2008 Financial Crisis – Monolines Spencer BACHUS (R-AL) – I believe to protect those that are relying on the bond insurers’ capitalization, I believe the superintendent of the New York Insurance Department could have raised the capital standards. Governor SPITZER. Sir, I think you misapprehend— Spencer BACHUS (R-AL) I believe there was inadequate capitalization 2008 0214…

Read More

Bartley Munson AAL – Aid Association for Lutherans SOA – Committee on Truth in Life Insurance of the Society of Actuaries – Bartley Munson, Chairman TILI – Truth In Life Insurance Bart Munson (William M. Mercer Inc.) noted that life insurance disclosure issues have been the subject of ongoing debate for years and that extensive work…

Read More

PPLI – Private Placement Life Insurance 2022 0921 – Letter – GOV (Senate) – Ron Wyden (D-OR) Continues Investigation Into Private Placement Life Insurance Schemes – [link] 2022 0921 – Letter- GOV (Senate-Ron Wyden (D-OR) to Prudential Life – re Private Placement Life Insurance (PPLI) – 4p

Read More

Hal Phillips Hal Phillips, aka William H. Phillips, aka W. Harold Phillips  senior life actuary with the California Department of Insurance One regulator [W. Harold Phillips (Hal), Senior Life Actuary – CA) summarized the problem in his department – Attachment Two-A: Misleading illustrations are structured as inducements to buy rather than helpful tools to understand the workings…

Read More

Donna Megregian What is supportable is up to the illustration actuary and involves all aspects of the product, not just the crediting rate. —  Donna Megregian 2015 – SOA – Actuarial Guideline 49 (aka Actuarial Guideline YY), Society of Actuaries – 3p

Read More

Project – NAIC – Snippets – 2022 2022 0407 – 2022-1, NAIC Proceedings –  LIAC – Life Insurance (A) Committee 2. Adopted the Report of the Accelerated Underwriting (A) Working Group and the March 4 Draft Accelerated Underwriting in Life Insurance Educational Report Mr. Birnbaum said he participated, along with Brendan Bridgeland (Center for Insurance…

Read More

Project – NAIC – Snippets – 2021 2021 0811 – LIAC – NAIC – Summer National Meeting, Proceedings – 43p (p8) – 2021 0811 –  LIIIWG Next Steps Summary Comment Chart 2021 1216 – LIAC – NAIC – Executive (EX) Committee and Plenary – Attachment Four – 4. The Life Insurance Online Guide (A) Working…

Read More

Legal Cases – Documents 2019 – LC – Openiano v. Hartford Life and Annuity Insurance Company – 18-cv-0943 – D35 – Order Defendants’ Motion for Judgement on the Pleadings, District Court, Southern District of California – 11p

Read More

Current Experience At one point in the dividend philosophy discussion, there was some consideration of how to enunciate a principle that would clearly state that new money presentations for illustrations based on elements that reflected a rate of inflation were acceptable, whereas other types of projections were not. This becomes very difficult because inflation can…

Read More