Revised Draft of Proposed New Receivership Model Released
During the week of October 30, 2005, NAIC staff released a revised version of the proposed model receivership act, redlined to show changes made since the draft was approved by the NAIC's Receivership and Insolvency Task Force in May. The changes made in this draft largely reflect proposals included in the Compilation Chart that has served as the working document for E Committee since mid-August, and which has been the subject of substantial concern and debate. The redlined draft is dated October 31, 2005, and a copy of the draft is available here.
The October 31 draft is the document that will be under consideration for review and vote by E Committee at the special meeting scheduled for November 7 and 8 in Chicago. Interested parties were notified on October 31 that written comments on the draft would be accepted through close of business on Thursday, November 3. NOLHGA has submitted comments and anticipates that comments will be submitted by several other interested parties and industry representatives.
The Chicago meeting is tentatively scheduled to run from 1:00 p.m. to 5:00 p.m. on November 7 and from 8:30 a.m. to 2:30 p.m. on November 8. The meeting will be held at the Westin O'Hare in Rosemont, Ill.
It remains unclear at this point what the timeline will be for further action with respect to the proposed model. To the extent a revised model is adopted by E Committee in November, it would likely then be referred to the NAIC's Executive (EX) Committee and Plenary for consideration in connection with the December NAIC meeting in Chicago.
Staff Contact - Joni ForsytheMaintenance on Web Server Scheduled for Next Week
On November 8, 2005, the NOLHGA Systems Department will perform routine maintenance on the NOLHGA Web server. While this occurs, the NOLHGA Web site and any guaranty association sites hosted by NOLHGA may be unreachable for short periods of time. The work should be completed by noon EDT that day.
Staff Contact - Dan Hicks