|
11/28/2007 -
NCIGF, NOLHGA Submit Comments to U.S. Treasury on Guaranty Fund System
Given the current guaranty fund system’s significant experience, operating efficiency and credibility, it is well positioned to protect the nation’s insurance consumers from future insolvencies of life and health and property/casualty insurers, regardless of whether those insurers may be regulated under a federal system or by the states.
That’s the word in “Treasury Review of Regulatory Structure Associated with Financial Institutions: Request for Comments (TREAS-DO-2007-0018),” a document jointly drafted by the National Conference of Insurance Guaranty Funds (NCIGF) and the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA) and submitted to the United States Department of Treasury to explain the role of the state guaranty funds.
“Recently, the United States Department of Treasury solicited comments from parties with an interest in a federal role for insurance regulation,” said Roger Schmelzer, president and CEO of the NCIGF. “Although taking no position on the merits of state or federal regulation, NCIGF and NOLHGA were encouraged to respond to the request to explain the role of the state guaranty funds.
“As the invitation to submit comments to the Treasury confirms, the NCIGF and NOLHGA have established themselves as a credible, objective and substantive source for information to help policymakers understand one of the least clear aspects of the public policy on which insurance is built in the United States.”
To view the document, click here.
10/26/2007 -
10/22/07 Letter on Reinsurance Collateral
On October 22nd the NCIGF weighed in on the current debate about reinsurance collateral proposals in a letter to John Oxendine, chair of the NAIC Reinsurance Task Force.
“The success of reinsurance collections has a direct bearing on how much insolvencies ultimately cost the public,” wrote Barbara Cox, NCIGF’s vice president Legal & Regulatory Affairs. “For this reason, we are watching with interest the continuing debate over Reinsurance Collateral Proposals.”
Cox also wrote, “It stands to reason, based on the significant impact collateral appears to have on estate recoveries, that any reduction in current collateral requirements will directly and considerably add to the cost of guaranty association protection that is, by statute, ultimately passed on to the public.”
To view the letter in its entirety, click here.
06/14/2007 -
NCIGF Article Runs in June Issue Risk and Insurance Magazine
This month, Risk and Insurance magazine turns its focus on the guaranty funds system in a NCIGF-article, “Guaranty Funds Are Efficient and Effective.”
The 1,800-word article explores the traditional role of the guaranty fund system, the system’s origins in public policy and its emerging challenges. The article also provides an overview of the SPC initiative.
To view the article, click here.
05/15/2007 -
A Conversation with New NCIGF Board Chairman Dave Edwards
At the NCIGF's 2007 annual meeting in Baltimore the NCIGF board tapped Dave Edwards, president, Western Guaranty Fund Services, to be its new chairman. We checked in with Dave to get his thoughts and reflections on the guaranty fund system, the NCIGF and a range of other topics.
Q. As the new chair of the NCIGF board, what is your view on the current state of the guaranty fund system?
I think the system is functioning pretty well. When you think about what the guaranty associations were created to do - primarily to pay claims of certain claimants and insureds that otherwise might suffer hardships due to an insurer's insolvency - then I don't see how you could think that the system isn't doing well; I don't know of any state where there are any complaints of claims not being paid.
But also I'd have to say that we should always look for ways to improve and we certainly can't allow ourselves to become too self- satisfied.
Read on...
05/15/2007 - NCOIL to NAIC: Untested Models Degrade Accreditation Program On May 3 NCOIL President Sen. Alan Sanborn (MI) sent a letter to NAIC President Walter A. Bell expressing concern over "an unraveling" of the approval process for additions to its accreditation program.
In part Sanborn wrote, ". . . NCOIL believes that the manner in which models are chosen as accreditation standards has been subtly degraded over the years-and perhaps, in a manner of speaking, when no one was looking."
Echoing Sanborn was NCIGF's Barb Cox, who in a letter to Rhone Island Superintendent of Insurance Joseph Torti May 7 weighed in on the issue:
Read on...
05/15/2007 -
Integrity Insurance Company Statements of Financial Condition Available on NCIGF Web Site
The liquidator for Integrity Insurance Company filed the estate's Statements of Financial Condition for 2005 and 2006 with the liquidation court. The statements are available on the member's only section of the NCIGF website at http://www.ncigf.info/estates.asp. - Mark Steckbeck.
05/15/2007 -
Royce to Reintroduce NIA
The May 2 issue of The Hill features an article by Rep. Ed Royce (R-Calif.) that details his plan to reintroduce the National Insurance Act (NIA). The legislation would create an optional federal charter (OFC) for life and property/casualty insurance providers.
Royce serves on the House Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises and the Subcommittee on Financial Institutions and Consumer Credit.
Read the full text of his article at:
http://thehill.com/leading-the-news/federal-charter-offers-insurance-option-2007-05-02.html
05/15/2007 -
NCIGF Releases "Trends In Insolvency" White Paper
The NCIGF has released its inaugural "Trends in Insolvency." The 8-page white paper is now available on the NCIGF Web site.
Authored by the NCIGF legal staff, "Trends in Insolvency - 2006" provides a complete run-down on recent developments in insolvency law and practice and a look ahead at what is on the horizon in 2007.
"Trends in Insolvency - 2006" can be found at:
http://www.ncigf.org/publications/Trends %20in%20Insolvency%20-%202006.htm
04/30/2007 -
Asking Questions, Getting Answers: The Strategic Planning Initiative
Created by the NCIGF Board of Directors at its planning meeting in Orlando in January 2006, the Strategic Planning Committee (SPC) initiative has evolved into the most ambitious, comprehensive and in-depth self-examination of the organization and guaranty fund system in its nearly 40-year history.
Some have questions about the effort; here's a representative sampling.
Why is the NCIGF board pursuing this project?
For nearly 40 years, the guaranty fund system and NCIGF have worked effectively to protect property and casualty insurance policyholders faced with insolvencies of insurance companies with a broad and reliable safety net....
Read on...
News and Updates Archives
|
