Q: Could Guaranty Funds Handle a Large Insurance Company

(p29) - Senator Richard SHELBY. (R-AL) - Mr. Hunter, do you agree with his statement <Michael McRaith (Illinois Insurance Commissioner / NAIC)>?
- What is your take on it.
J. Robert HUNTER. I didn’t hear him answer the question.
Chairman DODD. He did——
Mr. HUNTER. I don’t think it could handle—I don’t think the guaranty funds could handle it, no.
Senator SHELBY. Couldn’t handle it——
Mr. HUNTER. That was your question, and I don’t think they——
Senator SHELBY. It would be too big for them to handle, would it not?
Mr. HUNTER. Of course. Yes.
Senator SHELBY. I thought so, too. Thank you.

2009 0317 - GOV (Senate) - Perspectives on Modernizing Insurance Regulation - [PDF-160p,

In the Executive Life case in Illinois, the amount levied used up our capacity for 1991 and, as it turned out, it was a good thing we did because we had to use virtually all of our capacity again in 1992 because of additional insolvencies that hit Illinois harder than most other states -- Inter-American for one, AMS Life for another.
There was about $200 million involved in just those two cases in Illinois.

-- Robert Ewald, not a member of the Society, is Executive Director of Illinois Life and Health Guaranty in Chicago, Illinois.

1993 - SOA - Rehabilitation Fallout, Society of Actuaries - 20p