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Printed for the use of the Committee on Energy and Commerce

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1991

49-6164

For sale by the U.S. Government Printing Office
Superintendent of Documents, Congressional Sales Office, Washington, DC 20402

ISBN 0-16-037142-2

COMMITTEE ON ENERGY AND COMMERCE

JOHN D. DINGELL, Michigan, Chairman JAMES H. SCHEUER, New York

NORMAN F. LENT, New York HENRY A. WAXMAN, California

CARLOS J. MOORHEAD, California PHILIP R. SHARP, Indiana

MATTHEW J. RINALDO, New Jersey EDWARD J. MARKEY, Massachusetts WILLIAM E. DANNEMEYER, California AL SWIFT, Washington

DON RITTER, Pennsylvania CARDISS COLLINS, Nlinois

THOMAS J. BLILEY, JR., Virginia MIKE SYNAR, Oklahoma

JACK FIELDS, Texas W.J. "BILLY” TAUZIN, Louisiana

MICHAEL G. OXLEY, Ohio RON WYDEN, Oregon

MICHAEL BILIRAKIS, Florida RALPH M. HALL, Texas

DAN SCHAEFER, Colorado DENNIS E. ECKART, Ohio

JOE BARTON, Texas BILL RICHARDSON, New Mexico

SONNY CALLAHAN, Alabama JIM SLATTERY, Kansas

ALEX MCMILLAN, North Carolina GERRY SIKORSKI, Minnesota

J. DENNIS HASTERT, Illinois JOHN BRYANT, Texas

CLYDE C. HOLLOWAY, Louisiana
RICK BOUCHER, Virginia

FRED UPTON, Michigan
JIM COOPER, Tennessee
TERRY L. BRUCE, Hlinois
J. ROY ROWLAND, Georgia
THOMAS J. MANTON, New York
EDOLPHUS TOWNS, New York
C. THOMAS MCMILLEN, Maryland
GERRY E. STUDDS, Massachusetts
PETER H. KOSTMAYER, Pennsylvania
RICHARD H. LEHMAN, California
CLAUDE HARRIS, Alabama

JOHN S. ORLANDO, Chief of Staff

JOHN M. CLOUGH, JR., Staff Director
MARGARET A. DURBIN, Minority Chief Counsel/Staff Director

SUBCOMMITTEE ON OVERSIGHT AND INVESTIGATIONS
JOHN D. DINGELL, Michigan, Chairman THOMAS J. BLILEY, JR., Virginia
J. ROY ROWLAND, Georgia

NORMAN F. LENT, New York
RON WYDEN, Oregon

DAN SCHAEFER, Colorado
DENNIS E. ECKART, Ohio

FRED UPTON, Michigan
JIM SLATTERY, Kansas
GERRY SIKORSKI, Minnesota
JOHN BRYANT, Texas

REID P.F. STUNTZ, Staff Director/Chief Counsel
STEPHEN F. SIMs, Deputy Staff Director

JOHN B. CHESSON, Counsel
JOHN E. SHELK, Minority Counsel

(II)

92-600215

2512446

KE27
153546
1991d

CONTENTS

Page

Testimony of:

Cluff, Lawrence D., Assistant Director for Financial Institutions and Mar-

kets, General Accounting Office .......

Collins, Hon. Cardiss, a Representative in Congress from the State of

Illinois.....

Curiale, Salvatore, superintendent of insurance, State of New York.....

Demarcus, Rachel, Assistant General Counsel, General Accounting Office.

Dollar, Roby, chairman, National Association of Life Companies...

Fogel, Richard L., Assistant Comptroller General, General Government

Issues, General Accounting Office..

Graham, John R., chairman, Solvency Task Force, National Association

of Independent Insurers.

Long, James E., president, National Association of Insurance Commis-

sioners....

McCartney, William H., vice president, National Association of Insurance

Commissioners

McMillan, Hon. Alex, a Representative in Congress from the State of

North Carolina..
Pomeroy, Earl R., past president, National Association of Insurance Com-

missioners

Sergent, Mary Lynn, evaluator, General Accounting Office
Material submitted for the record by:

General Accounting Office: Letter from Charles A. Bowsher, Comptroller

General, to Hon. Ron Wyden, May 1, 1991 ...
National Association of Insurance Commissioners: Letters from James E.

Long and William H. McCartney to Hon. Richard L. Thornburgh, U.S.
Attorney General, and Hon. Charles A. Bowsher, Comptroller General,
GAO, dated May 17, 1991...

Miscellaneous correspondence between the General Accounting Office

and the National Association of Insurance Commissioners ..

6

120

9

90

113

(III)

14A892 Bol

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