US NAIC Summer 2022 National Meeting Key Takeaways: Restructuring Mechanisms, Insurance Business Transfers, and Corporate Divisions

On August 11, 2022, the US National Association of Insurance Commissioners’ (“NAIC”) Executive (EX) Committee adopted a request from the Restructuring Mechanisms (E) Working Group (“RM Working Group”) to reopen the Property & Casualty Insurance Guaranty Association Model Act (#540) (“Model Act #540”) for amendment to ensure that policyholders will retain guaranty fund coverage following an insurance business transfer (“IBT”) or corporate division (“CD”).

Filed under:
USA, Insolvency & Restructuring, Insurance, Mayer Brown, National Association of Insurance Commissioners
Authors:
David W. Alberts , Lawrence R. Hamilton , Vikram Sidhu , Sanjiv J. Tata , Yuliya Feldman , Elliott S. Schreffler
Location:
USA
Firm:
Mayer Brown