James Corcoran
- [re: Executive Life]
- The only delay that occurred, there was a 10-day delay between the seizure of the parent company in California and the New York company (ELNY)
- There was a run on the bank, quite extensive run of the bank in that 10-day period in New York, but the company was able to withstand that. (p48)
-- James P. Corcoran, Former Insurance Commissioner (New York)
2002 1010 - GOV (House) - The Collapse of Executive Life Insurance Co. and Its Impact on Policyholders, Dan Burton (R-IN) - [PDF-277p, VIDEO-?]
- 1990-1B, NAIC Proceedings - Presentation By James P. Corcoran, Superintendent of Insurance, State of New York - Before the Insurance Committee of the Organization for Economic Cooperation and Development (OECD) - Paris, France - October 27, 1989 - (p868)
- Until recently, Life insurance was regarded as a stable industry where little change took place, either in the policies offered to the public or in the regulatory environment in which insurers operated.
- Investments, subject to strict qualitative and quantitative standards, were generally made for the long term in traditional vehicles such as bonds, stocks and mortgages.
- Over the past decade, however, many revolutionary changes have taken place. Life insurers are now competing with banks and brokerage firms for a piece of the financial services pie.
- Each player contends that it wants a "level playing field," but in fact seeks to gain some competitive advantage over the other.
- Life insurers have been placing greater emphasis on financial services and educating their agents to be financial planners as well as life insurance experts.
- Competition in financial services has resulted in the introduction of new products which offer a variety of investment incentives coupled with an insurance component.
- Sophisticated consumers are bypassing the traditional life products for these new "interest-sensitive" products, many of which are backed by vehicles other than the traditional bonds, stocks and mortgages.
- High risk-high yield obligations, leased securities and futures contracts are now common components of the portfolios of our life companies.
- All of these changes have, of course, added increased strains on the life insurance community
- Until recently, Life insurance was regarded as a stable industry where little change took place, either in the policies offered to the public or in the regulatory environment in which insurers operated.