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
... industry participants are not happy that this subcommittee has conducted a vigorous and bipartisan investigation of their activities . An appreciation of legitimate Congressional interests in assuring a financially sound insurance ...
... industry participants are not happy that this subcommittee has conducted a vigorous and bipartisan investigation of their activities . An appreciation of legitimate Congressional interests in assuring a financially sound insurance ...
Page 4
... industry . However , we cannot ignore the fact that the number and size of insurance insolvencies has been on the rise . Industry assessments for State guarantee funds were only $ 400 million from 1969 through 1984 , some 15 years , yet ...
... industry . However , we cannot ignore the fact that the number and size of insurance insolvencies has been on the rise . Industry assessments for State guarantee funds were only $ 400 million from 1969 through 1984 , some 15 years , yet ...
Page 5
... industry might make State solvency regulation as strong as possi- ble to prevent further situations such as First Executive and First Capital . The ultimate success of these efforts will clearly serve the best interests of all concerned ...
... industry might make State solvency regulation as strong as possi- ble to prevent further situations such as First Executive and First Capital . The ultimate success of these efforts will clearly serve the best interests of all concerned ...
Page 6
... industry is vulnerable to mismanagement and fraud that feeds on the weaknesses that have existed in the past in a multistate regulatory jurisdiction . And we also have seen cases where off - shore reinsurance is inadequately supervised ...
... industry is vulnerable to mismanagement and fraud that feeds on the weaknesses that have existed in the past in a multistate regulatory jurisdiction . And we also have seen cases where off - shore reinsurance is inadequately supervised ...
Page 10
... industry have greatly expanded the burden on regulators . The increase in the number of failures and the potential consequences for consumers and the economy make effective regulation of the insurance industry more important than ever ...
... industry have greatly expanded the burden on regulators . The increase in the number of failures and the potential consequences for consumers and the economy make effective regulation of the insurance industry more important than ever ...
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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.