New York Life

  • 2010 0914 - NJDOI - Consent Order - New York Life - 20p
    • p3-20 - 2010 1005 - NJDOI - Market Conduct Examination of New York Life 
      • p6 - The Company was originally chartered in May 1841 as Nautilus Insurance Company to write fire and marine insurance, inland navigation and transportation risks. In April 1843, the charter was amended to permit the Company to organize as a mutual company and write life insurance. On April 5, 1849, the company name was officially changed to New York Life Insurance Company.
  • William H. Beers
    • b, d1893 1116 - NYT - [link]
    • 1891 1023 - NYT - A Plea for Other Companies; Beer's Course Hurts Everybody Engaged in Life Insurance - [link]
  • John McCall 
    • President - late 1800s-1900s
    • 1906 0219 - New York Tribune - John A. M'Call Dead: The End Peaceful- Vol. LXV, no. 21645. pp. 1–2 – via Chronicling America - loc.gov - [link]
      • In 1905, the Armstrong Investigation turned the spotlight onto the New York Life Insurance Company, with McCall taking center stage as its president.
      • He testified the company paid hundreds of thousands of dollars to a legislative agent to stop hostile legislation, made big contributions to national political campaigns, and at one point retained a legislative agent to fight federal legislation in Washington.
      • He then resigned as president in response. He began to suffer poor health as a result of the investigations and died not long afterwards
  • Robert MARKS: Do any companies have concerns regarding not being able to charge a premium that would be high enough to mature the policy on a current interest rate basis with the new guideline premiums being lower?
    • In other words, since the interest rates are being credited or say, in the 5 to 5.5 percent range, and there's a six percent interest rate in the calculation of guideline single premiums, would there be a concern that you couldn't even fund the policy on a guaranteed basis?
  • Scott Berlin, New York Life. I've heard of that issue.
    • Your guideline level is calculated at four percent.
    • This is just my feeling, but I don't think that we want to approach the Service to reduce the interest rates from four percent to say, 2.5 to 3 percent because then it opens 7702 up for scrutiny and a whole host of other issues.
    • Sometimes the evil you know is better than the evil you don't.

2002 - SOA - Implications of the New CSO Mortality Table, Society of Actuaries - 28p