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Restructuring Mechanisms (E) Subgroup

2020 Proposed Charges

The Restructuring Mechanisms (E) Subgroup will:

  1. Develop best practices to be used in considering the approval of proposed restructuring transactions, including among other things, the expected level of reserves and capital expected after the transfer along with the adequacy of long-term liquidity needs, and also develop best practices to be used in monitoring the companies after the transaction is completed. Once completed, recommend to the Financial Regulation Standards and Accreditation (F) Committee for their consideration. Complete by the 2020 Summer National Meeting.
  2. Consider the need to make changes to the RBC formula to better assess the minimum surplus requirements for companies in runoff. Complete by the 2020 Fall National Meeting.
  3. Review the various restructuring mechanisms and develop, if deemed needed, protected cell accounting and reporting requirements for referring to the Statutory Accounting Principles (E) Working Group. Complete by the 2020 Fall National Meeting.

2019 Charges

The Restructuring Mechanisms (E) Subgroup will:

  1. Consider the development of financial surveillance tools that are specifically designed for companies in runoff (companies that are no longer actively writing insurance business or collecting premiums)
  2. Consider the need to make changes to the RBC formula to better assess the minimum surplus requirements for companies in runoff
  3. Review the various restructuring mechanisms and develop:
    1. Minimum standards of review
    2. Minimum capital requirements
    3. Specific actuarial guidance in determining initial reserving levels
    4. Protected cell reporting requirements
    5. Proposed accreditation standards
Related NAIC Publications

Contacts

Media Inquiries
(816) 783-8909
news@naic.org


Dan Daveline 
Director, Financial Regulatory Services 
Phone: 816.783.8134 
Fax: 816.460.7809

Robin Marcotte 
Sr. Manager, Accounting 
Phone: 816.783.8124 
Fax: 816.460.7571

Please see the current Committee List for a complete list of committee members.

 

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