Topic: Insolvency

Enstar pulled the trigger faster than Annie Oakley‎

Both Rhode Island and Oklahoma have enacted insurance business transfer acts, which allow insurers to transfer and novate books or portfolios of business to insurers domiciled in the respective States.  Rhode Island’s Voluntary Restructuring of Solvent Insurers Act became effective on June 30, 2007, and is codified by the Rhode Island Department of Business (“DBR”) Regulation 68. 

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NAIC Working Group Exposes Proposed Revisions to Life and Health Guaranty Association Model Act

On October 27, the NAIC Model Law (E) Working Group released an exposure draft of its proposed revisions to the Life and Health Guaranty Association Model Act (#520), intended to address the financial challenges of Long Term Care (“LTC”) insurance insolvencies, such as this year’s Penn Treaty liquidation, and to bring health maintenance organizations (“HMOs”) within the Guaranty Associations’ protection and assessment base.  The Working Group is chaired by James Kennedy of the Texas Department of Insurance.  The proposed revisions are the product of an intense effort by a drafting group that was formed in July. With a 30 day exposure period, comments by interested parties are due by November 27, 2017.

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