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Bermuda’s book is largely secret, so the public doesn’t know the details of the investments these companies hold. We have identified that it can spread throughout. “Historically, large insurance conglomerates have owed debt to other institutionally important financial firms, such as large banks,” Hunt said. “If insurers fail and are unable to honor such contracts, it could lead to the insolvency of counterparties in a domino effect similar to that seen during the global financial crisis,” Hunt said. Stated.
Dave Franecki, head of communications at MetLife, emailed: However, he declined to comment further. “MetLife does not intend to provide interviews or comment on your article or any related series of articles published by 100 Reporters,” said Franecki.
“The business model is based on fees to manage assets. These investments are less liquid and more volatile, he said.
The trade union Unite Here has warned of increased risks to its members’ pensions. growing reliance on We leverage illiquid asset-backed securities and alternative investments to drive higher returns, leverage investment management agreements with our affiliates, and reinsure offshore liabilities. Unite Here warns of the risk of a systemic financial collapse.
“Ultimately, state, federal, and international regulators will work together to protect the public from the risk of bankruptcy of large life insurance companies and/or contagion of the larger, interconnected financial system. We think we need to,” Unite Here said in June. Comments to the National Association of Insurance Commissioners (NAIC), which sets guidance for state regulators overseeing the industry.
In the September 2021 reportThe NAIC Financial Stability Task Force noted that insurers may increase their solvency risk when they invest in affiliates. The report also notes that insurers often do not accurately disclose investments in affiliates..
This report is Series 2 Annual reports filed with the Securities and Exchange Commission and state insurance departments about how Wall Street makes money in the insurance industry, as well as collateral forms that each company uses to boost profits 3 Examine the kind of risky investments. Thomas Gober, a licensed fraud investigator and former examiner for the Mississippi Department of Insurance who advised the U.S. Department of Justice on insurance fraud, analyzed relevant 100Reporters documents.
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