|
The mission of the Receivership and Insolvency (E) Task Force shall be administrative and substantive as they relate to issues concerning insurer insolvencies and insolvency guarantees. Such duties include, without limitation, monitoring the effectiveness and performance of state administration of receiverships and the state guaranty fund system; coordinating cooperation and communication among regulators, receivers and guaranty funds; monitoring ongoing receiverships and reporting on such receiverships to NAIC members; developing and providing educational and training programs in the area of insurer insolvencies and insolvency guarantees to regulators, professionals and consumers; developing and monitoring relevant model laws, guidelines and products; and providing resources for regulators and professionals to promote efficient operations of receiverships and guaranty funds.
2012 Charges
- Promote and monitor the adoption activity related to the Insurer Receivership Model Act (#555), Property and Casualty Guaranty Association Model Act (#540), Life & Health Insurance Guaranty Association Model Act (#520), and Guideline for Notice of Protection by [State] Life and Health Insurance Guaranty Assocation (#1525); provide assistance with the models or guidelines as requested; monitor the frequency of situations where policies exceed the guaranty fund coverage limits; and perform additional work as directed by the Financial Condition (E) Committee and/or received through referral by other parties.
- Promote receivership best practices through technical assistance with NAIC training programs, accreditation standards and the judicial training project; updates to the Receiver’s Handbook for Insurance Company Insolvencies and the Uniform Data Standards, when needed; maintenance and enhancement of existing receivership technology applications, including the Global Receivership Information Database (GRID) and ClaimNet; coordination with stakeholders.
- Identify and recommend possible solutions to address timing and collection concerns with reinsurance recoverables held by insurers in receivership.
- Study receivership issues related to separate accounts, including the referral from the Separate Accounts Risk (E) Working Group and report on possible solutions.
- Review and consider portions of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act to determine what, if any state laws, regulations or procedures are necessary for state receivers and the NAIC to be prepared for its requirements related to receivership activities, as well as to monitor, review and provide
input on federal rulemaking and studies related to insurance receivership.
- Monitor nationally significant insurers/groups within receivership to support, encourage, promote and coordinate multi-state efforts in addressing problems. This will include interacting with the Financial Analysis (E) Working Group, domiciliary regulators and lead states to assist and advise as to what might be the most appropriate regulatory strategies, methods and action(s) with regard to the receiverships.
The following groups report to the Receivership and Insolvency Task
Force:
|
