A major property-casualty trade group has reiterated its opposition to the National Association of Insurance Commissioners model receivership act.

In a letter to the NAIC, the Property Casualty Insurers Association of America (PCI) stated it is not able “to recommend a single element of Insurers Receivership Model Act (IRMA).”

The act establishes the procedures insurance departments go through when settling the affairs of an insolvent carrier, such as the order of distribution of the entity's remaining assets.

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