The National Association of Insurance Commissioners has given preliminary approval to an amendment to the receivership model act opposed by the insurance industry for its purported bias against guaranty funds.
The Receivership and Insolvency Task Force approved the so-called “Delaware Amendment” to the Insurance Receivership Model Act dealing with who should receive employer reimbursements from large deductible policies.
Task Force action came at the NAIC winter meeting this week in San Antonio, Texas. The proposal the group adopted would treat loss reimbursements as assets of the liquidated company, as opposed to the guaranty fund, which paid the claims.
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