Questions
Q: What Responsibilities Do Actuaries Have?
Q: What Responsibilities Do Actuaries Have? The work of science is to substitute facts for appearances and demonstrations for impressions. – Ruskin long-standing motto of the Society of Actuaries The quote is from Mr. John Ruskin’s book, The Stone of Venice, Volume 3, page 36. 2012 – SOA – Substitute One Mis-impression, Society of Actuaries…
Read MoreQ: Could the Securities Lending Division of AIG Taken Down the Company by Itself?
Q: Could the Securities Lending Division of AIG Taken Down the Company by itself? For example, it is almost certainly the case that the securities-lending scheme undertaken by American International Group’s life insurance subsidiaries would have taken down the company by itself, had the collateral calls on AIG Financial Products’ credit default swaps not done…
Read MoreQ: Who Watches the Insurance Regulators?
Q: Who Watches the Insurance Regulators? 2011 0914 – GOV (Senate-Banking/SII) – Emerging Issues in Insurance Regulation, Senator Jack Reed (D-RI) — [BonkNote] (p23) – Daniel Schwarcz (Professor of Law): And I just want to emphasize the way to watch the regulators is to have transparent information so that the public can see what they are…
Read MoreQ: Would the State Insurance Regulators Have Seized the Insurance Companies if AIG had Filed for Bankruptcy?
Q: Would the State Insurance Regulators Have Seized the Insurance Companies if AIG had Filed for Bankruptcy? (p9) – Mr. Bensinger added that the New York Department of Insurance stated that it would seize the New York insurance companies if AIG went into bankruptcy. Mr. Herzog agreed and stated that, based on his discussions, other…
Read MoreQ: Why was AIG Bailed Out?
Q: Why was AIG Bailed Out? “One of the reasons we had to rescue AIG was the fact that it was going to bring down Europe,” Pennsylvania Rep. Paul Kanjorski told reporters after his subcommittee held a hearing on systemic risk. Later, in an interview with Reuters, Kanjorski said he was told that a large…
Read MoreQ: How Does US Insurance Regulation compare to Other US Federal Regulation?
How Does US Insurance Regulation compare to Other US Federal Regulation? (p16) – Mr. ROSS. And that causes less stringent regulation? Mr. SCHWARCZ. Of course. If you— Mr. ROSS. To whom? What about the State regulator? Are you demeaning the State regulator by saying they don’t require stringent regulation? 2018 0307 – GOV (House) -…
Read MoreQ: How Does US Insurance Regulation Compare to International Insurance Regulation?
How Does US Insurance Regulation compare to International Insurance Regulation? (p4) – Mr. ROYCE (R-CA). Well, with our fragmented regulatory regime over insurance, I think it is very clear that we are lagging behind the rest of the world. Solvency II will be implemented by the EU in the coming months, and that will bring…
Read MoreQ: What May Have Happened if AIG had Gone Bankrupt?
Q: What May Have Happened if AIG had Gone Bankrupt? Davis Polk’s lawyer, Mr. Huebner, testified that it would have been a “very hard landing” for AIG, like cascading champagne glasses where secured creditors are at the top with their glasses filled first, then spilling over to the glasses of other creditors, and finally to…
Read MoreQ: Were the AIG Life Insurance Companies in Trouble?
Were the AIG Life Insurance Companies in Trouble? Mr. Offit asked about the possibility of membership in the Federal Home Loan Bank system, and Mr. Bensinger said that such membership would provide liquidity in the life insurance companies, and the approval process is underway in Texas. MINUTES OF A MEETING OF DIRECTORS – AMERICAN INTERNATIONAL…
Read MoreQ: Who Was Responsible for the Actions of AIGFP?
Q: Who Was Responsible for the Actions of AIGFP? Andrew Forster – Alan Frost Others – Andrew Forster Joseph Cassano – 2010 0630 – FCIC Hearing – AIG Inc. Credit Risk Committee Kevin Mcginn – FCIC Interview – Cassano
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