Insurance Regulation:
The Failures of Four Large Life Insurers
T-GGD-92-13: Published: Feb 18, 1992. Publicly Released: Feb 18, 1992.
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GAO discussed the: (1) financial characteristics of four large insurance companies recently taken over by state regulators; and (2) regulatory actions regarding those insurers. GAO noted that: (1) state regulators in California and New York took over an insurance company and its subsidiary in April 1991, and regulators in California and Virginia took over two subsidiaries of another insurance company in May 1991; (2) when state regulators took over the four insurers, the companies had a total of nearly $85 billion in business and more than 900,000 policies with policyholders and annuitants in every state; (3) the four insurers' assets had grown six to ten times faster than the assets of the life insurance industry overall, primarily because of the sale of high-yield retirement investment products; (4) the insurers had invested heavily in high-risk assets, mainly notably junk bonds, to cover the high rates paid to policyholders and maintain profitability; (5) to bolster their financial condition, the four insurers had reduced policy reserves on their balance sheets through reinsurance transactions and received millions of dollars in surplus infusions and loans from their parent holding companies; (6) the insurers' dwindling surplus and massive junk bond holdings led to a loss of policyholder confidence, subsequent policyholder runs, and eventual state takeovers of the companies; (7) state regulators were aware of the four insurers' troubled conditions, but did not take effective action to stem the companies' financial deterioration or minimize losses; and (8) state regulators lacked timely, complete, and accurate information to monitor the insurers.
Jul 16, 2019
Consumer Reporting Agencies:
CFPB Should Define Its Supervisory ExpectationsGAO-19-459: Published: Jul 16, 2019. Publicly Released: Jul 16, 2019.
Jun 12, 2019
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Small Business Administration Contracting Programs:
Additional Efforts Needed to Implement GAO RecommendationsGAO-19-623T: Published: Jun 12, 2019. Publicly Released: Jun 12, 2019.
Jun 11, 2019
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Consumer Privacy:
Changes to Legal Framework Needed to Address GapsGAO-19-621T: Published: Jun 11, 2019. Publicly Released: Jun 11, 2019.
May 24, 2019
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Private Student Loans:
Clarification from CFPB Could Help Ensure More Consistent Opportunities and Treatment for BorrowersGAO-19-430: Published: May 24, 2019. Publicly Released: May 24, 2019.
May 16, 2019
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Women-Owned Small Business Program:
Actions Needed to Address Continued Oversight IssuesGAO-19-563T: Published: May 16, 2019. Publicly Released: May 16, 2019.
Apr 30, 2019
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Small Business Administration:
Preliminary Observations on Efforts to Foster Entrepreneurship with Historically Black Colleges and UniversitiesGAO-19-515T: Published: Apr 30, 2019. Publicly Released: Apr 30, 2019.
Apr 15, 2019
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Women-Owned Small Business Program:
Actions Needed to Address Ongoing Oversight IssuesGAO-19-168: Published: Mar 14, 2019. Publicly Released: Apr 15, 2019.
Mar 26, 2019
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Consumer Data Protection:
Action Needed to Strengthen Oversight of Consumer Reporting AgenciesGAO-19-469T: Published: Mar 26, 2019. Publicly Released: Mar 26, 2019. -
Consumer Data Protection:
Actions Needed to Strengthen Oversight of Consumer Reporting AgenciesGAO-19-196: Published: Feb 21, 2019. Publicly Released: Mar 26, 2019.
Mar 12, 2019
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Small Business Administration:
Export Promotion Grant Program Should Better Ensure Compliance with Law and Help States Make Full Use of FundsGAO-19-276: Published: Mar 12, 2019. Publicly Released: Mar 12, 2019.
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