Insurance Company Regulation: Hearing Before the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce, House of Representatives, One Hundred Second Congress, First Session, May 22, 1991, Volume 4 |
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Page 2
... develop a national solvency pro- gram for its members . But the success of that effort is hampered by lack of legal authority to compel individual States to act collective- ly and harmoniously in the national interest . Efforts to ...
... develop a national solvency pro- gram for its members . But the success of that effort is hampered by lack of legal authority to compel individual States to act collective- ly and harmoniously in the national interest . Efforts to ...
Page 5
... develop a cer- tification program acknowledging States that meet their solvency standards . I look forward to hearing their testimony and commend them for their efforts . I also look forward to the testimony of our other witnesses , the ...
... develop a cer- tification program acknowledging States that meet their solvency standards . I look forward to hearing their testimony and commend them for their efforts . I also look forward to the testimony of our other witnesses , the ...
Page 7
... develop regulations most in tune with their particular needs . Insurance is really no exception . But recent- ly letters I've received have forced me to take another look at the current insurance regulatory system . Letters from ...
... develop regulations most in tune with their particular needs . Insurance is really no exception . But recent- ly letters I've received have forced me to take another look at the current insurance regulatory system . Letters from ...
Page 8
... developed and informative report called " Failed Promises . " The report suggested that some Federal role in the reg- ulation of insurance solvency may be appropriate . Recent events have shown the foresight of this subcommittee . The ...
... developed and informative report called " Failed Promises . " The report suggested that some Federal role in the reg- ulation of insurance solvency may be appropriate . Recent events have shown the foresight of this subcommittee . The ...
Page 11
... - cial statement that NAIC developed , individual States may allow accounting practices that differ from those codified in NAIC's prac- tices and procedures manual . Certain requirements of the statutory accounting approach may result in ...
... - cial statement that NAIC developed , individual States may allow accounting practices that differ from those codified in NAIC's prac- tices and procedures manual . Certain requirements of the statutory accounting approach may result in ...
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Common terms and phrases
accreditation program actuarial adopted annual statement assess assets Association of Insurance audit authority BLILEY capital Cardiss Collins Chairman claim CLUFF COLLINS Committee company's CONGRESS THE LIBRARY consumers CURIALE database DINGELL Director domiciled effective ELNY examination Executive filed financial condition Financial Regulation Standards financial reinsurance financially troubled FOGEL GAO's gentleman guaranty fund holding company Illinois insolvencies Insurance Commissioners insurance companies insurance departments insurance guaranty funds insurance industry insurance regulation insurance regulatory internal controls investment issue junk bonds laws and regulations legislation liabilities LIBRARY OF CONGRESS liquidation LONG Managing General Agent MCCARTNEY million Model Act model laws NAIC Model NAIC's National Association oversight person policyholders POMEROY premiums problems property/casualty protection regulatory actions regulatory system Reinsurance Intermediaries requirements response risk Section securities SIKORSKI solvency regulation statute statutory subcommittee surplus testimony Thank tion transactions troubled companies troubled insurers WYDEN
Popular passages
Page 339 - ... shall be deemed equivalent to an appointment by such nonresident of the registrar or his successor in office, to be his true and lawful attorney upon whom may be served all lawful processes...
Page 202 - ... or information that has been furnished to a federal grand jury in response to that subpoena, shall be fined not more than $250,000 or imprisoned not more than 5 years, or both.
Page 202 - Nothing contained in any title of this Act shall be construed as indicating an intent on the part of Congress to occupy the field in which any such title operates to the exclusion of State laws on the same subject matter, nor shall any provision of this Act be construed as invalidating any provision of State law unless such provision is inconsistent with any of the purposes of this Act, or any provision thereof.
Page 334 - ... in such condition that its further transaction of business will be hazardous to its policyholders, or to its creditors, or to the public...
Page 337 - The plans or proposals which the acquiring party has to liquidate the insurer, sell its assets or consolidate or merge it with any person, or to make any other material change in its business or corporate structure or management, are unfair and unreasonable to...
Page 115 - States and the governments of the District of Columbia, Guam, American Samoa, Puerto Rico, and the Virgin Islands.
Page 346 - Act which can be given effect without the invalid provision or application, and to this end the provisions of this Act are severable.
Page 334 - ... by contract of reinsurance or otherwise, transferred or attempted to transfer substantially its entire property or business, or entered into any transaction the effect of which is to merge substantially its entire property or business in the property or business of any other...
Page 98 - Internal control comprises the plan of organization and all of the co-ordinate methods and measures adopted within a business to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency, and encourage adherence to prescribed managerial policies.
Page 18 - NAIC is a voluntary association of the heads of the insurance departments of the 50 states, the District of Columbia, and 4 US territories. NAIC has two organizational elements: the group of state insurance commissioners and its centralized Support and Services Office (support office) headquartered in Kansas City, Missouri.