of life insurance after the stealth § 7702 amendment, one in which swathes of the industry are preparing to—as the Democratic Party eyes loophole
      crackdowns on the wealthy—leverage their extraordinary tax advantage into a new role at the center of high-end tax avoidance.
  • Watchdogs and Whistleblowers: A Reference Guide to Consumer Activism by Stephen Brobeck (Editor), Robert N. Mayer (Editor), Jim Guest (Foreword)
    • Cude, J. Robert Hunter
  • 1982 - LR - Redefining Insurance: Distinguishing between Life Insurance and Investment under Volatile Inflation, The Yale Law Journal, Vol. 91, No. 8 (Jul., 1982), pp. 1659-1677 - 19p
    • See The Changing Life Insurers, BUS. WK., Sept. 14, 1981, at 66-69
  • 1976 - SOA - Economic Role of Life Insurance - Society of Actuaries - 16p

  • 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, ]
    • (p70) - Ms. VAUGHAN. I would say that is a good question to ask the Treasury, is what other information they might envision in this.
      • I have a hard time imagining that there would be issues that are needed in order to understand the risk posed by the insurance industry that the insurance regulators wouldn’t already be asking and gathering information about.
  • 2010 0318 - GOV (House) - Insurance Holding Company Supervision
    •  [PDF-183p, VIDEO-?] - <mp3, mp4> - R
    • (p1) - Paul Kanjorski (D-PA)i:  The Federal Government’s intervention in American International Group has raised many questions about the existing oversight of holding companies with insurance operations.
      • While AIG’s insurance companies may not have directly caused the conglomerate’s downfall, the actions of the holding company and other subsidiaries within AIG certainly could have led to serious consequences for insurance policyholders if the government had not  stepped in.
    • Dilweg, Sean, Commissioner, State of Wisconsin, Office of the Commissioner of Insurance
  • House - Committee on Financial Services - Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises
  • 1906 - Book - Frenzied Finance, by Thomas W. Lawson
    • https://www.gutenberg.org/files/26330/26330.txt
    • [13] Over a year after the publication of this statement startled the country, John A. McCall, President of the New York Life Insurance Company, and George W. Perkins, Vice-President of the same company and partner of J. Pierpont Morgan, were compelled to confess that they had contributed from their policy-holders' deposits, large amounts of money to a fund to defeat Bryan in 1896 and to the Republican campaign funds of the two following presidential elections, and that they gloried in it.
      • At the same time Jacob Schiff, director of the Equitable Life and a partner in the great international banking-house of Kuhn, Loeb & Co., admitted that funds belonging to the policy-holders of the "Big Three," the New York, the Mutual, and the Equitable, were used in a joint fund to influence the Legislature of every State in the Union.
    • [14] President McCall used almost the same language in September, 1905, in justifying his payment.
  • 2020 - AP - Comparing Two Financial Instruments: Michael Milken's Junk Bond vs. Lewis Ranieri's Mortgage-Backed Security, by Alex Robert Puntney - 39p
  • Policyholder's Reasonable Expectations, By Yong Qiang Han
  • Bankers and Empire: How Wall Street Colonized the Caribbean, By Peter James Hudson
    • the Metropolitan Bank.75 The Metropolitan Bank had been created by the
      Metropolitan Life Insurance Company through the purchase of the Maiden
      Lane Bank in 1905, and the Shoe and Leather Bank, originally organized
      in 1852, in 1906.76 (The Metropolitan Bank took over the Hamilton Trust
      Company in 1921.77) The CSC bought 51 percent of the stock from the insur-
      ance company at $350 a share. At first, the Chase Bank ran the Metropolitan
      Bank as a separate entity, keeping its management in place. Wiggin eventu-
      ally converted it into the Metpotan Corporation. Its New York State charter
  • 2020 - AP - Estimating extreme cancellation rates in life insurance - 31p
    • Our panel data include statistics on individual life insurance, collected from U.S. insurers' annual statement reports by the National Association of Insurance Commissioners (NAIC).
    • The U.S. individual life insurance market distinguishes between two types of policies: Term insurance provides coverage for a predetermined period, whereas permanent insurance provides coverage for a whole life. Permanent insurance is either traditional whole life, universal life, variable life, or variable universal life insurance (ACLI, 2018).
  • 2014 - AP - On Lapse Risk Factors in Solvency II, Daniel Boros - 88p
  • Year? - EIOPA - EIOPA Consultation Paper on Draft Supervisory Statement on the Use of Risk Mitigation Techniques by Insurance and Reinsurance Undertakings - 12p
  • Year? - OECD - Financial Services Integration Worldwide: Promises and Pitfalls, Harold D. Skipper, Jr - 56p
  • 2009 - Worldbank - Consumer Protection Insurance - 29p
  • 2008 04 - BIS - Customer Suitability in the Retail Dale of Financial Products and Dervices - 89p
  • 2011 08 - Geneva - Considerations for Identifying Systemically Important Financial Institutions in Insurance. A contribution to the Financial Stability Board and International Association of Insurance Supervisors’ discussions - 66p
    • Insurance regulators were not part of non-insurance operations of AIG Holding Company and AIGFP.
  • 2013 0827 - FSB - Peer Review of the United States - 65p 

2021 0315 - CFA - CFA’s Plan for Improving Consumer Understanding of Life Insurance and Annuities Products and Strengthening Consumer Protections - [link]

Books

  • Julie-Anne Tarr
    • Information Disclosure - Consumers, Insurers and the Insurance Contracting Process - 2001 - 328p
    • Disclosure and Concealment in Consumer Insurance Contracts - 2002 - 270p

  • The Economics, Regulation, and Systemic Risk of Insurance Markets, Edited by Felix Hufeld, Ralph S. J. Koijen, and Christian Thimann - 2016

  • The Financial Services Revolution: Understanding the Changing Roles of Banks, Mutual Funds, and Insurance Companies 1st Edition, by Clifford E. Kirsch (Author)

Government

  • 1991 03 - GOV (House Report) - Descriptive Analysis of the Insurance Industry in the United States - [PDF-185p-GooglePlay] ->

Law Reviews

  • 1982 - LR -  Homogenization of Financial Institutions: The Legislative and Regulatory Response - [30p] - https://www.jstor.org/stable/40686417
  • 1988 - LR - Reflections on the Meaning of Life: An Analysis of Section 7702 and the Taxation of Cash Value Life Insurance, Andrew Pike - 98p
  • 2001 - LR - Gramm-Leach-Bliley Act and State Regulation of the Business of Insurance-Past, Present and . . . Future, Scott A. Sinder - 41p
  • 2009 - LR - Reflections on State Regulation: A Lesson of the Economic Turmoil of 2007-2009 - 23p
  • 2015 - LR - The Risks of Shadow Insurance, Daniel Schwarcz - 50p
  • 2018 - LR - The Last SIFI: The Unwise and Illegal Deregulation of Prudential Financial, Jeremy C. Kress - 12p

Society of Actuaries

  • 1950 - SOA - Digest of Forum on Interest and Investments, Society of Actuaries - 11p


  • 1962 - SOA - Life Insurance and Savings in the Economy, Society of Actuaries - 15p


  • 1975 - SOA - Financial Analysis and Corporate Strategy in an Insurance Company, Society of Actuaries - 14p
  • 1978 - SOA - Capacity and Solvency Internal Considerations (rsa78v4n110) , Society of Actuaries - 16p
  • 1978 - SOA - Capacity and Solvency -- The Outside Influence, Society of Actuaries - 20p

  • 2004 - SOA - Non-Traditional Guarantees on Life and Annuity Products - 129p

  • 2012 - SOA - Why the Current Practice of Operational Risk Management in Insurance is Fundamentally Flawed:  Evidence From the Field, Dr. Madhu Acharyya, Society of Actuaries - 26p

NAIC

  • 1990 - NAIC -Medium and lower quality bond holdings of insurers in 1990 273-105408-1990
  • 1997 - JIR / NAIC - An Analysis of Life Insurance Illustrations: Regulatory Implications of the Disparity between Policy ields based on Illustrated Versus Actual Surrender Values - 23p
  • 2000 NAIC Regulatory access to insurer information 107149
  • Trade Secrets

Proxy Discrimination in the Age of Artificial Intelligence and Big Data

PBS

  • Ed Slott
    • Retire Safe and Secure with Ed Slott
    • Ed Slott's Retirement Roadmap
    • Strategies for Volatile Markets