Moore, Ferrell stir up insurers

Hollywood and the insurance industry continue to trade blows as celebrities attack companies' business practices.
OCT 18, 2009
By  Bloomberg
Hollywood and the insurance industry continue to trade blows as celebrities attack companies' business practices. The most recent tussle was between Michael Moore and a triumvirate of trade associations: the American Council of Life Insurers, the Association for Advanced Life Underwriting and the National Association of Insurance and Financial Advisors. In his most recent documentary film, “Capitalism: A Love Story,” he looks at the use of corporate-owned life insurance, which generally involves companies' owning a policy on key personnel. Mr. Moore asserts that companies' purchase of life policies on non-essential workers is a common practice. However, in an Oct. 6 letter, the three associations leapt to the defense of the use of such insurance, which companies can use to help foot the costs of employee benefits. “Mr. Moore's assertions on COLI and subsequent media reports mischaracterize the truth about these insurance policies,” the three groups said in their letter. They pointed out that companies with these arrangements must have a clear insurable interest in the lives of the insured people. Mr. Moore's criticism of corporate-owned life insurance follows on the heels of another Hollywood volley against insurers, a video sponsored by MoveOn.org criticizing the health insurance industry and in support of the public health care option. The faux public service announcement, “Protect the Insurance Companies,” stars Will Ferrell and claims that “insurance companies need our support because they keep our selfish priorities in check.” America's Health Insurance Plans, a major health insurance trade association, didn't return calls seeking comment about the video.

Latest News

'Bogged down' advisors just want to have fun (again)
'Bogged down' advisors just want to have fun (again)

Jim Cahn, of Wealth Enhancement Group, lifts the lid on his firm's partnership model, his views on RIA M&A, and the widely slept-on reason why advisors are merging into larger organizations.

Vestwell unveils new emergency savings account offering
Vestwell unveils new emergency savings account offering

The fintech firm is cementing its status in the workplace savings space with its latest ESA offering, which employers can integrate into their existing benefits package.

'Money Mimosas' and other ways to show your Valentine financial love
'Money Mimosas' and other ways to show your Valentine financial love

Wealth managers offer unique ideas for couples to grow closer emotionally and financially.

Limra research finds financial confidence on the rise among Black American workers
Limra research finds financial confidence on the rise among Black American workers

Survey findings suggest increased sense of financial security and more optimistic 2025 outlook, while highlighting employers' role in ensuring retirement readiness.

DOGE efforts sideswipe muni bonds backed by federal lease payments
DOGE efforts sideswipe muni bonds backed by federal lease payments

Falling prices for some securities within the $4 trillion state and local government debt market spotlight how the push to shrink spending is sending shockwaves across the US.

SPONSORED Record growth: Interval funds emerge as key players in alternative investments

Blue Vault Alts Summit highlights the role of liquidity-focused funds in reshaping advisor strategies

SPONSORED Taylor Matthews on what's behind Farther's rapid growth

From 'no clients' to reshaping wealth management, Farther blends tech and trust to deliver family-office experience at scale.