Fwd: INARM Message - critique of financial regulation

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Dave Ingram

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Oct 19, 2013, 11:18:58 AM10/19/13
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From: "Ford, C. (Charlie)" <Charli...@us.ing.com>
Date: August 22, 2013 9:09:38 AM EDT
Subject: INARM Message - critique of financial regulation

 
Excellent post here by David Merkel.  Good to see an insightful, articulate critique of financial solvency regulation, and good to see the word getting out.  Do you have a key contact to whom you can forward this?
 
Charlie Ford, FSA CFA 
Portfolio Owner, Insurance 
US Insurance Investments 
ING US 
1475 Dunwoody Drive 
West Chester, PA  19380 
Tel:  610.425.3627       Fax:  860.580.0235 
Email:  Charli...@us.ing.com
ING.  Your future.  Made easier.  SM
 
 
 


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Dave Ingram

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Oct 19, 2013, 11:19:04 AM10/19/13
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Date: August 22, 2013 10:57:43 AM EDT
Subject: Re: INARM Message - critique of financial regulation

I thought that was real good, thanks for sharing.
Merkel says "Now, I know that the contingencies of banks are far less predictable then those of life insurers. Further, life insurers have long liabilities, whereas the liabilities of banks are short, and thus, they are more subject to runs.". I cannot disagree with that, but I would point out that casualty actuaries do similar work, and while P&C insurers are not subject to runs, they are familiar with risks that are less predictable than the typical life insurer's. I am merely mentioning that the bank regulators need to look at the entire insurance industry. In fact, I would suggest that the Fed could learn a lot from the actuarial profession in general - especially as regards ethics and standards of practice that apply to individuals. I love that Merkel points out the ASOPs and that this provides incentive (and cover) for an actuary to challenge the management that pays them.
Again, thanks for this.
Kevin M Madigan, PhD, CERA, ACAS, MAAA
 
PwC | Director
Office: + 1 646 471 6472 | Mobile: +1 518 596 8358
Email: kevin.m...@us.pwc.com
PricewaterhouseCoopers LLP
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