Kroszner to Speak at Legal Seminar
Randy Kroszner, a Governor of the Federal Reserve System from March 2006 until January 2009 and the current Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business, has agreed to speak at NOLHGA's 2009 Legal Seminar, which will be held on July 9 and 10 at the Ritz-Carlton in Chicago. He will offer an insider's perspective on how the Fed operates and the steps it has taken in dealing with the current financial crisis.
During his time as a member of the Federal Reserve Board, Kroszner chaired the committee on Supervision and Regulation of Banking Institutions and the committee on Consumer and Community Affairs. In these capacities, he took a leading role in developing responses to the financial crisis and in undertaking new initiatives to improve consumer protection and disclosure, including rules related to home mortgages and credit cards; he was also director of NeighborWorks America. Dr. Kroszner represented the Federal Reserve Board on the Financial Stability Forum and the Basel Committee on Banking Supervision. As a member of the Board, he was also a voting member of the Federal Open Market Committee.
In addition to the Legal Seminar, an MPC meeting is scheduled for July 8. More information on NOLHGA's 17th Annual Legal Seminar and the MPC meeting is available on the meeting Web page. If you have any questions about the Legal Seminar or MPC meeting, please contact Sean McKenna at [email protected].
Staff Contact - Sean McKennaNAIC to Focus on Annuity Disclosures
The NAIC's Annuity Disclosure (A) Working Group is considering ways to enhance disclosures of information pertaining to annuity products to consumers. As part of its charge, the group will consider changes to the Annuity Disclosure Model Regulation to provide insurers with more-uniform guidance for developing and monitoring distribution of disclosure information and documents. In addition, the Working Group will consider a model template for the Life and Health Insurance Guaranty Association Summary Disclosure Document, which is required under most state guaranty association statutes. In particular, the group is looking to expand disclosures concerning guaranty association coverage, especially in regard to annuity products, and to make disclosures more consumer friendly. NOLHGA and the ACLI will be providing input to the NAIC's Working Group concerning drafting and will be monitoring developments with respect to this initiative going forward.
Staff Contact - Joni Forsythe