Receivership and Insolvency (E) Task Force

The mission of the Receivership and Insolvency (E) Task Force is to be administrative and substantive as it relates to issues concerning insurer insolvencies and insolvency guarantees. Such duties include, without limitation: 1) monitoring the effectiveness and performance of the state administration of receiverships and the state guaranty fund system; 2) coordinating cooperation and communication among state insurance regulators, receivers, and guaranty funds; 3) monitoring ongoing receiverships and reporting on such receiverships to NAIC members; 4) developing and providing educational and training programs in the area of insurer insolvencies and insolvency guarantees to state insurance regulators, professionals, and consumers; 5) developing and monitoring relevant model laws, guidelines, and products; and 6) providing resources for state insurance regulators and professionals to promote efficient operations of receiverships and guaranty funds.

2025 Charges

The Receivership and Insolvency (E) Task Force will:
1. Monitor and promote efficient operations of insurance receiverships and guaranty associations.
2. Monitor and promote state adoption of insurance receivership and guaranty association model acts and regulations, and monitor other legislation related to insurance receiverships and guaranty associations.
3. Provide input and comments to the International Association of Insurance Supervisors (IAIS), the Financial Stability Board (FSB), and other related groups on issues regarding international resolution authority.
4. Monitor, review, and provide input on federal rulemaking and studies related to insurance receiverships.
5. Provide an ongoing review of the Receiver’s Handbook for Insurance Company Insolvencies (Receiver’s Handbook), other related NAIC publications, and the Global Receivership Information Database (GRID), and make any necessary updates.
6. Monitor the work of other NAIC committees, task forces, and working groups to identify and address any issues that affect receivership law and/or regulatory guidance.
7. Perform additional work as directed by the Financial Condition (E) Committee and/or received through referrals by other groups.

The following groups report to the Receivership and Insolvency (E) Task Force:

Calendar

Receivership and Insolvency (E) Task Force
Monday, November 18, 2024
11:00 AM - 12:00 PM MT

Gaylord Rockies Hotel—Aurora Ballroom B—Level 2

Agenda

Materials

Summary

Minutes

Macro Prudential Initiatives

Model Revisions

2021 Adopted Model 440/450 Receivership Amendments
Memo to States on 2017 Revisions to Model 520

Pre-Liquidation Tools

2022 Pre-Liquidation P&C MOU

Other Guidance

Receivership 2020 Pandemic Survey Summary

Guidance Regarding Recognition of Receivership Stays and Injunctions

7/17/17 E Committee Recommendation

FHLB Documents

IRMA Section 711 Documents

Separate Accounts

GA Coverage of Variable Products
1/2013 Presented by NOHLGA

Federal Securities Laws and Insurance Company Receiverships
11/2012 Presented by Sutherland

Insurance Topics

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RECEIVER TOOLS

State Receivership Contacts

Uniform Data Standard

Additional Resources for Receivers

Receivership Data Privacy and Security

Exhibits and Checklists from the Receivers’ Handbook for Insurance Company Insolvencies
Note: Items not linked can be found in the Receivers’ Handbook for Insurance Company Insolvencies

Exhibits

Exhibit 1-1: Model Language for Selected Provisions of Liquidation Orders for Property and Casualty Insurers
Exhibit 1-2: Model Language for Selected Provisions of Liquidation Orders for Life and Health Insurers
Exhibit 1-3: Insurer Insolvency Questionnaire
Exhibit 1-4: P&C Pre-Receivership MOU
Exhibit 1-5: Comparison of the Uniform Act, IRLMA, and Model #555
Exhibit 3-1: Example of Financial Reporting Format
Exhibit 3-2: Example of Daily Cash Flow
Exhibit 3-3: Example of Budget-Projected Liquidation Expenses
Exhibit 3-4: Example of Restructuring Technique used in the Liquidation of Reliance Insurance Company
Exhibit 4-1: Potential Recovery from Unrelated Third Parties Matrix of Relationships
Exhibit 5-1: Linear Summary of Claims Administration
Exhibit 5-2: Claimant Notice via Postcard
Exhibit 5-3: Assignment of Claims Issues Guidance
Exhibit 5-4: Federal Home Loan Bank
Exhibit 5-5: Guaranty Funds/Association Dues and Expenses
Exhibit 6-1: Large Deductible State Code Examples
Exhibit 7-1: Treaty Master Abstract
Exhibit 7-2: Reinsurance Matrix
Exhibit 8-1: U.S. Template for Resolution Plan
Exhibit 9-1: NAIC Proposed Guidelines Relating to the Reporting of Loss Information to Reinsurers
Exhibit 9-2: Considerations for Separate Accounts – Receivers’ Checklist
Exhibit 10-1: Interim Liquidating Balance Sheet
Exhibit 10-2: Closing Liquidating Balance Sheet
Exhibit 11-1: Initiation of Orderly Liquidation of Insurance Company Under Dodd-Frank
Exhibit 11-2: State Receivership Initiation Process
Exhibit 11-3: Guideline for Implementation of State Orderly Liquidation Authority

Checklists

Education & Training Events

Related NAIC Publications

Committee and task force minutes PDF files will be posted to the Interactive Agenda approximately 10 business days after the conclusion of a national meeting. They are posted to the Interactive Agenda for each meeting tab on the Meetings page. The Proceedings of the NAIC are made available after the minutes are adopted at each subsequent meeting and may be accessed via the NAIC Publications page.

NAIC Model Laws, Regulations, Guidelines and Other Resources

Receivers Handbook for Insurance Company Insolvencies

Directory of Receivership and Run-off Resources

Alternative Mechanisms for Troubled Insurance Companies

Communication and Coordination Among Regulators, Receivers, and Guaranty Associations: An Approach to a National State Based System