NEWS & UPDATES |
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NCIGF Submits Comments on Restructuring Mechanisms for Troubled Companies to NAIC Subgroup
On March 24 NCIGF President and CEO Roger Schmelzer submitted recommendations to Michael Vild, chairman of the Restructuring Mechanisms for Troubled Companies (E) Subgroup of the National Association of Insurance Commissioners (NAIC). Schmelzer’s comments, which were sent via letter, commented on topics related to restructuring mechanisms for troubled insurance companies that will be addressed by the subgroup in a proposed white paper later in the year.
“The NCIGF’s comments are based on the proposition that the primary public policy purpose of any insolvency scheme, whether it takes the form of liquidation or some other mechanism, should remain protection of the public from excessive financial loss due to the insolvency of insurance companies,” Schmelzer wrote.
Click here to read the comments in their entirety.
Insolvency Trends – 2008 Now Available
The National Conference of Insurance Guaranty Funds’ (NCIGF) has released its Insolvency Trends – 2008.
Authored by the NCIGF legal staff, Insolvency Trends – 2008 provides a complete
run-down on recent developments in insolvency law and practice and a look ahead at what is on the horizon in 2009.
Click here to view Insolvency Trends – 2008.
Guaranty Fund Expenses Compare Favorably to Industry's, Independent
Review Shows
The National Conference of Insurance Guaranty Funds (NCIGF) has released
a review by an independent actuarial firm that shows property and casualty
guaranty funds expenses compare favorably to those of industry in the
area of claims paying.
The “Review of Property and Casualty Insurance Guaranty Fund
Expenses” provides an analysis of guaranty fund expenses and a
comparison of analogous property and casualty industry expenses for
all insolvencies from 2001 through 2004.
Click
here to view the review.
NCIGF, NOLHGA Submit Comments to U.S. Treasury on Guaranty Fund
System
The National Conference of Insurance Guaranty Funds (NCIGF) and the
National Organization of Life & Health Insurance Guaranty Associations
(NOLHGA) have jointly drafted “Treasury Review of Regulatory Structure
Associated with Financial Institutions: Request for Comments (TREAS-DO-2007-0018).”
The organizations submitted the paper to the United States Department
of Treasury to explain the role of the state guaranty funds.
Read
More
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System Maintenance Notice: As previously announced, the NCIGF is launching a project to improve the www.ncigf.org
Web site and members SUDS FTP site through a server migration. The move will ensure ongoing reliability and improved
performance and security related to the www.ncigf.org Web site and members SUDS FTP site. This upgrade will begin the
morning of Friday May 16 and will be completed by the morning of Monday, May 19.
Starting Friday, May 16 at 8 a.m., you
will be unable to interact with the www.ncigf.org and www.ncigf.com Web sites. In addition, you will be unable to interact
with the SUDS FTP site via the existing url stfp.ncigf.org.
Click here for more information.
NCIGF
The National Conference of Insurance Guaranty Funds:
Supporting a system of policyholder protection
At the heart of every property and casualty insurance contract
lies a promise that if misfortune occurs, insurance will step in
to soften the blow by covering outstanding claims.
But what happens when an insurance company becomes financially
troubled, fails and is no longer able to uphold its end of the bargain?
That's when the state property and casualty guaranty fund system
- a system few know much about - steps in. Put simply, guaranty
funds provide an essential safety net for policyholders, one that
meets the needs of those least able to deal with losses should their
insurance company fail.
The National Conference of Insurance Guaranty Funds (NCIGF) - a
non-profit, member-funded association - provides national assistance
and support to the property and casualty guaranty funds located
in each of the 50 states, Puerto Rico and the District of Columbia.
Our Vision and Mission Statements
Vision
To be the definitive national leader on matters related to insolvency
and its consequences to policyholders and claimants protected by
the state-based property and casualty guaranty fund system.
Mission
To bring the greatest possible value to the member state property
& casualty guaranty funds and the state-based guaranty fund
system in operational support, communications and public policy
development.
The Shared Values of the NCIGF and Its Member Property and Casualty
Guaranty Funds
- Policyholder Protection. The state guaranty
funds exist to fulfill their statutory role to provide protection
to policyholders and claimants of insolvent insurers.
- Public Policy Purpose and Fact-Based Strategies.
Strategies are based on the public policy purpose of the state
guaranty funds. Tactics will consist of thoughtful, deliberate
and fact-based steps by members and NCIGF staff to address the
critical business issues facing the NCIGF, its member guaranty
funds and the policyholders they serve.
- Member Involvement. The guaranty fund system
and the NCIGF can achieve their potential only with the active
involvement of committed, engaged and informed members.
- Collaboration and Cooperation. NCIGF and members
of the guaranty fund system will seek to work among its members,
receivers, regulators, industry organizations and others to achieve
common goals.
- Low Cost, Highly Effective Operations. Through
the continuing development of high quality staffs and utilization
of up-to-date technology, NCIGF and its member guaranty funds
continually strive to provide cost-effective value to policyholders,
claimants and other stakeholders.
The Strategic Goals of the NCIGF and the State Property and Casualty
Guaranty Fund System
- Operations and Insolvency Management. Manage
property/casualty claims in a professional, timely, efficient
and cost-effective manner. The NCIGF supports member guaranty
funds in meeting their immediate and future obligations to policyholders.
- Public Policy Management. Strengthen service
to policyholders and claimants through sound public policies that
form the foundation of the property and casualty guaranty fund
system. When necessary, seek renewal of the system’s statutory
foundation to meet future challenges on behalf of policyholders
and claimants.
- Outreach, Communications and Education. Educate
and inform the public, industry, policymakers and other stakeholders
about the property and casualty guaranty fund system to assist
the state guaranty funds and the NCIGF in execution of their respective
missions. Drive cooperation and consensus building among guaranty
funds through member-focused communication and education.
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