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

The Restructuring Mechanisms for Troubled Companies (E) Subgroup met Sept. 22, 2009. During this meeting, the Subgroup:

• Discussed newly added and revised sections of the draft Alternative Mechanisms for Troubled Insurers White Paper related to run-offs of troubled insurers; sample outline for run-off plans; New York Regulation 141; Rhode Island Statue and Regulation for Voluntary Restructuring of Solvent Insurers; and benefits, risks and controls for U.S. claimants when a non-U.S. insurer restructures. Those sections were drafted by interested regulators and parties, including: Illinois Office of the Special Deputy Receiver; New York Department of Insurance; Rhode Island Insurance Division; Cantilo & Bennett, LLP; Mound Cotton Wollan & Greengrass; Reynolds Porter Chamberlain LLP.
• Discussed a few pending sections of the white paper related to case studies and benefits, risk, and controls for U.S. claimants when a non-U.S. reinsurer restructures, which will be completed within the next week.
• Agreed to expose the white paper for interested regulator and interested party review until Oct. 15.