Restructuring Mechanisms for Troubled Companies (E) Subgroup
Restructuring Mechanisms for Troubled Companies (E) Subgroup Page
Joint Executive (EX) / Plenary Committee Summary Report
Summer 2009 Meeting Summaries Index

The Restructuring Mechanisms for Troubled Companies (E) Subgroup met June 12, 2009.

During this meeting, the Subgroup:

• Discussed the status of areas and topics where interested regulators and interested parties have agreed to provide draft unbiased text for the White Paper on Alternative Mechanisms for Troubled Companies within the next two weeks. Once these items are received, the Working Group intends to hold a conference call to discuss possible exposure of the draft White Paper to interested parties. Such areas mentioned included the following:
• Additional explanation of Rhode Island Statue & Regulation for Voluntary Restructuring of Solvent Insurers.
• Information on benefits, risk and controls for U.S. Claimants/Policyholders when a non-U.S. insurer restructures.
• Information on benefits, risk and controls for U.S. Claimants/Policyholders when a non-U.S. reinsurer restructures.
• Case study on UK-Like Solvent Schemes of Arrangements.
• Case study on Part-VII Portfolio Transfers.
• Additional reference materials for the Subgroup’s consideration.
• Additional explanation for the proposed outline for run-off plans.
• Additional sample documents for inclusion in the Appendix.

• Discussed specific areas in the White Paper, including lines of business that would be appropriate or not appropriate for mechanisms identified in the White Paper, as well as benefits, risk and controls for U.S. Claimants/Policyholders when a non-U.S. reinsurer restructures.

• Adopted interim minutes from a May 29 conference call.

Action Items:

1. Adopted interim minutes.