FOR IMMEDIATE RELEASE

HOUSTON (Dec. 3, 2007) — The National Association of Insurance Commissioners (NAIC) today announced that Florida has completed a successful first use of ClaimNet, a new regulatory tool that provides a more efficient, cost-effective way of administering certain aspects of insurance company receiverships.

ClaimNet is a Web-based application that allows a receivership’s claimants to easily submit a proof-of-claim, file objections and update or inquire about the status of an existing claim. Florida recently utilized ClaimNet for receivership with more than 1,400 policies.

“As Florida’s fiscal watchdog, I am continually working to improve services and find ways to save taxpayer dollars,” said Florida Chief Financial Officer Alex Sink, who oversees the Florida Division of Rehabilitation and Liquidation. “Processing claims is one of the largest and costliest tasks associated with a receivership or liquidation, which can be a financial and emotional burden for consumers. With this program, we have improved the process and will have more funds to pay claims.”

During Florida’s test of ClaimNet, 49% of the receivership’s claimants used the application to submit their proof-of-claim.

“The primary reason for ordering an insurer into receivership is to help protect the financial well-being of insurance consumers,” said Florida Insurance Commissioner Kevin McCarty. “Once this determination has been made, continued protection of the company’s assets and claims-paying ability is paramount — and ClaimNet is an outstanding regulatory tool that helps do just that.”

Launched in December 2006, ClaimNet was developed by the NAIC to provide state insurance regulators with a uniform method for collecting and processing a receivership’s claims data. For more information about ClaimNet, visit www.naic.org/committees_e_receivership.htm.

About the NAIC

Headquartered in Kansas City, Missouri, the National Association of Insurance Commissioners (NAIC) is a voluntary organization of the chief insurance regulatory officials of the 50 states, the District of Columbia and five U.S. territories. The NAIC’s overriding objective is to assist state insurance regulators in protecting consumers and helping maintain the financial stability of the insurance industry by offering financial, actuarial, legal, computer, research, market conduct and economic expertise. Formed in 1871, the NAIC is the oldest association of state officials. For more than 135 years, state-based insurance supervision has served the needs of consumers, industry and the business of insurance at-large by ensuring hands-on, frontline protection for consumers, while providing insurers the uniform platforms and coordinated systems they need to compete effectively in an ever-changing marketplace. For more information, visit NAIC on the Web at www.naic.org/press_home.htm.

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©2007 National Association of Insurance Commissioners. All rights reserved.