Loopholes

  • gaps
  • (p27-30) - Q And did you end up sending the letter to the California Department of Insurance?
    A Yes.
  • ...
  • Q Would you take a look at Exhibit 733. Is that one of the e-mail exchanges you had with Ms. Wilton at the Department of Insurance?
  • .....
  • Q Reading from your e-mail, 733: Thanks again for staying with me on this LSW policy. Sounds like you might have found an omission that just might work in my favor in terms of getting all my money back. The lack of stated reason for an amount percentage of fees taken out every month could be the loophole I need. What did you understand about the omission she may have found with respect to the fees?
    A I understood that it had to do with something with the fee structure.   <WishList e-mail, 733 [Exhibit]>

DOC 810 - Trial Transcript - Day 7 - Walker vs. LSW - 260p  ---  [BonkNote]

2010s - LC - Walker vs. LSW - Life Insurance Company of the Southwest  ---  [BonkNote]

  • Senator Chris Dodd (D-CT) - As a result of these interpretations, we have reached, in my view, the absurd point where we now have financial regulation by loophole.

1994 0203 - Congressional Record - Volume 140, Number 8  - [link] - congress.gov/bound-congressional-record/1994/02/03/senate-section

Insurance Sales Activities by Banks

  • Now as usual, things that are prohibited can nonetheless be done if you do them right.
    • The way to do it is either comply with an exemptive rule or get an exemptive order. 

--  W. Randolph Thompson, with the law firm of Jones & Blouchin Washington, will speak on some SEC issues

1993 - SOA - Variable Products -- Product for the 1990s?, Society of Actuaries - 22p

  • One important lesson of the recent crisis is that as financial products and services proliferate and become more complex, they often fall through the regulatory cracks. (p16)

--  Testimony of Ann Yerger, Executive Director - Council of Institutional Investors - 106p

2009 0729 - GOV (Senate) - Protecting Shareholders and Enhancing Public Confidence by Improving Corporate Governance, (CSPAN) Improving Corporate Governance, Jack Reed (D-RI) - [PDF-252p, VIDEO-CSPAN]