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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.
2009 Charges
- Monitor the adoption activity related to the recent revisions of the Insurers Receivership Model Act, Property and Casualty Insurance Guaranty Association Model Act, and Life and Health Insurance Guaranty Association Model Act , provide assistance with the Models as requested, monitor the frequency of situations where policies exceed the guaranty fund coverage limits and perform additional work as directed by parent committee and/or received through referral by other parties.
- Promote receivership best practices through (i) technical assistance with NAIC training programs, accreditation standards, and the judicial training project; (ii) updates to the NAIC Receiver’s Handbook for Insurance Company Insolvencies and the Uniform Data Standards, when needed; (iii) maintenance and enhancement of existing receivership technology applications, including GRID and ClaimNet.
- Identify and recommend possible solutions to address timing
and collection concerns with reinsurance recoverables held by
insurers in receivership.
The following groups report to the Receivership and Insolvency Task
Force:
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