NEWS & UPDATES |
| 
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
|
|
The National Conference of Insurance Guaranty Funds:
Helping Guaranty Funds protect insurance consumers
While rare, the failure of a property and casualty insurance company is an unfortunate but inevitable result of a free-market. Insurer insolvencies can have serious financial implications for policyholders and claimants who have outstanding claims against a company.
Paying the covered claims of those whose insurance company has failed has been the mission of the property and casualty Guaranty Fund System for nearly 40 years. Created by state statutes, the guaranty funds fulfill the “promise to pay” that underlies all insurance contracts. For policyholders and claimants, the guaranty fund system is there, stepping in for failed insurers to pay policyholder claims at legally allowable limits.
The Guaranty Fund System has performed well over its history, paying out about $21 billion on approximately 600 property and casualty insolvencies since 1976. For policyholders and claimants, that's money that would have otherwise gone unpaid, or been greatly reduced, months, or even years, after the fact.
Supported by its member organization, the National Conference of Insurance Guaranty Funds (NCIGF), the state-based property and casualty Guaranty Fund System remains strong, attuned to current and emerging issues and brings essential consumer protection in an increasingly dynamic insurance industry.
Click here to learn more.
The National Conference of Insurance Guaranty Funds (NCIGF) is the non-profit, member-funded association formed to provide 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.
The NCIGF coordinates information for multi-state insolvencies and provides legal, informational, administrative, communications and public policy support to our members.
Click here to learn more.
|
|
