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Restructuring Mechanisms (E) Working Group

2020 Proposed Charges

The Restructuring Mechanisms (E) Working Group will:

  1. Evaluate and prepare a White Paper that:

    1. Addresses the perceived need for restructuring statutes and the issues those statutes are designed to remedy. Also, consider alternatives that insurers are currently employing to achieve similar results.
    2. Summarizes the existing state restructuring statutes.
    3. Addresses the legal issues posed by an Order of a Court (or approval by an Insurance Department) in one state affecting the policyholders of other states.
    4. Considers the impact that a restructuring might have on Guaranty Associations and policyholders that had Guaranty Fund protection prior to the restructuring. Complete by the 2020 Summer National Meeting.
  2. Identifies and addresses the legal issues associated with restructuring using a protected cell. Complete by the 2020 Summer National Meeting.
  3. Consider requesting approval from the Executive (EX) Committee on developing changes to specific NAIC models as a result of findings from the development of the White Paper. Complete by the 2020 Fall National Meeting.

2019 Charges

The Restructuring Mechanisms (E) Working Group will:

  1. Evaluate and prepare a White Paper that:

    1. Addresses the perceived need for restructuring statutes and the issues those statutes are designed to remedy. Also, consider alternatives that insurers are currently employing to achieve similar results.
    2. Summarize the existing state restructuring statutes
    3. Addresses the legal issues posed by an Order of a Court (or approval by an Insurance Department) in one state affecting the policyholders of other states
  2. Review and propose changes to the Guaranty Association Model Act to ensure that policyholders that had guaranty fund protection prior to a restructuring continue to have it after the restructuring
  3. Review and propose changes to the Protected Cell Companies Model Act to allow for restructuring mechanisms
  4. Develop financial solvency and reporting requirements for companies in runoff(create subgroup of qualified financial regulators to address this charge)
Restructuring Mechanisms (E) Working Group

2019 Summer National Meeting
New York
Restructuring Mechanisms (E) Working Group
Sunday, August 04, 2019
3:00 PM - 4:00 PM ET

Gramercy - 2nd Level

Related NAIC Publications

Contacts

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


Dan Daveline 
Director, Financial Regulatory Services 
816.783.8134 

Casey McGraw 
Legal Counsel 
816.783.8048 

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

 

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