tag:blogger.com,1999:blog-892521602299456772024-02-26T00:47:31.465-05:00Joseph M. BelthIncisive analysis of important insurance topicsJoseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comBlogger452125tag:blogger.com,1999:blog-89252160229945677.post-33706972034645286572022-05-16T01:00:00.001-04:002022-05-16T01:00:00.182-04:00No. 453: My Retirement<div style="text-align: left;">I am now fully retired, and I no longer follow the insurance industry closely. As a result, I will not be posting any more items on my blog. Packages offered are still available and we will email any you request. When you ask for them, please include the number and title of the blog post in which the package you request was offered. </div><div><br /></div>
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Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-74470016731034158462022-01-28T01:00:00.001-05:002022-01-28T01:00:00.175-05:00No. 452: The Texas State Securities Board Announces the Top Investor Threats for 2022On January 10, 2022, the Texas State Securities Board (TSSB) <u><a href="https://www.ssb.texas.gov/news-publications/texas-state-securities-board-announces-top-investor-threats-2022" target="_blank">announced</a></u> the top investor threats and urged caution before purchasing popular and volatile unregistered investments, especially those involving cryptocurrency and digital assets. TSSB also announced guidance for investors, including steps to take to protect from fraud in the new year. The top 2022 threats were determined by a survey of securities regulators conducted by the North American Securities Administrators Association (NASAA).<div><br /></div><div>TSSB is a frequent source of valuable information for persons interested in securities regulation. I recommend that such persons <u><a href="https://public.govdelivery.com/accounts/TXSSB/subscriber/new" target="_blank">sign up</a></u> to receive TSSB news releases and updates regularly.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-44593105391564232632022-01-07T01:00:00.001-05:002022-01-07T01:00:00.178-05:00No. 451: A Date That Shall Live in InfamyOn December 7, 2021, I gave considerable thought to the 80th anniversary of the Japanese attack on Pearl Harbor. When President Franklin Delano Roosevelt addressed the nation from the Capitol the next morning, he called the date of the attack "a date that shall live in infamy."<div><br /></div><div>My family learned of the attack on the radio at the north end of the living room in our home in Syracuse, New York. In our driveway was our 1936 Oldsmobile sedan, which provided us with very little transportation during the war because of gasoline rationing.</div><div><br /></div><div>An important 1960 book about World War II is entitled <i>The Rise and Fall of the Third Reich</i>, by William L. Shirer. The book describes in detail what happened in Adolf Hitler's bunker below the Chancellery in Berlin. It was in that bunker where Hitler spent his final days, where he prepared his last will and testament, and where he shot himself to death on April 30, 1945.</div><div><br /></div><div>I traveled to Hawaii many years after the war. I was deeply moved when I visited the U.S.S. Missouri memorial.</div><div><br /><div>
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</div></div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-63580050030040450762021-12-28T01:00:00.001-05:002021-12-28T01:00:00.176-05:00No. 450: The South Carolina Department of Insurance Attacks the SHIP Rehabilitation PlanOn November 16, 2021, the South Carolina Department of Insurance (SCDOI) issued a media release entitled "SCDOI Director Ray Farmer Seeks to Stop the Implementation of the Rehabilitation Plan for Senior Health Insurance Company of Pennsylvania (SHIP) in South Carolina." The first sentence of the media release reads: "Yesterday, Ray Farmer, Director of the SCDOI, took another step toward protecting consumers who have long-term care insurance with SHIP from potentially detrimental rate increases or benefit reductions."<div><br /></div><div>On November 19, Chief Administrative Judge L. Casey Manning of the Fifth Judicial Circuit in Columbia, South Carolina, blocked immediate implementation of the SHIP Rehabilitation Plan. At this writing, the fate of the SHIP Rehabilitation Plan is not known.</div><div><br /></div>I have written extensively about SHIP's financial problems. To review my posts about SHIP, click <u><a href="http://www.josephmbelth.com/search?q=Ship&by-date=true" target="_blank">here</a></u> or search for SHIP on my <u><a href="http://www.josephmbelth.com/" target="_blank">blog</a></u> using the search box in the extreme upper left corner.<div><br />
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-63068321533103119512021-12-14T01:00:00.001-05:002021-12-14T01:00:00.177-05:00No. 449: The AM Best Business Trilogy<div style="text-align: left;">On August 21, 2020, A. M. Best Company published <i>The AM Best Business Trilogy</i>. The company sent me a review copy consisting of three hardback books.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">One book, entitled <i>The Man</i>, is a 275-page (including end notes and index) biography of Alfred M. Best. Another book, entitled <i>The Company</i>, is a 581-page (including end notes and index) history of A. M. Best Company. The third book, entitled <i>The Industry</i>, is an 815-page (including end notes and index) history of the credit rating agencies.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">The <i>Trilogy</i> is an impressive piece of work. It is available for $75 from A. M. Best Company or from Amazon.</div><br />
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Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-72533922800256319622021-12-08T01:00:00.001-05:002021-12-08T01:00:00.181-05:00No. 448: A Class Action Lawsuit Against Governor Jay Inslee of Washington State and OthersIn 2019, Governor Jay Inslee of Washington State signed into law a state program designed to address the problem of financing the long-term care exposure faced by residents of the state. The statute created a "long term service and support trust fund" referred to as "WA Care," and at the beginning of next year workers will be required to start contributing to the fund. WA Care is the nation's first state-operated long-term care insurance program.<div><br /></div><div>On November 9, 2021, three entities and six individuals filed in federal court in Seattle a class action lawsuit against Governor Inslee and three others. (See <i>Pacific Bells, LLC et al. v. Jay Inslee et al.</i>, U.S. District Court, Western District of Washington, Case No. 2:21-cv-1515.) Here is the first paragraph of the introduction in the 21-page <u><a href="https://theinsuranceforum.com/blogpdfs/Pacific_Bells_v_Inslee_Complaint_110921.pdf" target="_blank">complaint</a></u>:</div><div><blockquote><b>Beginning January 1, 2022, Washington State workers will pay $0.58 per $100 (.58%) of earnings to the Long-Term Service and Support Trust Fund (the "Trust") pursuant to the Long Term Services and Support Trust Program, referred to as "WA Care" or the "Act" and codified as RCW 50B.04, et seq. This action challenges the Act and requests a declaratory judgment that the Act is unenforceable as it violates ERISA and federal and state laws governing employee benefit plans and multiple employer welfare arrangements ("MEWAs").</b></blockquote></div><div><b>The Judge</b></div><div>The case has been assigned to Senior Judge Thomas S. Zilly. President Reagan nominated him in February 1988 and the Senate confirmed him in April 1988. He assumed senior status in January 2004.</div><div><br /></div><div><b>General Observations</b></div><div>This interesting case is in its early stages. I plan to provide an update in due course.<br /><div><br /></div><div><div style="text-align: center;">===================================</div>
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-6071850276341739212021-11-23T01:00:00.001-05:002021-11-23T01:00:00.178-05:00No. 447: A Class Action Relating to an Alleged Pyramid SchemeOn June 25, 2018, two individuals filed, in federal court in California, a class action lawsuit against a suspended California corporation, five individuals, a Texas corporation, and a California limited liability company. (See <i>In Re Premium Financial Alliance, Inc. Insurance Marketing Litigation,</i> U.S. District Court, Northern District of California, Oakland Division, Case No. 4:18-cv-3771.)<div><br /></div><div><b>The Original Complaint</b></div><div>The plaintiffs alleged in the 29-page original <u><a href="https://theinsuranceforum.com/blogpdfs/In_Re_PFA_Ins_Mktg_Litigation_Complaint062518.pdf" target="_blank">complaint</a></u> that they had been victimized by a "classic pyramid scheme." The first paragraph of the "Introduction to the Case" section of the original complaint reads:</div><div><blockquote><b>The Defendants are operating a classic pyramid scheme. What makes this scam particularly egregious is that the Defendants have never marketed or sold insurance policies to <i>any</i> retail customers, but instead derive 100% of the scheme's revenue from chain recruitment. These practices have been prohibited by the Federal Trade Commission, and violate State and Federal Laws. Plaintiffs and tens of thousands have joined PFA and have become "Associates." Plaintiffs did <u>not</u> make money as promised. The Associates failed because they were doomed from the start by a PFA marketing plan that systematically rewards recruiting Associates over the sale of overpriced insurance product or service to retail customers.</b></blockquote></div><div>The original complaint does not describe the targets of the pyramid scheme. Other case documents, however, indicate that the program was aimed at Chinese, Vietnamese, and other immigrants who may have limited fluency in the English language.</div><div><br /></div><div><b>Subsequent Developments</b></div><div>Subsequent to the filing of the original complaint, there have been amended complaints, answers to the complaints, and unsuccessful motions to dismiss. On May 14, 2021, the plaintiffs filed a motion for class certification.</div><div><br /></div><div><b>General Observations</b></div><div>This is an interesting case. Because I am not an attorney, it would be inappropriate for me to express a legal opinion on it. The case has a long way to go, and I plan to provide an update fairly soon.<div style="text-align: left;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-79577770397147169152021-11-17T01:00:00.001-05:002021-11-17T01:00:00.404-05:00No. 446: The Bounty TrilogyRecently I completed some pleasurable reading. I decided to prepare this blog post in case some of you might want to do the same.<div><br /></div><div>The <i>Bounty</i> was a small English warship that in 1787 set out on a very long voyage to Tahiti to pick up breadfruit trees, which would provide a source of inexpensive food for slaves in the West Indies. Lieutenant William Bligh captained the <i>Bounty</i>. Fletcher Christian was the Master's Mate on the <i>Bounty</i> and the leader of the mutineers.</div><div><br /></div><div>Charles Nordhoff and James Norman Hall wrote a trilogy of historical novels describing the voyage. The titles of the three books, all published in the early 1930s, are <i>Mutiny on the Bounty</i>, <i>Men Against the Sea</i>, and <i>Pitcairn's Island</i>. The first book is about the mutiny and its immediate aftermath. Instead of killing Bligh, the mutineers put him and 18 others in a small open boat, called a "launch," with food and supplies, and set them adrift. The second book is about Bligh's incredibly long and successful voyage in the launch, after which he returned to England. The third book is about a remote island where Christian and some of the mutineers settled permanently and destroyed the <i>Bounty</i>.</div><div><br /></div><div>I read the trilogy about 70 years ago. Recently, on a whim, I decided to reread <i>Mutiny on the Bounty</i>. In addition to describing the mutiny, it also discusses what happened in the first several years after the mutiny, and, in an epilogue, what happened many years after the mutiny.</div><div><br /></div><div>Several movies have been made about the <i>Bounty</i>. My favorite is the 1935 black-and-white film starring Clark Gable as Fletcher Christian and Charles Laughton as William Bligh. The narrator was Englishman Roger Byam, who was played in the film by actor Franchot Tone.<div style="text-align: left;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-1199816678783018192021-11-10T01:00:00.001-05:002021-11-10T01:00:00.177-05:00No. 445: Kemper's Long Legal Struggle Relating to Lost Policyholders: An UpdateIn <u><a href="http://www.josephmbelth.com/2021/06/no-424-kempers-long-struggle-relating.html" target="_blank">No. 424</a></u> (June 10, 2021), I wrote about Kemper's long legal struggle relating to lost policyholders. The struggle is now in the Florida Supreme Court. Here I provide an update on the case. (See <i>United Insurance Company of America v. Patronis</i>, Florida Supreme Court, Case No. SC20-1306.)<div><br /></div><div>On October 12, 2021, the Florida Supreme Court issued an order setting oral argument at 9:00 a.m. on December 8, 2021. Each side is given a maximum of 20 minutes. No continuances will be granted except upon a showing of extreme hardship. I plan to provide a further update when I consider it warranted.<div style="text-align: left;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-11498640323824218542021-11-04T01:00:00.001-04:002021-11-04T01:00:00.190-04:00No. 444: Adam Schiff's Important BookAdam Schiff's important book was published on October 12, 2021. It is entitled <i>Midnight in Washington: How We Almost Lost Our Democracy and Still Could</i>.<div><br /></div><div>Schiff represents California's 28th congressional district. As chair of the House Permanent Select Committee on Intelligence, he was heavily involved in both impeachments of Donald Trump. Schiff's book presents a tremendous amount of detail about Trump's attack on our democracy. Here is what presidential historian Michael Beschloss says about Schiff's book: "In this thoughtful, absorbing and revelatory memoir, an important champion and defender of American democracy shows us how he became a national leader and, drawing on his experience on the inside, how close the Trump regime brought us to losing our system." Here is the final paragraph in the epilogue of Schiff's book: <br /><blockquote><b>Seventeen years from now, when the present is a distant memory for all but the cicadas, we will look back on this time as a decisive moment for our country, when we were at sea and our destination remained unknown, our future obscure, the great enterprise in self-rule in doubt. Did we turn back toward the shores of our Founders, or was this the moment when the clouds descended, the stars disappeared, and we became irretrievably lost? We must understand that we are not passengers on this journey, unable to steer the country we all love in one direction or another. It is within our power to take hold of the rudder, choose the future we want for our children and grandchildren, and, with the grace of God, make it so.</b></blockquote>
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-23567833605146288862021-10-22T01:00:00.001-04:002021-10-22T01:00:00.195-04:00No. 443: The Secondary Market for Life Insurance PoliciesIn my 2015 book entitled <i>The Insurance Forum: A Memoir</i>, <u><a href="https://theinsuranceforum.com/blogpdfs/Memoir_Chapter_9.pdf" target="_blank">Chapter 9</a></u> is entitled "The Secondary Market for Life Insurance Policies." In that 12-page chapter, I discuss the origin and growth of the secondary market, including viatical settlements, life settlements, and stranger-originated life insurance (STOLI). I refer to STOLI as speculator-initiated life insurance (spinlife).<div><br /></div><div>I have long been concerned about the negative impact of the secondary market (the "unselling" of life insurance) on life insurance companies and their policyholders. Recently I heard reports about life insurance companies and life settlement companies competing vigorously against one another in their efforts to persuade policyholders to cash in or sell their life insurance policies. For that reason, I decided to prepare this blog post to revisit the subject. After you read Chapter 9 of my <i>Memoir</i>, I would welcome your comments.<div style="text-align: center;"><br />===================================
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-1916497084302895442021-10-15T01:00:00.001-04:002021-10-15T01:00:00.166-04:00No. 442: A 25-Year Prison Term for a Securities Fraudster in Texas<b>The TSSB Press Release</b><div>On October 4, 2021, the Texas State Securities Board (TSSB) issued a press release announcing that Mejdi Mahmoud Abousaoui has been sentenced to 25 years in state prison and ordered to pay restitution of about $3 million for engaging in first-degree securities fraud. He was prosecuted in Fort Bend County, Texas.</div><div><br /></div><div><b>The Felony Complaint</b></div><div>The charges against Abousaoui were in the form of an eight-page <u><a href="https://theinsuranceforum.com/blogpdfs/Abousaoui_Felony_Complaint.pdf" target="_blank">felony complaint</a></u>. It charged him with engaging in a Ponzi scheme that ran from early 2015 through mid-2018 and involved at least 70 victims. The felony complaint lists the names of the victims and the amounts and dates of their losses. The first paragraph of the felony complaint reads:</div><div><blockquote><b>Before me, the undersigned Assistant District Attorney of Fort Bend County, Texas, this day appeared the undersigned affiant, who under oath says he has good reason to believe and does believe that in Fort Bend County, Texas, Mejdi Mahmoud Abousaoui, hereafter styled the Defendant, heretofore, on or about and between March 1, 2015, and April 30, 2018, pursuant to one scheme and continuing course of conduct, did, unlawfully, then and there, directly and indirectly, and through his company Abousaoui Financial, LLC, sell and offer for sale investments in the Abousaoui Financial investment program (hereinafter referred to as the Program), being securities, namely: stocks, shares, notes, bonds, investment contracts, and evidences of indebtedness, to each of the persons listed below and in the following amounts:</b></blockquote></div><div>The felony complaint lists the names of the victims. It also shows the dates and amounts of their losses.</div><div><br /></div><div>According to the TSSB press release, Abousaoui has already paid more than $200,000 of restitution. He has been ordered to pay the remaining balance of about $2.8 million of restitution.</div><div><br /></div><div><b>General Observations</b></div><div>I recommend that you read the felony complaint against Abousaoui in its entirety. A link to it is in the third sentence of this blog post. Comments from readers would be welcomed.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-71646950782119523042021-10-08T01:00:00.001-04:002021-10-08T01:00:00.170-04:00No. 441: The Massachusetts Securities Regulator Settles an Investigation of a Massachusetts Mutual Subsidiary<b>The <i>Journal</i> Article</b><div>On September 17, 2021, <i>The Wall Street Journal</i> carried a 600-word article on page B1 of the print edition entitled "GameStop Trader's Firm Is Fined—MassMutual faulted by regulator for lack of procedures to monitor activity of Keith Gill." The reporter was Caitlin McCabe. Here is the first paragraph of the article:</div><div><blockquote><b>A Massachusetts Mutual Life Insurance Co. subsidiary agreed to pay a $4 million fine to settle an inquiry from Massachusetts securities regulators into the social-media and trading activity of its employees, including well-known GameStop Corp. investor Keith Gill.</b></blockquote></div><div><b>The Two Consent Orders</b></div><div>William Francis Galvin is the Secretary of the Commonwealth of Massachusetts and heads the Massachusetts Securities Division. The settlement took the form of two <u><a href="https://theinsuranceforum.com/blogpdfs/Massachusetts_Consent_Orders_091521.pdf" target="_blank">Consent Orders</a></u>, which readers may wish to review in their entirety, dated September 15, 2021 "In the Matter of MML Investors Services, LLC (MMLIS)."</div><div><br /></div><div><div>One of the Consent Orders is Docket No. 2021-0004. Here is the first paragraph of the 18-page Consent Order:</div><div><blockquote><b>This Consent Order is entered into by the Massachusetts Securities Division and MML Investors Services, LLC with respect to the investigation by the Division into whether MMLIS' activities and conduct violated the Massachusetts Uniform Securities Act, Gen. Laws ch. 110A, and the corresponding regulations promulgated thereunder at 950 Mass. Code Regs. 10.00 - 14.413.</b></blockquote></div></div><div>The other Consent Order is Docket No. R-2019-0096. Here is the first paragraph of the 13-page Consent Order:</div><div><blockquote><b>This Consent Order is entered into by the Massachusetts Securities Division and MML Investors Services, LLC with respect to the investigation by the Registration, Inspections, Compliance and Examinations Section of the Massachusetts Securities Division of the Office of the Secretary of the Commonwealth regarding MMLIS' failure to register its agents who conducted securities business in Massachusetts, as well as the individuals responsible for supervising the agents, in violation of the Massachusetts Uniform Securities Act, Mass. Gen. Laws ch. 110A and the corresponding regulations promulgated thereunder at 950 Mass. Code Regs. 10.00 - 14.413. </b></blockquote></div><div><b>General Observations</b></div><div>The regulatory settlement discussed in this blog post is complex. I recommend that you read the <i>Journal</i> article mentioned at the beginning of this blog post and the two Consent Orders. I would welcome comments from readers.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-1144114475813456392021-10-01T01:00:00.001-04:002021-10-01T01:00:00.171-04:00No. 440: The 9/11 Commission ReportAs the 20-year commemoration of the terrorist attack on the United States blanketed the nation, I realized I had not read the <u><a href="https://theinsuranceforum.com/blogpdfs/The_9_11_Commission_Report.pdf" target="_blank">9/11 Commission Report</a></u>. I have remedied the failure by reading the 593-page Report in its entirety. I then decided to prepare this blog post.<div><br /></div><div><b>The 9/11 Commission</b></div><div>Congress and President George W. Bush created the National Commission on Terrorist Attacks Upon the United States (Public Law 107-306, November 27, 2002). Ten Commissioners, consisting of five Republicans and five Democrats chosen by elected leaders from our nation's capital, came together to present the Report without dissent.</div><div><br /></div><div><b>The Commission's Mandate</b></div><div>The Commission had a sweeping mandate: to investigate facts and circumstances relating to the terrorist attacks of September 11, 2001, including those relating to intelligence agencies, law enforcement agencies, diplomacy, immigration issues, border control, the flow of assets to terrorist organizations, commercial aviation, the role of congressional oversight and resource allocation, and other areas determined relevant by the Commission. The Commission held 29 days of hearings and took public testimony from 160 witnesses.</div><div><br /></div><div>Thomas H. Kean was Chair of the Commission. Lee H. Hamilton was Vice Chair. The other members were Richard Ben-Veniste, Fred F. Fielding, James S. Gorelick, Slade Gorton, Bob Kerrey, John F. Lehman, Timothy J. Roemer, and James R. Thompson. Philip Zelikow was the Executive Director of the Commission Staff.</div><div><br /></div><div><b>Structure of the Report</b></div><div>The first major section of the Report is entitled "Inside the Four Flights." It describes in excruciating detail what happened on the four hijacked flights: American Airlines Flight 11, United Airlines Flight 175, American Airlines Flight 77, and United Airlines Flight 93.</div><div><br /></div><div>The second major section of the Report is about the Federal Aviation Administration (FAA) and the North American Aerospace Defense Command (NORAD). The third major section is about National Crisis Management. The fourth major section, about "The Foundation of the New Terrorism," focuses on Usama [sic] bin Laden and also discusses Al Qaeda and its renewal in Afghanistan.</div><div><br /></div><div>The fifth major section is entitled "Counterterrorism Evolves." It discusses the Central Intelligence Agency, the National Security Agency, the Department of Defense, the State Department, the Federal Bureau of Investigation, the Defense Intelligence Agency, the Drug Enforcement Administration, the Immigration and Naturalization Service, and other agencies.</div><div><br /></div><div><b>General Observations</b></div><div>I was impressed by the quality of the Report. I think it is well worth taking the time to read it in its entirety. A link to the Report is in the first paragraph of this blog post. I would welcome comments from readers.</div><div><br /></div><div><div><div style="text-align: center;">===================================</div>
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-12194824410395166482021-09-24T01:00:00.002-04:002021-09-24T01:00:00.158-04:00No. 439: Another Class Action Lawsuit Against Genworth<div style="text-align: left;"><b>The Halcom Lawsuit</b></div><div style="text-align: left;">On January 11, 2021, Judy Halcom and three other individuals filed a class action lawsuit against Genworth Life Insurance Company (GLIC) and Genworth Life Insurance Company of New York (GLICNY). In this case, the two defendants collectively are referred to as "Genworth." (See <i>Halcom v. Genworth</i>, U.S. District Court, Eastern District of Virginia, Case No. 3:21-cv-19.)</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>A Brief Summary</b></div><div style="text-align: left;">The introduction in the Halcom complaint describes the nature of the lawsuit. Here is the third paragraph of the introduction:</div><div style="text-align: left;"><blockquote><b>3. Since 2008, Genworth has steadily and substantially increased the premiums on these policies. To be clear, this case does not challenge Genworth's contractual right to increase these premiums, or its need for premium increases given changes in certain of Genworth's actuarial assumptions and the historical experience of these policy blocks. Nor does this case ask the Court to reconstitute any of the premium rates or otherwise substitute its judgment for that of any insurance regulator in approving the increased rates. Rather, this case seeks to remedy the harm caused to Plaintiffs and the Classes from Genworth's partial disclosures of material information when communicating the premium increases, and the omission of material information necessary to make those partial disclosures adequate. Without this material information, Plaintiffs and the Classes could not make informed decisions in response to the premium increases and ultimately made policy option renewal elections they never would have made had the Company adequately disclosed the staggering scope and magnitude of its internal rate increase action plans in the first place.</b></blockquote></div><div style="text-align: left;"><b>The Judge</b></div><div style="text-align: left;">The Halcom case was assigned to U.S. Senior District Court Judge Robert E. Payne. President George W. Bush nominated him in November 1991. The Senate confirmed him in May 1992. He assumed senior status in May 2007.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>The Halcom Settlement</b></div><div style="text-align: left;">On August 30, 2021, Judge Payne issued an order granting preliminary approval of the Halcom settlement and directing notice to the class of over 146,000 members in all 50 states and the District of Columbia. He appointed Epiq Class Action & Claims Solutions, Inc. (Epiq) as administrator of the settlement, approved the class notice and the publication notice, and ordered Epiq to disseminate the class notice to class members within 60 days. He approved the form of the Special Election Letter to be mailed to class members, subject to possible changes by state insurance regulators. He described the procedure for exclusions and objections, set the final approval hearing for February 9, 2022, and attached a list of all the policy form numbers. He also attached the notice to class members (nine pages) and the publication notice (one page), which are <u><a href="https://theinsuranceforum.com/blogpdfs/Notices_relating_to_Halcom_083121.pdf" target="_blank">here</a></u>.</div><div style="text-align: left;"><br /></div><div style="text-align: left;">In the notice to class members, there is a section on attorneys' fees and litigation expenses. It says the class attorneys (the same attorneys who filed the Skochin complaint mentioned later), as part of the request for final approval of the settlement, will request (a) $1 million relating to the injunctive relief that is in the form of the disclosures, and (b) an additional contingent payment of 15 percent of certain amounts related to the class members' selection of options, but no greater than $18,500,000. None of the attorneys' fees will be deducted from the payments made to class members. Also, the class attorneys will request an award of litigation expenses of no more than $50,000. Genworth has agreed to pay all fees and expenses. The class attorneys will also request approval of payment of up to $15,000 for each of the four named plaintiffs.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>Genworth's Comments on the Halcom Settlement</b></div><div style="text-align: left;">On August 5, 2021, Genworth filed its 10-Q report for the quarter ended June 30, 2021, with the Securities and Exchange Commission. On pages 66-67 of the report, Genworth made these comments on the proposed settlement of the Halcom case:</div><div style="text-align: left;"><blockquote><b>If we enter into a settlement consistent with the agreement in principle reached on June 18, 2021, we do not anticipate the result to have a material negative impact on our results of operations or financial position. If we do not enter into a final settlement, we intend to continue to vigorously defend this action.</b></blockquote></div><div style="text-align: left;"><b>The Eastern District of Virginia</b></div><div style="text-align: left;">The United States District Court for the Eastern District of Virginia (where Genworth is based) has a reputation as the fastest civil trial court in the United States. The Halcom case is an example. The complaint was filed on January 11, 2021. Genworth's answer to the complaint was filed on March 15. A pretrial conference was held on April 21. A scheduling order was issued on May 3. The parties were engaged in private mediation on May 27. The parties agreed to a settlement on June 30. The proposed settlement was filed on August 23. Preliminary approval of the settlement was granted on August 30. The settlement approval hearing on February 9, 2022 was set on September 2, 2021.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>The Skochin Lawsuit</b></div><div style="text-align: left;">The Halcom case resembles the case of <i>Skochin v. Genworth</i>. My most recent update on Skochin is in <u><a href="http://www.josephmbelth.com/2020/11/no-398-long-term-care-insuranceyet.html" target="_blank">No. 398</a></u> (November 13, 2020).</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>General Observations</b></div>I plan to post a follow-up to this blog post after Judge Payne grants final approval of the Halcom settlement.<div><br /><div><div style="text-align: center;">===================================</div>
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-24609518094295653612021-09-17T01:00:00.002-04:002021-09-17T01:00:00.163-04:00No. 438: The Texas Republicans' Abortion Law<div style="text-align: left;"><b>The Texas Abortion Law</b></div><div style="text-align: left;">The Republican-controlled Texas legislature recently enacted, and the Republican governor of Texas signed, a frightening abortion law that took effect at midnight on September 1, 2021. Opponents immediately asked the U.S. Supreme Court to rule that the law is unconstitutional. In a shocking development, the Supreme Court denied the request in a 5 to 4 Court order, with Chief Justice Roberts joining with the three liberal justices.</div><div style="text-align: left;"><br /></div><div style="text-align: left;"><b>The Sotomayor Dissent</b></div><div style="text-align: left;">Justice Sonia Sotomayor wrote a powerful dissenting opinion, with which liberal Justices Breyer and Kagan joined. The first paragraph and the last two paragraphs of the Sotomayor dissent read as follows:</div><div style="text-align: left;"></div><blockquote><div style="text-align: left;"><b>The Court order is stunning. Presented with an application to enjoin a flagrantly unconstitutional law engineered to prohibit women from exercising their constitutional rights and evade judicial scrutiny, a majority of Justices have opted to bury their heads in the sand. Last night, the Court silently acquiesced in a state enactment of a law that flouts nearly 50 years of federal precedents. Today, the Court belatedly explains that it declined to grant relief because of procedural complexities of the State's own invention. <i>Ante</i>, at 1. Because the Court's failure to act rewards tactics designed to avoid judicial review and inflict significant harm on the applicants and on women seeking abortions in Texas, I dissent....</b></div></blockquote><blockquote><div style="text-align: left;"><b>The Court should not be so content to ignore its constitutional obligations to protect not only the rights of women, but also the sanctity of its precedents and of the rule of law.</b></div></blockquote><blockquote><div style="text-align: left;"><b>I dissent.</b></div></blockquote><div style="text-align: left;"></div><div style="text-align: left;">Dissenters normally say "I respectfully dissent." In this instance, Sotomayor said "I dissent." I recommend that you read the <u><a href="https://theinsuranceforum.com/blogpdfs/Supreme_Court_re_Texas_Abortion_Law_090121.pdf" target="_blank">full Sotomayor dissent and the related filings</a></u> (12 pages).</div><div style="text-align: left;"><b><br /></b></div><div style="text-align: left;"><b>The Garland Statement</b></div><div style="text-align: left;">On September 6, the U.S. Department of Justice released a statement from U.S. Attorney General Merrick B. Garland about the Texas abortion law. Here is the full statement:</div><div style="text-align: left;"></div><blockquote><div style="text-align: left;"><b>While the Justice Department urgently explores all options to challenge [the Texas abortion law] in order to protect the constitutional rights of women and other persons, including access to an abortion, we will continue to protect those seeking to obtain or provide reproductive health services pursuant to our criminal and civil enforcement of the FACE Act, 18 U.S.C. § 248.</b></div></blockquote><blockquote><div style="text-align: left;"><b>The FACE Act prohibits the use or threat of force and physical obstruction that injures, intimidates, or interferes with a person seeking to obtain or provide reproductive health services. It also prohibits intentional property damage of a facility providing reproductive health services. The department has consistently obtained criminal and civil remedies for violations of the FACE Act since it was signed into law in 1994, and it will continue to do so now.</b></div><div style="text-align: left;"><b></b></div></blockquote><blockquote><div style="text-align: left;"><b>The department will provide support from federal law enforcement when an abortion clinic or reproductive health center is under attack. We have reached out to U.S. Attorneys' Offices and FBI field offices in Texas and across the country to discuss our enforcement authorities.</b></div><div style="text-align: left;"><b></b></div></blockquote><blockquote><div style="text-align: left;"><b>We will not tolerate violence against those seeking to obtain or provide reproductive health services, physical obstruction or property damage in violation of the FACE Act.</b></div></blockquote><div style="text-align: left;"></div><div><b>General Observations</b></div><div>My blog posts usually are devoted to insurance matters. However, the Texas abortion law is so outrageous that I decided to comment on it.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-26293574923255111762021-09-10T01:00:00.001-04:002021-09-10T01:00:00.182-04:00No. 437: The Securities and Exchange Commission Files a Civil Lawsuit Against Several Investment PromotersOn August 20, 2021, the Securities and Exchange Commission (SEC) filed a civil lawsuit in federal court in San Antonio against Robert J. Mueller (Mueller) and several other investment promoters. The defendants allegedly persuaded investors, many of whom are retirees, to cash out annuities and individual retirement accounts they held with other investment companies and invest in funds promoted by the defendants. (See <i>SEC v. Mueller et al.</i>, U.S. District Court, Western District of Texas, Case No. 5:21-cv-785.)<div><br /></div><div><b>The SEC Complaint</b></div><div>The <u><a href="https://theinsuranceforum.com/blogpdfs/SEC_v_Mueller_Complaint_082021.pdf" target="_blank">SEC complaint</a></u> (24 pages) contains eight counts alleging violations of federal securities laws. The SEC seeks a permanent injunction, disgorgement of ill-gotten gains, and payment of a civil penalty.</div><div><b><br /></b></div><div><b>The Judge</b></div><div>The case has been assigned to U.S. District Court Judge Xavier Rodriguez. President George W. Bush nominated him, and he assumed office on August 1, 2003.</div><div><br /></div><div><b>General Observations</b></div><div>This case is in its very early stages. The defendants have not yet filed an answer to the complaint. I plan to report significant developments.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-83321187847134618962021-09-03T01:00:00.001-04:002021-09-03T01:00:00.162-04:00No. 436: More on the $97 Million Regulatory Settlement Imposed on TIAAIn <u><a href="http://www.josephmbelth.com/2021/08/no-434-regulators-impose-97-million.html" target="_blank">No. 434</a></u> (August 18, 2021), I reported on the $97 million regulatory settlement imposed on The Teachers Insurance and Annuity Association of America (TIAA) by the Securities and Exchange Commission (SEC) and the New York State Attorney General (NYAG). On August 20, I received an email from a former Wealth Management Advisor (WMA) at TIAA. In response to that email, I sent the former WMA links to three earlier blog posts about developments at TIAA. The purpose of this follow-up is to share those three earlier posts with other readers. In each of the posts, I offered a complimentary package of additional material; those packages remain available upon request.<div><br /></div><div><b>The Earlier Blog Posts</b></div><div>The first of the earlier blog posts is <u><a href="http://www.josephmbelth.com/2014/09/no-68-tiaa-moodys-and-surplus-notes.html" target="_blank">No. 68</a></u> (September 22, 2014) entitled "TIAA, Moody's, and Surplus Notes." In it, I offered the September 2014 TIAA package.</div><div><br /></div><div>The second of the earlier blog posts is <u><a href="http://www.josephmbelth.com/2017/11/no-240-tiaa-cref-under-microscope.html" target="_blank">No. 240</a></u> (November 9, 2017) entitled "TIAA-CREF Under the Microscope." In it, I offered the November 2017 TIAA package.</div><div><br /></div><div>The third of the earlier blog posts is <u><a href="http://www.josephmbelth.com/2019/07/no-321-tiaa-is-exiting-life-insurance.html" target="_blank">No. 321</a></u> (July 9, 2019) entitled "TIAA Is Exiting the Life Insurance Business." In it, I offered the July 2019 TIAA package.</div><div><br /></div><div><b>More on Surplus Notes</b></div><div>Surplus notes have a long and interesting history in the insurance business in the United States. TIAA and The Northwestern Mutual Life Insurance Company (Milwaukee, WI) were the last two holdouts against what became the widespread use of these extraordinary financial instruments.</div><div><br /></div><div>My 2015 book entitled <i>The Insurance Forum: A Memoir</i> contains a chapter devoted to the subject of surplus notes. For readers who might be interested, here is a link to <u><a href="https://theinsuranceforum.com/blogpdfs/The_Insurance_Forum--A_Memoir_Chapter_25.pdf" target="_blank">Chapter 25</a></u>.</div><div><br /><div style="text-align: center;">===================================</div><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-89495280582668252022021-08-27T01:00:00.001-04:002021-08-27T01:00:00.169-04:00No. 435: Ohio National Is the Defendant in a Job Discrimination Lawsuit<b>The Modified Work Schedule</b><div>Jessica Walker (Walker), an Ohio resident, was employed by Ohio National Financial Services. Inc. (Ohio National) from July 7, 2012 to July 31, 2017. In 2017, Ohio National announced it would implement a modified full-time work schedule that would be available to some employees. It was Walker's understanding that the modified work schedule was to benefit female employees with young children. In July 2017, Walker expressed concerns about the modified work schedule not being offered to all similarly situated employees.</div><div><br /></div><div><b>The Meeting</b></div><div>On Friday, July 28, 2017, Walker met with several Ohio National officials to discuss her concerns. During the meeting, Walker said that, if the company did not offer the same work schedule to all similarly situated employees, she would likely contact the Equal Employment Opportunity Commission (EEOC) to determine if the disparate treatment would be unlawful. On Monday, July 31, 2017, Ohio National terminated Walker's employment.</div><div><br /></div><div><b>The Lawsuit</b></div><div>On April 13, 2021, Walker received a "right to sue" letter from the Indianapolis office of the EEOC. On July 1, Walker filed a job discrimination lawsuit against Ohio National in federal court in Ohio. The "right to sue" letter is attached to the complaint as an exhibit. The complaint and exhibits are <u><a href="https://theinsuranceforum.com/blogpdfs/Walker_v_OhioNat_USDC_SDOH_1-21-cv-00448-DRC_Complaint_and_Exhibits.pdf" target="_blank">here</a></u>. In her complaint, Walker said she had exhausted her administrative remedies by filing a charge of retaliation with the EEOC alleging that the company had terminated her employment because she had indicated her intent to contact the EEOC. (See <i>Walker v. Ohio National</i>, U.S. District Court, Southern District of Ohio, Case No. 1:21-cv-448.)</div><div><br /></div><div><b>The One Claim for Relief</b></div><div>Walker's complaint contains one claim for relief. She alleges that Ohio National's actions constitute retaliation in violation of Title VII of the Civil Rights Act of 1964. She seeks lost wages, fringe benefits, compensatory and punitive damages, and attorney fees and costs.</div><div><br /></div><div><b>The Judge</b></div><div>The case has been assigned to U.S. District Judge Donald R. Cole. President Trump nominated him in May 2019. The Senate confirmed him in December 2019.</div><div><br /></div><div><b>General Observations</b></div><div>This lawsuit is in its early stages. I think it is likely that the case will be settled. I plan to report significant developments.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-27077156825905895852021-08-18T01:00:00.003-04:002021-08-18T13:12:17.168-04:00No. 434: Regulators Impose a $97 Million Settlement on TIAAOn July 13, 2021, the Securities and Exchange Commission (SEC) and the New York State Attorney General (NYAG) announced a $97 million enforcement action against Teachers Insurance and Annuity Association of America (TIAA). Here are the title and the subtitle of the SEC press release:<div></div><blockquote><div><b>SEC Announces $97 Million Enforcement Action Against TIAA Subsidiary for Violations in Retirement Rollover Recommendations.</b></div></blockquote><blockquote><div><b>SEC and N.Y. Attorney General Secure Significant Relief for Investors and Reforms at TIAA.</b></div></blockquote><div></div><div><b>The SEC Action</b></div><div> The SEC action took the form of a 17-page <u><a href="https://theinsuranceforum.com/blogpdfs/SEC_order_TIAA_071321.pdf" target="_blank">Order</a></u>. Here are the first two paragraphs of the summary in the Order:</div><div><b><ol style="text-align: left;"><li><b>This matter concerns TIAA's failure to disclose adequately conflicts of interest and dissemination of inaccurate and misleading statements in connection with recommendations that clients invested in TIAA employer-sponsored retirement plans (ESPs) roll over retirement assets into a managed account program called "Portfolio Advisor." TIAA had a conflict of interest because Portfolio Advisor generated greater revenue than other available alternatives.</b></li><li><b>From January 1, 2013 through March 30, 2018, TIAA created positive incentives and negative pressures for its Wealth Management Advisors (WMAs) to prioritize the rollover of ESP assets into Portfolio Advisor over lower cost alternatives for rollover-eligible ESP participants who were receiving advisory services as part of the financial planning process TIAA offered. Those incentives and pressures included: (1) an incentive compensation plan that paid WMAs more in variable compensation when they signed clients up for the Portfolio Advisor program than for some alternatives, and (2) negative consequences for failure to meet related targets, including the placement of some WMAs on performance improvement plans and the threat of termination of employment. TIAA also trained WMAs to use the rollover process to discover areas of vulnerability for these clients, called "pain points," to "create pain" by helping clients "self-realize" the financial vulnerability, and then to recommend Portfolio Advisor as the solution to their problem.</b></li></ol></b></div><div><b>The NYAG Action</b></div><div>The NYAG action took the form of a 24-page <u><a href="https://theinsuranceforum.com/blogpdfs/NYAG_TIAA_discontinuance_071321.pdf" target="_blank">Assurance of Discontinuance</a></u>. Here are the first two paragraphs of the NYAG's findings in the Assurance of Discontinuance:</div><div><b><ol style="text-align: left;"><li><b>Beginning in or about 2012, TIAA and its salespeople used a false and misleading marketing pitch to convince investors to roll over assets from low-fee employer-sponsored retirement plans to individual managed accounts in TIAA's Portfolio Advisor program, on which TIAA charged lucrative management fees. TIA trained its salespeople to describe themselves as "objective, non-commissioned" advisors. In truth, TIAA's salespeople had a serious conflict of interest, since they were heavily incentivized—through financial compensation and supervisory and disciplinary pressures—to identify clients' "pain points" and recommend Portfolio Advisor as the preferred solution. In many cases, TIAA salespeople also presented clients with a misleading comparison of their investment options, promoting managed accounts as the only alternative to self-directed investment while downplaying or omitting advantages of employer-sponsored plans.</b></li><li><b>TIAA has earned hundreds of millions of dollars in management fees on Portfolio Advisor accounts that clients opened with assets rolled over from employer-sponsored plans.</b></li></ol></b></div><div><b>General Observations</b></div><div>I think the SEC/NYAG enforcement action against TIAA is an important development. For readers to understand it fully, I recommend you read in their entirety the SEC Order and the NYAG Assurance of Discontinuance. Those documents are available through links provided in this blog post.</div><div><br /></div><div><b>Personal Observations</b></div><div>I joined the faculty of Indiana University (IU) in 1962. One year later, I was enrolled automatically in IU's faculty retirement plan with TIAA and its affiliated College Retirement Equities Fund (CREF). Since my retirement from IU, I have been receiving distributions from CREF. Thus I have had personal experience with TIAA and CREF for almost 60 years. Except for some minor administrative problems from time to time, my experience with TIAA and CREF has been satisfactory. Therefore, the news of the SEC/NYAG investigation came as a surprise and a disappointment. I knew personally some of the people (all now deceased) who were involved in the creation of IU's early relationship with TIAA. I think they would have been shocked by the findings of the SEC/NYAG investigation.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-10894637347541142152021-08-12T01:00:00.001-04:002021-08-12T01:00:00.162-04:00No. 433: Executive Compensation in the Insurance Industry—2020 Data from 2021 Filings with New York<b>Background</b><br /> In <u><a href="http://www.josephmbelth.com/2021/07/no-428-executive-compensation-in.html" target="_blank">No. 428</a></u> (July 7, 2021), I reminded readers that I started publishing insurance industry executive compensation data in 1975 in <i>The Insurance Forum</i>, my monthly newsletter. I continued doing so on my blog after ending the <i>Forum</i> in December 2013.<div><br /></div><div>My three sources of data have been the Securities and Exchange Commission (SEC), the Nebraska Department of Insurance (NDI), and the New York State Department of Financial Services (NYDFS). In No. 428, I showed data for 2020 from 2021 filings with the SEC. In <u><a href="http://www.josephmbelth.com/2021/07/no-431-executive-compensation-in.html" target="_blank">No. 431</a></u> (August 4, 2021), I showed data for 2020 from 2021 filings with the NDI. Here I show data for 2020 from 2021 filings with the NYDFS.</div><div><br /></div><div><b>NYDFS Data</b></div><div>In the tabulation below, I show the NYDFS data for individuals who received at least $5 million in 2020. Where two or more individuals in a company are shown, they are listed in descending order of compensation.</div><div><br /></div><div>NYDFS data are filed by life insurance companies doing business in New York State, and by health insurance companies doing business there. The data are from the 2020 "Schedule G," which is in the New York Supplement to the statutory annual statement. I obtained the Schedule Gs through a request pursuant to the New York State Freedom of Information Law. The Life Bureau of the NYDFS sent the Schedule Gs for life insurance companies, and the Health Bureau of the NYDFS sent the Schedule Gs for health insurance companies. Both bureaus provided the schedules without charge.</div><div><br /></div><div>The Schedule G for life insurance companies differs significantly from the Schedule G for health insurance companies. The Schedule G for life insurance companies shows one figure for each individual. It is "the aggregate amount (any and all remuneration, including all wages, salaries, commissions, stock grants, gains from the exercise of stock options and other emoluments) received by the payee attributable to services performed for, or on behalf of, the reporting insurer, regardless of whether the payee is employed and paid by the insurer or a related or affiliated company."</div><div><br /></div><div>The Schedule G for health insurance companies shows four figures for each individual: (1) "salary paid by company and all other companies in holding company system," (2) "bonus & all other compensation deferred or paid by company and all other companies in holding company system," (3) "total amount paid by company and all other companies in holding company system," and (4) "amount paid by or amount allocated to company." I show the third of those four figures, which is the sum of the first two figures.</div><div><br /></div><div>Pursuant to changes made several years ago in the New York State executive compensation disclosure statute to curtail the amount of compensation data available to the public, the names of individuals are sometimes redacted, so that the Schedule G sometimes shows only the amounts of compensation and the titles of certain individuals. In those instances, I show the individual's title and the amount of compensation.</div><div><br /></div>
<div align="center">
<table cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td colspan="2"><b><span style="font-family: times; font-size: 14px;">NYDFS Data for 2020</span></b></td>
</tr>
<tr>
<td colspan="2" height="35" valign="bottom"><i><span style="font-family: times; font-size: 14px;">Life Insurance Companies</span></i></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Aetna Life Ins Co</span></b></td>
</tr>
<tr>
<td width="200"><span style="font-family: times; font-size: 14px;">EVP, Integration</span></td>
<td align="right" width="80"><span style="font-family: times; font-size: 14px;">$11,129,096</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">American National Life of NY</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">James E Pozzi</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,028,583</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Equitable Financial Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Mark Pearson</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,958,433</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">First Health Life & Health Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Karen S Lynch</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">10,730,916</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Alec R Cunningham</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,465,563</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Globe Life Ins Co of NY</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Frank Martin Svoboda</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">7,807,475</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">William M Pressley</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,746,829</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Guardian Life Ins Co of America</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Deanna Mulligan</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">10,300,764</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Eric Dinallo</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,517,427</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Lincoln Life Assur Co of Boston</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Dennis R Glass</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">20,090,545</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Randal J Freitag</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,878,200</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Wilford H Fuller</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,753,626</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Massachusetts Mutual Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Roger Crandall</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">21,875,488</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Melvin Corbett</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">8,489,343</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Michael Fanning</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">7,700,159</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Metropolitan Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Michel Abbas Khalaf</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">7,624,215</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">EVP & Chief Investment Officer</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,239,381</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">New York Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Theodore A Mathas</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">24,238,639</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Matthew M Grove</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">10,739,520</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Anthony R Malloy</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,265,631</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Yie-Hsin Hung</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,340,371</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Northwestern Mutual Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">John E Schlifske</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">18,018,703</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Principal Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Karl W Nolin</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">9,434,249</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Daniel Joseph Houston</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,240,643</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Kelly D Rush</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,696,725</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Prudential Ins Co of America</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Charles Lowrey</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,347,293</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Robert Michael Falzon</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,090,249</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Stephen Pelletier</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,051,205</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Securian Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Christopher Michael Hilger</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,479,342</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Teachers Ins & Annuity Assn</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Roger Ferguson</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,127,887</span></td>
</tr>
<tr>
<td colspan="2" height="50" valign="bottom"><i><span style="font-family: times; font-size: 14px;">Health Insurance Companies</span></i></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Anthem Ins Companies Inc</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Gail A Koziara Boudreaux</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">$16,306,318</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Gloria M McCarthy</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,096,581</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">John E Gallina</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,091,054</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Peter David Haytaian</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,091,054</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Delta Dental Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Michael J Castro</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">9,523,333</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Hallmark Life Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Michael F Neidorff</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">73,772,977</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Jesse N Hunter</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">12,046,956</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Health Ins Plan of Greater NY</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Karen M Ignagni</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,342,500</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Timothy Nolan</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,074,404</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Humana Ins Co of NY</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Brian Andrew Kane</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">18,738,968</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Christopher Howal Hunter</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,157,542</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Timothy Alan Wheatley</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,072,881</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Mutual of Omaha Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">James T Blackledge</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">6,648,722</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">Solstice Health Ins Co</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Leonard Weiss DMD</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">5,486,569</span></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">UnitedHealthcare Ins Co of NY</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Peter Marshall Gill</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">11,167,181</span></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">William John Golden</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">8,587,204</span></td>
</tr>
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<td colspan="2" height="30" valign="bottom"><b><span style="font-family: times; font-size: 14px;">WellCare Prescription Ins Inc</span></b></td>
</tr>
<tr>
<td><span style="font-family: times; font-size: 14px;">Andrew Lynn Asher</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">16,259,880</span></td>
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<td><span style="font-family: times; font-size: 14px;">Jeffrey Alan Schwaneke</span></td>
<td align="right"><span style="font-family: times; font-size: 14px;">15,136,733</span></td>
</tr>
</tbody></table>
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Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-32652629091734033752021-08-04T01:00:00.001-04:002021-08-04T01:00:00.159-04:00No. 432: Thomas Joseph Barrack—The Indictment Against Him and Two Others<div>On July 16, 2021, the U.S. Attorney's office in the Eastern District of New York filed in federal court a sealed 46-page <u><a href="https://theinsuranceforum.com/blogpdfs/USA_v_Barrack_Indictment_071621.pdf" target="_blank">indictment</a></u> against Thomas Joseph Barrack (Barrack) and two other individuals. The indictment was unsealed the same day. The seven counts against Barrack are: (1) Acting as Agent of a Foreign Government Without Prior Notification to the Attorney General, (2) Conspiracy to Act as Unregistered Agent of a Foreign Government, (3) Obstruction of Justice, and four counts of Material False Statements. (See <i>Barrack et al.</i>, U.S. District Court, Eastern District of New York, Case No. 1:21-cr-371.)</div><div><br /></div><div><b>The Judge</b></div><div>The case was assigned to U.S. Senior District Court Judge Brian M. Cogan. President George W. Bush nominated him in January 2006. The Senate confirmed him in May 2006. He assumed senior status in June 2020.</div><div><br /></div><div><b>Barrack</b></div><div>Barrack is a U.S. citizen residing primarily in California. He served as Executive Chairman of a global investment management firm headquartered in Los Angeles. From about April 2016 to about November 2016, he served as an informal advisor to the campaign of Presidential candidate Donald J. Trump. From about November 2016 to January 2017, he served as Chairman of the Presidential Inaugural Committee. Beginning in January 2017, he informally advised senior U.S. government officials on issues related to U.S. foreign policy in the Middle East. He also sought appointment to a senior role in the U.S. government, including the role of Special Envoy to the Middle East. Here is paragraph 13 of the indictment:</div><div><blockquote><b>Government officials in the United Arab Emirates, including Emirati Official 1, Emirati Official 2, Emirati Official 3, and Emirati Official 4, tasked the defendants [including Barrack] with, variously and among other things, (a) influencing public opinion, the foreign policy positions of the Campaign and the foreign policy positions of the United States government; (b) obtaining information about foreign policy positions and related decision-making within the Campaign and, at times, the United States government; (c) developing a backchannel line of communication with the Campaign and, at times, officials of the United States government; and (d) developing plans to increase the United Arab Emirates' political influence and to promote its foreign policy preferences.</b></blockquote></div><div>Following that paragraph are ten subsections of the indictment. They are: (1) Initial Meeting and the Energy Speech, (2) Media Appearances, (3) Preparation of Strategy to Promote Emirati Policy Interests and Meeting in Morocco, (4) The Encrypted Messaging Application, (5) The BARRACK Op-Ed, (6) Assistance to United Arab Emirates During the Presidential Transition, (7) Assistance to the United Arab Emirates in the New Presidential Administration, (8) Assistance to the United Arab Emirates with Appointments in the New Presidential Administration, (9) Emirati Official 1's White House Visit, and (10) The Qatari Blockade and Continuing Efforts to Assist the United Arab Emirates.</div><div><br /></div><div><b>The Arraignment</b></div><div>On July 26, Barrack was arraigned in New York City. He entered a plea of not guilty on all counts. He was required to post a bond of $250 million, and was then released pending a conference to be held before Judge Cogan on September 2 at 10:00 a.m. He was required to surrender all his passports. He will be subject to severe travel restrictions and continuous electronic surveillance.</div><div><br /></div><div><b>General Observations</b></div><div>According to recent news reports, the indictment was ready to go a long time ago. Two members of Congress have asked the inspector general of the Department of Justice to investigate the delay.</div><div><br /></div><div>I think the indictment in this case is an amazing document. I strongly recommend that you read it in full. It is available through the link in the first sentence of this blog post.</div><div style="text-align: left;">
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Email: <u><a href="mailto:jmbelth@gmail.com">jmbelth@gmail.com</a></u>
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Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-53860406900535928662021-07-28T01:00:00.001-04:002021-07-28T01:00:00.169-04:00No. 431: Executive Compensation in the Insurance Industry—Data for 2020 from 2021 Filings with Nebraska<div><b>Background</b></div><div>In <u><a href="http://www.josephmbelth.com/2021/07/no-428-executive-compensation-in.html" target="_blank">No. 428</a></u> (July 7, 2021), I reminded readers that I started publishing insurance industry executive compensation data in 1975 in <i>The Insurance Forum</i>, my monthly newsletter. I continued doing so on my blog after ending the <i>Forum</i> in December 2013. My three sources of data have been the Securities and Exchange Commission (SEC), the Nebraska Department of Insurance (NDI), and the New York State Department of Financial Services (NYDFS). In No. 428, I showed data for 2020 from 2021 filings with the SEC. Here I show data for 2020 from 2021 filings with the NDI. I plan to show data for 2020 from the NYDFS later.</div><div><br /></div><div><b>NDI Data</b></div><div>In the tabulation below, I show NDI data for individuals who received at least $5 million in 2020. Where two or more individuals in a company are shown, they are listed in descending order of compensation.</div><div><br /></div><div>NDI data are in a "Supplemental Compensation Exhibit" (Exhibit) filed by each insurance company doing business in Nebraska. Each Exhibit normally shows figures for the top ten company officials. The figure I show for each individual is the "Total." The seven components of the "Total" are "Salary," "Bonus," "Stock Awards," "Option Awards," "Sign-on Payments," "Severance Payments," and "All Other Compensation." NDI provides all the Exhibits on a CD to any member of the public for $80.</div><div><b><br /></b></div><div><b>The Allocation Problem</b></div><div>Where companies are members of a Holding Company Group ("Group"), many companies show the total amount received by each individual from all companies in the Group. Some companies, however, allocate each individual's compensation to each company in the Group.</div><div><br /></div><div>For companies that allocate, it is extremely difficult to locate all companies doing business in Nebraska that are part of a Group. For that reason, as I did last year, I have modified the tabulation below from years prior to 2020 by not trying to assemble the Group data. Instead, with one exception noted below, I show figures for the company with the largest dollar amounts for each Group. Because of the modification, the compensation figure shown for many individuals is smaller, and often much smaller, than the individual's total compensation from all members of the Group. Also, because of the modification, some companies probably are not listed because no individual had at least $5 million of compensation from a single company in the Group.</div><div><br /></div><div><b>The Liberty Mutual Group Exception</b></div><div>The Liberty Mutual Group is a special case. Unlike any other company, the Exhibit for Liberty Mutual Insurance Company makes clear that the total compensation paid to each executive from all members of the Group is exactly twice the figure shown in the Exhibit. I have therefore shown in the tabulation below the larger figure for each executive listed.<br /></div><div><br /></div>
<div align="center">
<table cellpadding="0" cellspacing="0">
<tbody>
<tr>
<td colspan="2"><b>NDI Data for 2020</b></td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Accident Fund General Ins Co</b></td>
</tr>
<tr>
<td width="200">Elizabeth Haar</td>
<td align="right" width="80">$8,684,745 </td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Ace Fire Underwriters Ins Co</b></td>
</tr>
<tr>
<td>John J Lupica</td>
<td align="right">6,630,000</td>
</tr>
<tr>
<td>Paul J Krump</td>
<td align="right">5,650,000</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Acuity A Mutual Ins Co</b></td>
</tr>
<tr>
<td>Benjamin M Salzmann</td>
<td align="right">17,998,084 </td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Aetna Life Ins Co</b></td>
</tr>
<tr>
<td>Karen S Lynch</td>
<td align="right">10,730,916</td>
</tr>
<tr>
<td>Alec R Cunningham</td>
<td align="right">5,465,563</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Affiliated FM Ins Co</b></td>
</tr>
<tr>
<td>Thomas A Lawson</td>
<td align="right">5,564,595</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>AIG Assurance Co</b></td>
</tr>
<tr>
<td>Alexander Ross Baugh</td>
<td align="right">5,954,901</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Allstate Ins Co</b></td>
</tr>
<tr>
<td>Thomas J Wilson</td>
<td align="right">18,009,544</td>
</tr>
<tr>
<td>Dogan Civgin</td>
<td align="right">5,873,381</td>
</tr>
<tr>
<td>Terrence Williams</td>
<td align="right">5,699,432</td>
</tr>
<tr>
<td>Glenn T Shapiro</td>
<td align="right">5,032,673</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Ambac Assurance Corp</b></td>
</tr>
<tr>
<td>Claude LeBlanc</td>
<td align="right">6,022,820</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>American Family Ins Co</b></td>
</tr>
<tr>
<td>Jack C Salzwedel</td>
<td align="right">12,359,016</td>
</tr>
<tr>
<td>William B Westrate</td>
<td align="right">6,217,990</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>American Family Life Assur (AFLAC)</b></td>
</tr>
<tr>
<td>Daniel P Amos</td>
<td align="right">14,367,561</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>American General Life Ins Co</b></td>
</tr>
<tr>
<td>Kevin Hogan</td>
<td align="right">5,111,283</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>American National Ins Co</b></td>
</tr>
<tr>
<td>James E Pozzi</td>
<td align="right">6,028,583</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>American Pet Ins Co</b></td>
</tr>
<tr>
<td>Tim Graff</td>
<td align="right">5,013,734</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>American United Life Ins Co</b></td>
</tr>
<tr>
<td>James S Davison</td>
<td align="right">6,019,250</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>AmGUARD Ins Co</b></td>
</tr>
<tr>
<td>Sy Foguel</td>
<td align="right">5,322,285</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Assured Guaranty Corp</b></td>
</tr>
<tr>
<td>Dominic Frederico</td>
<td align="right">11,963,691</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Auto-Owners Ins Co</b></td>
</tr>
<tr>
<td>Carolyn B Muller</td>
<td align="right">6,065,377</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Brighthouse Life Ins Co</b></td>
</tr>
<tr>
<td>Eric T Steigerwalt</td>
<td align="right">8,890,177</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Chicago Title Ins Co</b></td>
</tr>
<tr>
<td>Raymond Randall Quirk</td>
<td align="right">18,168,514</td>
</tr>
<tr>
<td>Michael Joseph Nolan</td>
<td align="right">5,597,464</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Cincinnati Ins Co</b></td>
</tr>
<tr>
<td>Steven J Johnston</td>
<td align="right">5,765,855</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Continental Casualty Co</b></td>
</tr>
<tr>
<td>Dino Robusto</td>
<td align="right">7,951,499</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Contractors Bonding & Ins Co</b></td>
</tr>
<tr>
<td>Jonathan E Michael</td>
<td align="right">7,114,515</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Crum & Forster Indemnity Co</b></td>
</tr>
<tr>
<td>Marc James Adee</td>
<td align="right">6,191,370</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Employers Assurance Co</b></td>
</tr>
<tr>
<td>Douglas Dean Dirks</td>
<td align="right">5,624,736</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Equitable Financial Life Ins Co</b></td>
</tr>
<tr>
<td>Mark Pearson</td>
<td align="right">6,958,432</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Essent Guaranty Inc</b></td>
</tr>
<tr>
<td>Mark Casale</td>
<td align="right">7,570,910</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Everest Reinsurance Co</b></td>
</tr>
<tr>
<td>Mark Kociancic</td>
<td align="right">5,292,109</td>
</tr>
<tr>
<td>Juan C Andrade</td>
<td align="right">5,223,820</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Farmers Ins Exchange</b></td>
</tr>
<tr>
<td>Jeffrey J Dailey</td>
<td align="right">7,084,202</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Fidelity & Guaranty Life Ins Co</b></td>
</tr>
<tr>
<td>Christopher O Blunt</td>
<td align="right">8,082,752</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>First American Title Ins Co</b></td>
</tr>
<tr>
<td>Dennis Gilmore</td>
<td align="right">11,020,220</td>
</tr>
<tr>
<td>Kenneth DeGiorgio</td>
<td align="right">7,766,153</td>
</tr>
<tr>
<td>George Livermore</td>
<td align="right">6,432,197</td>
</tr>
<tr>
<td>Mark Seaton</td>
<td align="right">5,392,110</td>
</tr>
<tr>
<td>Christopher Leavell</td>
<td align="right">5,094,983</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>GEICO Indemnity Co</b></td>
</tr>
<tr>
<td>Olza Minor Nicely</td>
<td align="right">77,879,001</td>
</tr>
<tr>
<td>William Evan Roberts</td>
<td align="right">14,169,158</td>
</tr>
<tr>
<td>Todd Anthony Combs</td>
<td align="right">9,730,769</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Genworth Financial Group</b></td>
</tr>
<tr>
<td>Kevin Douglas Schneider</td>
<td align="right">7,724,612</td>
</tr>
<tr>
<td>Thomas McInerney</td>
<td align="right">7,317,588</td>
</tr>
<tr>
<td>Daniel Joseph Sheehan IV</td>
<td align="right">7,126,812</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Globe Life & Accident Ins Co</b></td>
</tr>
<tr>
<td>Frank M Svoboda</td>
<td align="right">7,807,475</td>
</tr>
<tr>
<td>William M Pressley</td>
<td align="right">6,746,829</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Great American Ins Co</b></td>
</tr>
<tr>
<td>Carl H Lindner III</td>
<td align="right">10,346,831</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Great-West Life & Annuity Ins Co</b></td>
</tr>
<tr>
<td>Edmund F Murphy</td>
<td align="right">6,811,265</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Guardian Life Ins Co of America</b></td>
</tr>
<tr>
<td>Deanna Mulligan</td>
<td align="right">10,300,764</td>
</tr>
<tr>
<td>Eric Dinallo</td>
<td align="right">5,517,427</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Hanover Ins Co</b></td>
</tr>
<tr>
<td>John Roche</td>
<td align="right">5,467,660</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Hartford Fire Ins Co</b></td>
</tr>
<tr>
<td>Christopher Swift</td>
<td align="right">5,560,332</td>
</tr>
<tr>
<td>Douglas G Elliot</td>
<td align="right">5,286,046</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Health Care Service Corp</b></td>
</tr>
<tr>
<td>David Lesar</td>
<td align="right">16,967,386</td>
</tr>
<tr>
<td>Paula Steiner</td>
<td align="right">12,647,352</td>
</tr>
<tr>
<td>Milton Carroll</td>
<td align="right">8,918,153</td>
</tr>
<tr>
<td>Blair Todt</td>
<td align="right">6,361,493</td>
</tr>
<tr>
<td>Maurice Smith</td>
<td align="right">5,904,535</td>
</tr>
<tr>
<td>Danny McCoy</td>
<td align="right">5,079,145</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Horace Mann Ins Co</b></td>
</tr>
<tr>
<td>Marita Zuraitis</td>
<td align="right">5,853,495</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Humana Ins Co</b></td>
</tr>
<tr>
<td>Bruce D Broussard</td>
<td align="right">23,173,229</td>
</tr>
<tr>
<td>Brian A Kane</td>
<td align="right">18,738,969</td>
</tr>
<tr>
<td>Christopher Howal Hunter</td>
<td align="right">6,157,542</td>
</tr>
<tr>
<td>T Alan Wheatley</td>
<td align="right">6,072,881</td>
</tr>
<tr>
<td>William K Fleming</td>
<td align="right">5,499,625</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Insurance Co of the West</b></td>
</tr>
<tr>
<td>Kevin Prior</td>
<td align="right">18,068,044</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>ISMIE Mutual Ins Co</b></td>
</tr>
<tr>
<td>Alexander R Lerner</td>
<td align="right">5,119,812</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>John Hancock Life Ins Co (USA)</b></td>
</tr>
<tr>
<td>Daniel Janis III</td>
<td align="right">6,692,374</td>
</tr>
<tr>
<td>Emory Sanders Jr</td>
<td align="right">6,386,545</td>
</tr>
<tr>
<td>Christopher Conkey</td>
<td align="right">5,242,891</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Liberty Mutual Group</b></td>
</tr>
<tr>
<td>David H Long</td>
<td align="right">23,180,342</td>
</tr>
<tr>
<td>Dennis J Langwell</td>
<td align="right">13,030,176</td>
</tr>
<tr>
<td>Timothy Sweeney</td>
<td align="right">11,347,194</td>
</tr>
<tr>
<td>Christopher L Peirce</td>
<td align="right">8,715,066</td>
</tr>
<tr>
<td>Neeti Bhalla Johnson</td>
<td align="right">8,242,320</td>
</tr>
<tr>
<td>James F Kelleher</td>
<td align="right">7,423,518</td>
</tr>
<tr>
<td>James M McGlennon</td>
<td align="right">6,780,962</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>LifeSecure Ins Co</b></td>
</tr>
<tr>
<td>Ken Dallafior</td>
<td align="right">5,885,498</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Lincoln Life Assur Co of Boston</b></td>
</tr>
<tr>
<td>Dennis R Glass</td>
<td align="right">20,090,544</td>
</tr>
<tr>
<td>Randal J Freitag</td>
<td align="right">5,878,201</td>
</tr>
<tr>
<td>Wilford H Fuller</td>
<td align="right">5,753,626</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Massachusetts Mutual Life Ins Co</b></td>
</tr>
<tr>
<td>Roger Crandall</td>
<td align="right">16,916,485</td>
</tr>
<tr>
<td>Michael Fanning</td>
<td align="right">6,397,603</td>
</tr>
<tr>
<td>Elizabeth Chicares</td>
<td align="right">5,314,695</td>
</tr>
<tr>
<td>Melvin Corbett</td>
<td align="right">5,069,947</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Metropolitan Group</b></td>
</tr>
<tr>
<td>Michel Khalaf</td>
<td align="right">7,624,215</td>
</tr>
<tr>
<td>Steven J Goulart</td>
<td align="right">6,338,392</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Midland National Life Ins Co</b></td>
</tr>
<tr>
<td>Esfandyar E Dinshaw</td>
<td align="right">6,186,835</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Minnesota Life Ins Co</b></td>
</tr>
<tr>
<td>Christopher M Hilger</td>
<td align="right">6,479,342</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Mortgage Guaranty Ins Corp</b></td>
</tr>
<tr>
<td>Timothy Mattke</td>
<td align="right">6,686,421</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Munich Reinsurance America Inc</b></td>
</tr>
<tr>
<td>Anthony J Kuczinski</td>
<td align="right">5,222,034</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>National Western Life Ins Co</b></td>
</tr>
<tr>
<td>Ross R Moody</td>
<td align="right">8,191,259</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>New York Life Ins Co</b></td>
</tr>
<tr>
<td>Theodore A Mathas</td>
<td align="right">24,238,639</td>
</tr>
<tr>
<td>Matthew M Grove</td>
<td align="right">10,739,520</td>
</tr>
<tr>
<td>Anthony R Malloy</td>
<td align="right">6,265,631</td>
</tr>
<tr>
<td>Yie-Hsin Hung</td>
<td align="right">5,340,371</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Northwestern Mutual Life Ins Co</b></td>
</tr>
<tr>
<td>John E Schlifske</td>
<td align="right">18,018,703</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Ohio National Life Ins Co</b></td>
</tr>
<tr>
<td>Gary Thomas Huffman</td>
<td align="right">16,443,349</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Pacific Life Ins Co</b></td>
</tr>
<tr>
<td>James T Morris</td>
<td align="right">8,174,088</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Penn Mutual Life Ins Co</b></td>
</tr>
<tr>
<td>Eileen McDonnell</td>
<td align="right">6,276,600</td>
</tr>
<tr>
<td>David M O'Malley</td>
<td align="right">5,168,950</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Principal Life Ins Co</b></td>
</tr>
<tr>
<td>Karl W Nolin</td>
<td align="right">9,434,249</td>
</tr>
<tr>
<td>Daniel J Houston</td>
<td align="right">6,240,643</td>
</tr>
<tr>
<td>Kelly D Rush</td>
<td align="right">5,696,725</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Protective Life Ins Co</b></td>
</tr>
<tr>
<td>Carl Thigpen</td>
<td align="right">21,716,296</td>
</tr>
<tr>
<td>Richard Bielen</td>
<td align="right">6,092,393</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Prudential Ins Co of America</b></td>
</tr>
<tr>
<td>Charles Frederick Lowrey</td>
<td align="right">8,332,876</td>
</tr>
<tr>
<td>Robert Michael Falzon</td>
<td align="right">6,657,252</td>
</tr>
<tr>
<td>Stephen Pelletier</td>
<td align="right">5,641,262</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>QCC Ins Co</b></td>
</tr>
<tr>
<td>Daniel J Hilferty</td>
<td align="right">9,926,721</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Radian Guaranty Inc</b></td>
</tr>
<tr>
<td>Richard A Thornberry</td>
<td align="right">7,723,478</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>RiverSource Life Ins Co</b></td>
</tr>
<tr>
<td>John R Woerner</td>
<td align="right">7,695,824</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Security Benefit Life Ins Co</b></td>
</tr>
<tr>
<td>Michael Patrick Kiley</td>
<td align="right">7,721,877</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Selective Ins Co of America</b></td>
</tr>
<tr>
<td>Gregory Murphy</td>
<td align="right">5,690,743</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>SILAC Ins Co</b></td>
</tr>
<tr>
<td>Stephen C Hilbert</td>
<td align="right">5,839,167</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Standard Ins Co</b></td>
</tr>
<tr>
<td>John Gregory Ness</td>
<td align="right">14,187,730</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>State Farm Group</b></td>
</tr>
<tr>
<td>Michael Leon Tipsord</td>
<td align="right">20,266,506</td>
</tr>
<tr>
<td>Paul Joseph Smith</td>
<td align="right">6,812,210</td>
</tr>
<tr>
<td>Randall Houston Harbert</td>
<td align="right">6,806,447</td>
</tr>
<tr>
<td>Mary Angela Schmidt</td>
<td align="right">6,048,516</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Teachers Ins & Annuity Assn</b></td>
</tr>
<tr>
<td>Roger Ferguson</td>
<td align="right">6,127,887</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Transatlantic Reinsurance Co</b></td>
</tr>
<tr>
<td>Michael C Sapnar</td>
<td align="right">9,546,207</td>
</tr>
<tr>
<td>Kenneth Apfel</td>
<td align="right">5,708,125</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Travelers Casualty Co</b></td>
</tr>
<tr>
<td>Alan D Schnitzer</td>
<td align="right">18,184,834</td>
</tr>
<tr>
<td>Avrohom J Kess</td>
<td align="right">6,325,135</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>United States Liability Ins Co</b></td>
</tr>
<tr>
<td>Thomas P Nerney</td>
<td align="right">18,198,604</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Voya Retirement Ins & Annuity Co</b></td>
</tr>
<tr>
<td>Rodney Owen Martin Jr</td>
<td align="right">5,975,117</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Westcor Land Title Ins Co</b></td>
</tr>
<tr>
<td>Mary O'Donnell</td>
<td align="right">5,326,688</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Western & Southern Life Ins Co</b></td>
</tr>
<tr>
<td>John Barrett</td>
<td align="right">11,495,043</td>
</tr>
<tr>
<td colspan="2" height="30" valign="bottom"><b>Wilton Reassurance Co</b></td>
</tr>
<tr>
<td>Michael Fleitz</td>
<td align="right">22,564,030</td>
</tr>
<tr>
<td>Michael Greer</td>
<td align="right">21,792,750</td>
</tr>
<tr>
<td>Mark Sarlitto</td>
<td align="right">21,463,100</td>
</tr>
<tr>
<td>Chris Stroup</td>
<td align="right">20,524,898</td>
</tr>
<tr>
<td>Enrico Treglia</td>
<td align="right">15,068,725</td>
</tr>
<tr>
<td>Andrew Wood</td>
<td align="right">14,914,350</td>
</tr>
<tr>
<td>Ray Eckert</td>
<td align="right">13,592,822</td>
</tr>
<tr>
<td>Perry Braun</td>
<td align="right">7,616,725</td>
</tr>
</tbody></table>
</div>
<div><br /></div>
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<br /></div>
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Email: <u><a href="mailto:jmbelth@gmail.com">jmbelth@gmail.com</a></u>
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Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-74440340539723357382021-07-21T01:00:00.001-04:002021-07-21T01:00:00.181-04:00No. 430: Academic Freedom, Tenure, and Nikole Hannah-Jones<b>The Howard Press Release</b><div>On July 5, 2021, Howard University (Washington, DC) issued a press release announcing that Nikole Hannah-Jones, a prominent Black journalist at <i>The New York Times</i>, is joining the Howard faculty. She will be a tenured professor in Howard's Cathy Hughes School of Communications. Hannah-Jones will occupy the newly created Knight Chair in Race and Journalism. In 2020, Hannah-Jones received a Pulitzer Prize for her work in establishing The 1619 Project.</div><div><br /></div><div><b>The LDF Press Release</b></div><div>The events that preceded the Hannah-Jones move to Howard provide a powerful lesson in the importance of academic freedom. On July 6, the Leadership Defense Fund (LDF) of The National Association for the Advancement of Colored People issued a press release entitled:</div><div><blockquote><b>Nikole Hannah-Jones Issues Statement on Decision to Decline Tenure Offer at University of North Carolina-Chapel Hill and to Accept Knight Chair Appointment at Howard University</b></blockquote></div><div>The LDF web site provided in full a lengthy explanatory statement by Hannah-Jones. That caught the attention of Dan Rather, a well-known former television reporter who is highly regarded by many people (including me). He is now retired and publishes an email newsletter called <i>Steady</i>. On July 9, Dan Rather, Elliot Kirschner, and the <i>Steady</i> team published a piece entitled "<u><a href="https://steady.substack.com/p/in-defense-of-freedom-of-the-press" target="_blank">In Defense of Freedom—of the Press and the Academy</a></u>," and published in it the entire Hannah-Jones statement as it appeared on the LDF web site. I strongly recommend you read it in full.</div><div><br /></div><div><b>A Personal Experience</b></div><div>The Hannah-Jones story reminded me of a personal experience relating to academic freedom. I joined the Indiana University (IU) faculty in 1962. My research was controversial in life insurance circles, and it generated complaints to IU from prominent alumni in the life insurance business. IU provided me with complete academic freedom, even in the years before I was granted tenure.</div><div><br /></div><div>IU strongly protects the academic freedom of its faculty. A vivid example was the furor over Professor Alfred Kinsey's research on human sexual behavior. When I mentioned to a colleague my concerns over the complaints against me, he said: "Joe, you don't understand. Indiana University is where Alfred Kinsey did his research."</div><div><br /></div><div>In my 2015 book entitled <i>The Insurance Forum: A Memoir</i>, I described an incident that occurred in 1965. Here is what I said in the book:</div><div></div><blockquote><div><b>A friend on the faculty at a university in a state other than Indiana invited me to visit his school and present a guest lecture. He said his school might offer me a faculty position. He told me his school would cover my travel expenses. I made the visit, presented the lecture, and met some people there.</b></div></blockquote><blockquote><div><b>Shortly after my return to Bloomington, I received a telephone call from my friend informing me the expense check was in the mail. He said he had bad news he felt obligated to share. He said he was embarrassed to inform me there would be no offer of a position. He explained that the chief executive officer of a major insurance company in the school's state had learned of my visit and had told school officials there would be no further contributions by the company to the school if I was appointed to the faculty. My friend said his school decided it could not afford to antagonize a major donor.</b></div></blockquote><blockquote><div><b>My immediate thought was that a financial threat by a donor to influence a faculty hiring decision is not tolerated by a great university, and I was grateful to have avoided a disastrous career move. All I said to my friend was that I understood, and I thanked him for the explanation. That was the first and last time I considered leaving Indiana University.</b></div></blockquote><div><div style="text-align: center;">===================================
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.comtag:blogger.com,1999:blog-89252160229945677.post-78915251084958981232021-07-14T01:00:00.001-04:002021-07-14T01:00:00.172-04:00No. 429: The U.S. Department of Justice Sues Georgia over the State's New Voter Suppression Law<b>Background</b><div>In <u><a href="http://www.josephmbelth.com/2021/04/no-415-georgias-new-election-law-faces.html" target="_blank">No. 415</a></u> (April 5, 2021), I discussed a lawsuit challenging Georgia's recent election law, often called Senate Bill 202 (SB 202). It was enacted in March 2021 by the Republican-controlled legislature, and signed by Governor Brian Kemp, a supporter of former president Trump. The private signing ceremony was attended by several white men in front of a painting that appears to be an old southern plantation. The new law is called an "election security law" by proponents, and a "voter suppression law" by opponents. If the Republicans dislike the election result in any county or precinct, the new law would allow the result to be altered to their liking.</div><div><br /></div><div><b>The DOJ Complaint</b></div><div>On June 25, 2021, the U.S. Department of Justice (DOJ) filed a 46-page <u><a href="https://theinsuranceforum.com/blogpdfs/USA_v_GA_GAND_21cv02575_doc1_complaint.pdf" target="_blank">complaint</a></u> against Georgia, its election board, and its Secretary of State. Attached to the complaint is a 99-page exhibit showing <u><a href="https://theinsuranceforum.com/blogpdfs/USA_v_GA_GAND_21cv02575_doc1_ex1_SB202.pdf" target="_blank">SB 202</a></u>. (See <i>U.S.A. v. Georgia</i>, U.S. District Court, Northern District of Georgia, Case No. 1:21-cv-2575.)</div><div><br /></div><div>DOJ alleges that SB 202 was enacted "with knowledge of the disproportionate effect that the challenged provisions . . . would have on Black voters' ability to participate in the political process on an equal basis with white voters." DOJ asks the court for declaratory relief and injunctive relief. Specifically, DOJ seeks an order declaring that the challenged provisions of SB 202 violate the Voting Rights Act of 1965 and the voting guarantees of the Fourteenth and Fifteenth Amendments to the U.S. Constitution. DOJ also seeks an order enjoining the defendants from enforcing the challenged provisions, authorizing appointment of Federal observers to observe elections in Georgia, retaining jurisdiction, and requiring certain new voting changes in Georgia.</div><div><br /></div><div><b>The Judge</b></div><div>The case was assigned to U.S. District Judge Jean-Paul "J.P." Boulee. President Trump nominated him in July 2018. The Senate confirmed him in June 2019.</div><div><br /></div><div><b>The Supreme Court Ruling</b></div><div>On July 1, 2021, the U.S. Supreme Court handed down a major opinion relating to the U.S. Voting Rights Act of 1965. The Court ruled 6 to 3, along political lines, in favor of the Arizona Republican Party and against the Democratic National Committee. The majority opinion was written by Justice Alito, with which the other five conservatives concurred. Justice Gorsuch wrote a concurring opinion with which Justice Thomas concurred. Justice Kagan wrote a strong dissent, with which Justices Breyer and Sotomayor concurred. It remains to be seen what effect the Supreme Court's ruling will have on the DOJ's lawsuit against Georgia. (See <i>Arizona Republican Party v. Democratic National Committee</i>, U.S. Supreme Court, Case Nos. 19-1257 and 19-1258.)</div><div><br /></div><div><b>General Observations</b></div><div>The DOJ lawsuit against Georgia is an important case. Also, it raises the question of whether DOJ will take similar action in other states where voter suppression laws have been enacted recently. Readers are encouraged to review No. 415, the DOJ complaint, and SB 202, each of which is available via a link above.</div><div><br /><div style="text-align: center;">
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</div>Joseph M. Belthhttp://www.blogger.com/profile/06236300670095630691noreply@blogger.com