The National Association of Insurance Commissioners has put off approving its controversial Insurance Receivership Model Act (IRMA) to give insurance industry representatives one last chance to suggest revisions.
The Financial Condition Committee will continue to receive comments over the next few weeks in time for another interim meeting in August before its expected final approval at the September NAIC fall meeting.
At a hearing yesterday at the NAIC summer meeting in Boston, industry representatives were unanimous in their criticism of the model act that will address the priority of interests of all stakeholders in insurance company insolvency such as the guaranty fund, creditors, estates and policyholders.
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