• Recently I have noticed other disturbing signs, indicated by an increase in formation of overseas domiciled subsidiary or "Shadow Insurers" designed for use in the U.S. surplus markets.
  • These "Shadows" of prominent U.S. insurers are popping up all over the world and are beginning to mark the escape of U.S. insurance company investment capital from our country.

-- Letter - Joseph A. Humphreys, Executive Director, NAIC Non-Admitted Insurers Information Office

1972-1, NAIC Proceedings

  • 5. Received the report of the Life and Health Actuarial (Technical) Task Force, which adopted amendments to the Standard Valuation Law on the confidentiality issue being considered by many committees at the NAIC and concluded that new products with "shadow accounts" that provide a universal life secondary guarantee are covered by XXX.

1999-4 NAIC Proc.