Warring Watchdogs: NAIC and FIO

'The Federal Insurance Office conflicts with the states’ role as primary regulators, complicates their engagement with fellow insurance regulators globally, duplicates data collection from our industry,' said state insurance commissioners in asking Congress to eliminate the FIO.

ChatGPT: Social Security Is No ‘Ponzi Scheme’

'Ponzi schemes are private frauds that collapse when new investors stop joining. Social Security is managed by the U.S. government, backed by legal mandates and payroll tax revenues,' ChatGPT told me. (Art: 1980s Social Security poster.)

‘Rated Note Feeders’ Attract NAIC Attention

Holding a rated note (instead of an unrated private equity fund) can reduce the extra capital that life insurers need to post when buying risky, unrated private assets. Insurance regulators have taken interest in the strategy but are responding at a crawl. (Image: 'Sleeping Guards,' Piero della Francesca.)
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Warring Watchdogs: NAIC and FIO

'The Federal Insurance Office conflicts with the states’ role as primary regulators, complicates their engagement with fellow insurance regulators globally, duplicates data collection from our industry,' said state insurance commissioners in asking Congress to eliminate the FIO.

AIG looks for new CEO

The AIG Companies are among the largest issuers of fixed and variable annuities, with $13.6 billion in total annuities sales through the first three-quarters of 2016.

As expected, Fed nudges target rate higher

'In view of realized and expected labor market conditions and inflation, the Committee decided to raise the target range for the federal funds rate to 0.75% to 1%,' said a March 15 Federal Reserve press release.

Honorable Mention

Brief or late-breaking items from Voya Financial, The Retirement Equity Laboratory at the New School, and Kehrer-Bielan consultants.