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

The Restructuring Mechanisms for Troubled Companies (E) Subgroup met Dec. 4, 2009. During this meeting, the Subgroup:

• Unanimously adopted the White Paper on Alternative Mechanisms for Troubled Companies for consideration by the Financial Condition (E) Committee and successfully completed its charges proposed by the Financial Condition (E) Committee in 2007.
• Agreed to recommend to the Financial Analysis (E) Working Group that it consider incorporating the White Paper in the Appendix of the NAIC's Troubled Insurance Company Handbook.
• Extended its appreciation to those interested parties who assisted the regulators in their contribution to the drafting of the White Paper, including:
  • Wayne Mehlman, American Council of Life Insurers
  • Steven Smith, Amsted Industries Incorporated
  • Michael Lusk, Archer Daniels Midland Company
  • William Goddard and Harold Horwich, Bingham McCutchen, LLP
  • Patrick Cantilo, Cantilo & Bennett, LLP
  • Paula Arbry, ConocoPhillips Corporate Insurance
  • Benedick Lenhart, Covington & Burling LLP
  • Richard Grey, E&J Gallo Winery
  • Ron Hallenbeck, EMC Insurance Companies
  • Paul Taylor, Financial Services Authority (UK)
  • Doug Hartz, Insurance Regulatory Consulting Group
  • Mike Walker, KPMG LLP
  • Claudia Temple, Kraft Foods
  • David Wirt, Locke Loard Bissell & Diddell LLP
  • James Veach, Mound Cotton Wollan & Greengrass
  • Roger Schmelzer and Mark Steckbeck, National Conference of Insurance Guaranty Funds
  • Joni Forsythe, National Organization of Life & Health Insurance Guaranty Associations
  • Property Casualty Insurers Association of America
  • Matthew Wulf and Tracy Laws, Reinsurance Association of America
  • Vivian Tyrell, Reynolds Porter Chamberlain LLP
  • Bill Gillett, Riverstone Resources, LLC
  • James Schacht, The Schacht Group/SMART
  • John Fielding, Steptoe & Johnson
• Unanimously adopted the Nov. 23 conference call minutes.
• Directed staff to highlight Section V. C. Benefits, Risks and Controls: For US Claimants/Policyholders When A Non-US Insurer or Reinsurer Restructures of the White Paper to the NAIC's Center for Insurance Policy and Research for possibly maintaining a matrix that summarizes other jurisdictions' responses with regard to the elements within the Section (e.g., Right of Payment; Continuation of Coverage; Claim Priorities; Guaranty Association Coverage; Right to Vote; Cram Down; Voice in Replacement; Transparency; Accountability; Regulatory Protection; Enforcement in the United States; Standing to Appear; Set-offs, Claims Acceleration and Estimation, Preferences, and Voidable Transfers; and Politics).