INSURANCE COMMISSIONER ANNOUNCES FORMATION OF SOCIETY OF INSURANCE RECEIVERS
INSURANCE COMMISSIONER ANNOUNCES
FORMATION OF SOCIETY OF INSURANCE RECEIVERS
DOVER, Del., Nov. 21 /PRNewswire/ -- Delaware Insurance Commissioner David N. Levinson today announced that Delaware led the way for the newly formed national Society of Insurance Receivers, a professional organization of insurance regulators and receivers who protect and manage insolvent companies' assets.
The Society of Insurance Receivers, which already has 40 members, was formed to establish high standards of conduct, competence and uniformity among administrators and receivers in all states.
The primary purpose of a receivership is to utilize an insolvent insurer's assets to protect policyholders and pay claims.
Levinson commented, "It is in everyone's best interest to organize the professionals who have the responsibility of administering and managing the assets of insolvent insurance companies. Developing a network of communications will greatly benefit policyholders, regulators and insurers which are affected by insolvencies nationwide."
The state where an insolvent insurer is domiciled or chartered is responsible for assets of insolvent insurance companies. In most states, the insurance commissioner is the official and legal receiver of insolvent insurer assets, and appoints a deputy receiver to work exclusively with the insolvent company's assets.
Karen Stewart, a deputy receiver for the Delaware Insurance Department, is the founder of the Insurance Receivers Society, which will meet in Houston in early December at the National Association of Insurance Commissioners' winter meeting.
Under Levinson's leadership, the Delaware Insurance Department has become a national and international model for solvency oversight and how insolvencies are managed. Levinson served as chairman of the Rehabilitators and Liquidators Task Force of the National Association of Insurance Commissioners for the past several years.
/CONTACT: David N. Levinson, Delaware Insurance commissioner, 302-577-3120/ CO: Department of Insurance ST: Delaware IN: INS SU: KA-CC -- PH049 -- 6065 11/21/91 16:35 EST