Whistleblowers Agent – Snippets – 1990s Threats and Intimidation 2023 – Book – Lapsed: The Universal Life Insurance Whistleblower, by Elan Moas 2022 0212 – Twitter – @MartyLeary1 – [link] I believe most frauds that come to light do so because an internal whistleblower teamed up with a good journalist. 2009 – AP – Who…

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Q: Is Universal Life Insurance a Traditional Product? Due to the unique nature of universal life products, a number of states have issued guidelines governing the sale of such products. These guidelines address contractual requirements as well as policyholder disclosure procedures. —  Leonard E. Odell, ACLI 1981 – SOA – Universal Life (RSA81V7N412), Moderator: Samuel H.…

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Regulatory Arbitrage 2022 – LR – Regulatory Competition in the US Life Insurance Industry, by Johnny Tang, Harvard – 88p Competition between jurisdictions is a central feature of many public policy problems. I examine the consequences of such competition in the US life insurance industry, where states vie to attract insurers by setting lower capital requirements,…

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Long-term As a liability-driven business, insurance often has long-term cash-flow patterns compared to shorter-term activities at banks. Consequently, current law fails, I believe, to adequately account for the business model and risk profile of insurance companies, and that should concern us all.  (p1) — Senator Richard Shelby (R-AL) 2015 0428 – GOV (Senate) – The…

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Corporate Governance 2013 1216 – ThinkAdvisor – Charges of NAIC corporate governance problems erupt, By Elizabeth D. Festa – [link] 2013 1211 – Letter – Tom Leonardi to NAIC etc – 3p “We have met the enemy and he is us!” This famous line from the comic strip Pogo aptly describes the current state of governance…

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Transparency Transparency is a concept imported by Spencer Kimball. Hart Hearings, supra 28, at 1086·1237, 1087·1088 – (testimony of Spencer Kimball); 1980-2, NAIC Proceedings

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Ethics THE KEY ETHICAL DILEMMAS IN MARKETING INSURANCE: A COMPARISON OF THE TWO MAIN SEGMENTS OF THE INSURANCE INDUSTRY, Robert W. Cooper, Drake University, by Garry L. Frank, Drake University – 7p 1993 – AP – Ethical Issues, Helps, and Challenges: Perceptions of U.S. Actuaries, Vaughan, Cooper, Frank – 2011 – JFSP -The Ethical Environment…

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Market Moving Information Change no Damage??  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. (p37/2:08) —  Senator Elizabeth Warren (D-MA) 2015 0325 – GOV (Senate-Banking) – FSOC Accountability: Nonbank Designations -…

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I Didn’t know Barney Frank (Congressman-Massachusetts): This is a very important hearing because it will begin the public discussion of the extraordinary powers granted to the Federal Reserve by a statute passed in the depths of the depression 60—77 years ago, which had not been used very much. As the Chairman of the Federal Reserve…

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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…

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