Stays

  • 1983 10 - SOA - The Actuary - New South Life: The Sequel, Ed. Note: This Contributors Identification is known to the Editor, Society of Actuaries - 8p
    • Among Points for Actuaries to ponder:
      • The rescue operation might have failed especially if new policyholders had understood that the company might, as it did, go out of business.
      • Collectively policyholders fared well, but some, who would have preferred to take cash and accept their loss, and were entitled by statute to do so, suffered for the common good.
      • What, one wonders, is a policyholder’s obligation to other policyholders?
  • A. The Bankruptcy Rules That Would Have Applied to AIG
    • Generally, when a company files for bankruptcy, its creditors will be subject to an automatic stay or an injunction that prevents the creditors from taking further action to collect on their debts.889
    • Thus, the debtor’s assets will be protected while negotiations take place with creditors.  (p221)

2010 0610 - COP - Report - The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy, June Oversight Report, Congressional Oversight Panel  ---  [BonkNote] 

  • (p175) - 484. Institute of International Finance
    • Altering a company's sales practices, imposing large exposure limits, restricting the transfer of assets, restricting the activities of a subsidiary, freezing assets, imposing stays on surrenders, or lowering the maximum rate of guarantees would likely result in grave harm to an insurer's franchise and to the entire industry through the abrogation of contracts and reduced market and policyholder confidence
  • (p180) - 501. International Actuarial Association International
    • The IAA notes that the exercise of any power to implement a stay on surrenders may have a cost to the reputation of the insurance industry and may result in conflicting positions between the prudential and conduct supervisors if they are separate.  

2018 - IAIS - Compiled Comments on Holistic Framework for Systemic Risk in the Insurance Sector 14-Nov-18 to 30-Jan-19 - 264p