REVISED LIFE INSURANCE AND ANNUITIES (A) COMMITTEE Thursday, May 20, 2010 11:00 a.m. - 5:00 p.m. Washington, DC--Washington Court Hotel Interim Meeting and Public Hearing "Is the STOLI Market Moving to Annuities, and How Should We Protect Consumers?" ROLL CALL Connecticut Thomas R. Sullivan, Chair Adam W. Hamm, Vice Chair North Dakota Jim L. Ridling Alabama California Steve Poizner Michael T. McRaith Illinois Susan E. Voss Iowa James J. Donelon Louisiana Mila Kofman Maine Ann M. Frohman Nebraska Scott J. Kipper Nevada New Jersey Thomas B. Considine James J. Wrynn New York Sean Dilweg Wisconsin PURPOSE OF THE HEARING The purpose of the hearing is to hear testimony related to these questions: 1) whether these transactions were lawful; 2) how these transactions affect insurable interest; 3) whether current laws and regulations provide adequate consumer protections with regard to these transactions; and 4) if not, whether current laws and regulations need to be revised or new laws and regulations developed. AGENDA Opening Remarks--Commissioners Thomas R. Sullivan (CT) and Gennet Purcell (DC) 11:00 - 11:25 a.m. WITNESSES Panel 1: Consumer and Regulatory Perspective Consumers Rhode Island Superintendent Joseph Torti, III Ohio Director of Insurance Mary Jo Hudson Panel 2: Insurance and Securities Perspective Jim Mumford, First Deputy Commissioner, Iowa Division of Insurance Lawrence Kosciulek, Director, FINRA Investment Companies Regulation Panel 3: American Academy of Actuaries (AAA) Cande Olsen, American Academy of Actuaries Life Products Committee LUNCH ON YOUR OWN (C) 2010 National Association of Insurance Commissioners 11:25 - 12:00 noon 12:00 - 12:15 p.m. 12:15 - 12:30 p.m. 12:30 - 2:00 p.m. Panel 4: Insured Retirement Institute (IRI) Lee Covington, Senior Vice President & General Counsel, IRI Karen Alvarado, Vice President of Regulatory Affairs & Compliance, IRI Panel 5: Life Settlement Industry Perspective Brian K. Staples, President, Right, LLC Doug Head, Executive Director, LISA Kathleen A. Birrane, General Counsel, Maple Life Financial BREAK Panel 6: Producer/Broker-Dealer Perspective 2:00 - 2:15 p.m. 2:15 - 3:00 p.m. 3:00 - 3:15 p.m. 3:15 - 3:45 p.m. Gary Sanders, Vice President for Securities and State Government Relations, NAIFA Caleb Callahan, Vice President of Investment Services, ValMark Securities Panel 7: Life Insurance Industry Perspective Joseph Emanuel, Vice President & Chief Legal Officer, Prudential Financial Steven Putterman, Vice President and Actuary, Prudential Financial 3:45 - 4:30 p.m. Michael Lovendusky, Associate General Counsel, ACLI Kelly Ireland, Senior Counsel, ACLI Closing Remarks--Commissioner Thomas R. Sullivan (CT) 4:30 - 5:00 p.m. (C) 2010 National Association of Insurance Commissioners 2