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On May 23, 2012, the Federal Reserve Board met with Life Insurers. The topic was new financial reforms setting limits on Insurance companies and derivatives investing. The results show that life insurance companies are complicit in the bankster's use of derivatives to plunder your life insurance cash values and annuities.
"Staff of the Federal Reserve Board met with representatives of the American Council of Life Insurers ("ACLI") to discuss issues related to the proposed rule of the Board and other prudential regulators on margin and capital requirements for covered swap entities under Title VII of the Dodd-Frank Act. The ACLI representatives discussed the possibility of treating corporate bonds as eligible collateral. (Source)
Summary and Recommendations:
"• U.S. life insurance industry is the largest buyer of corporate bonds in the U.S.
• High quality corporate bonds are currently used as collateral (as variation margin) under most bi-lateral Credit Support Annexes between life insurers and their derivative bank/dealer counterparties.
• High quality corporate bonds should be eligible under new rules to satisfy derivative margin requirements.
• Our analysis demonstrates that with reasonable diversification and appropriate haircuts, high-quality corporate bonds utilized as both initial and variation margin for derivatives provide more than adequate protection in the event of a counterparty default." (Ibid)
Insurance Companies and Corporate Bonds:
U.S. Life Insurers: Key Investors in U.S. Corporate Securities.
• Among financial service companies, life insurers are the largest source of bond financing for American businesses; holding, in 2011, nearly 31% of all U.S. corporate bonds owned by financial firms. (Source: Federal
Reserve Flow of Funds data release).
• In 2010, approximately 54% of life insurers' $5.3 Trillion of total assets were held in bonds.
• 40% in corporate bonds (or 73% of bonds were corporate).
• 15% in government bonds (or 27% of bonds were government).
• In 2010, nearly 62% of bonds held in life insurers' general accounts had maturities of 10 years or greater (at time of purchase).
Insurance Company Derivatives Exposure:
As of Dec. 31, 2010, a total of 223 insurance companies participated in the derivatives market. Of this number, 140 were life insurance companies, 63 were property/casualty insurance companies, 14 were health insurance companies and 6 were fraternal insurance companies. The insurance companies with derivatives exposure were domiciled in 39 states, with New York, Connecticut, Michigan and Iowa having the largest exposures. Furthermore, there were approximately 48,600 individual derivative positions across the insurance industry. (Source)
American Council of Life Insurers Recommendations:
"High quality assets, such as corporate bonds, agency debentures and agency RMBS, appropriately haircut and diversified, should be eligible for purposes of both initial and variation margin, for both cleared and uncleared derivative exposure." (Source)
Insurance Companies pay for cash values in life insurance and annuities through their General Accounts. Like the banks, what they invest in is currently unregulated. The assumption being that no company works against its best interests.
Derivatives allow insiders the opportunity to plunder Insurance Companys' general accounts by operating as wealth transfer vehicles. The formula is simple, bet against company interests and benefit from the spoils.
No pool of money is safe from the massive derivative scam perpetrated by the Banksters
Liquidate annuities. Borrow against life insurance cash values. On life Insurance, make sure you continue to pay minimum premium to keep them in force to avoid tax issues. Take the cash and buy hard commodities that will be required for survival
Buy food, clothes, seeds, firearms and fuel. Then invest the rest in precious metals. Buy silver or gold by emailing email@example.com