NAIC Oversight of the Executive Life Insurance Company: Hearing Before the Subcommittee on Antitrust, Monopolies, and Business Rights of the Committee on the Judiciary, United States Senate, One Hundred Second Congress, First Session, on the Adequacy and Effectiveness of State Regulation of the Insurance Industry in America, July 31, 1991, Volume 4 |
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actuary analysis amounts analysis ANGOFF Annuities assumptions BOOK VALUE California Department carrying value CD'S Chairman company's CONG CONG CONGRE CONGRESS THE LIBRARY contracts December 31 DEFAULT COSTS default rate DELAYED FUNDS TOTAL Department of Insurance DEPOSITS TOTAL CASH ELIC ELIC's ELNY engagement letter Executive Life companies Executive Life Insurance Executive Life's FEES TOTAL MORTGAGE FINANCIAL REINSURANCE FUNDS TOTAL S/T GB Capital GRADE BONDS high-yield bonds Horst Illinois Department imminent financial danger included Insurance Commissioners Insurance Company Insurance Department INTEREST DELAYED FUNDS INTEREST INC interest rate investment income Issuer Jersey junk bond Lennon letter liabilities LIBRARY OF CONGRESS LOAN OTHER EXP market value mature MCCARTNEY memo Milliman & Robertson MORTGAGE LOAN MSVR NAIC NAIC's OTH INVESTED ASSETS POLICY LOANS portfolio PREFERRED STOCKS projected REAL ESTATE regulators regulatory resolution Salomon Brothers scenario Schacht Senator METZENBAUM SPWL statutory surplus surrender charges TOTAL OTH INVESTED valuation actuary York
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Page 8 - The NAIC, founded in 1871, is the organization of the chief insurance regulators from the 50 states, the District of Columbia, and four of the US territories. The NAIC's objective is to serve the public by assisting state insurance regulators in fulfilling their regulatory responsibilities.
Page 4 - I am vice president of the National Association of Insurance Commissioners and Director of Insurance for the State of Nebraska.
Page 56 - And then they go on to say, now, 'Therefore, be it resolved that the NAIC believes that the action taken by the New Jersey Insurance Department is irresponsible and contrary to the best interest of New Jersey policyholders and all policyholders of Executive Life.
Page 84 - ... of Executive Life's asset-liability match are significant. • The California Department of Insurance requested three studies of ELIC to confirm the Company's ability to withstand various scenarios involving changing interest rates and increases in defaults, surrenders, withdrawals and policy loans. To ensure that the projections were substantiated by an independent third party, First Executive Corporation engaged a prominent actuarial consulting firm to collaborate in the studies. The moat recent...
Page 4 - NAIC serves a vital coordinating function in the event that a single large, multistate company experiences financial difficulty. The NAICs approach to such situations is based upon two fundamental premises: (1) that a smooth flow of information, always important to the effective regulation of the industry, is even more critical when a company gets into trouble, and (2) that a peer-review process involving independent state regulators with common and interdependent interests can provide greater protection...
Page 4 - ... company experiences financial difficulty. The NAICs approach to such situations is based upon two fundamental premises: (1) that a smooth flow of information, always important to the effective regulation of the industry, is even more critical when a company gets into trouble, and (2) that a peer-review process involving independent state regulators with common and interdependent interests can provide greater protection for consumers than is available from unitary systems of regulation. This philosophy...
Page 81 - ... have been furnished. This letter supplies certain key facts that formed the basis for the following statement in the Resolution: "It is the expert opinion of the special committee that Executive Life companies are in no imminent financial danger...
Page 16 - As we have seen in recent weeks in debates about bank regulation, reasonable minds differ as to whether taxpayers and consumers are best protected by regulators who are inclined toward a quick "take-down" of a troubled bank or regulators who give such a bank time to work its way out of trouble.
Page 155 - Group's conclusion that the companies are capable of meeting all current and projected obligations was founded on the review of available data.
Page 39 - I want to thank you for inviting us to testify before you today on Executive Life Insurance Co.