Receivership

Receivership

• Courts
• Dodd-Frank
  • FDIC
• NAIC – National Association of Insurance Commissioners
  • 1995-1999 – NAIC – Report on Receiverships –  naic.soutronglobal.net/Portal/Public/en-GB/RecordView/Index/5479
  • 1982-2024 – NAIC – Receivers handbook for insurance company insolvencies – Versions – naic.soutronglobal.net/Portal/Public/en-GB/RecordView/Index/6651
  • Receivership Law Working Group – (E) – NAIC  —  [BonkNote]
    • Receiver’s Handbook for Insurance Company Insolvencies for Qualified Financial Contracts
  • 2023 04 – NAIC – State Insurance Receivership Priority Act – Federal Priority Act – 1p
• 1995 – GAO – Insurance Regulation: Observations on the Receivership of Monarch Life Insurance Company. (Letter Report, 03/22/95, GAO/GGD-95-95)  —  [BonkNote]  —  22
• Troubled Companies
• Solvency

• UILA – Uniform Insurers Liquidation Act
• 1940 – LR – Legislation: The Uniform Insurers Liquidation Act – 12p
  • Although there has been a vast improvement in national bankruptcy legislation, with the passage of the Chandler Act in 1938,² so that the receivership device has been abandoned to a large degree by most corporations, insurance companies have been excluded from the Act.³
    • Consequently, they must still rely upon receivership and local statutory substitutes for insolvency proceedings

• 2021 – NAIC – Legislative Priorities – 1p
• Support Legislation to Help Protect Policyholders During an Insurance Receivership
  • Current law provides no deadline to the federal government for filing claims in an insurance receivership, causing proceedings to drag on for years and reducing recoveries for insurance consumers.
  • Congress should support NAIC proposed legislation that would require the federal government to file claims it may have against insolvent insurance companies within a specified time consistent with bankruptcy proceedings.
• Privide State Insurance Regulators a Vote on the Financial Stability Oversight Council (FSOC) (H.R. 3099)
  • The insurance sector is the only financial services sector whose primary regulator is not a voting member of the FSOC.
  • The Primary Regulators of Insurance Vote Act (H.R. 3099) would grant state regulators full participation on FSOC by allowing them to vote.
• Oppose Preemption of State Insurance Data Privacy and Data Security Standards
  • Federal data privacy and security legislation should acknowledge the state insurance regulatory framework and not undermine state laws and regulations to protect the best interests of insurance consumers.