The CISFC delegation visited America on August 12-16, 2014, and held an in-depth exchange with the officials of Pennsylvania Insurance Department, New Jersey Department of Banking and Insurance and New York Liquidation Bureau about the insurance guarantee fund system and risk resolution of insurance companies.

(Different from the Chinese organizational structure, the insurance regulatory authorities of the states in America are supervised by the court, which acts as the receiver, reorganizer or liquidator to lead the takeover, receivership or liquidation of insurance companies, but usually outsources concrete business activities to professional organizations. For example, New York Liquidation Bureau is an independent institution not affiliated to the government, and enjoys the resolution experience of more than one hundred years since its establishment in 1909, and a vast professional team. As to organization and coordination, the guarantee fund organization of all states have jointly sponsored the National Conference of Insurance Guaranty Funds (NCIGF) and the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA), which take on coordination and collaboration at the federal level during risk resolution and bailout of property and life insurers. )

The survey has promoted CISFC’s understanding of the insurance market and risk resolution practices in America, and also collected abundant first-hand data. This has provided rich blueprints available to refine concrete system for the risk resolution process for insurance companies and make risk resolution more operable.

The study report covers the major system, triggering causes, organizational structure, basic responsibilities and processes of risk resolution in the American insurance market, and is highly recognized by the leaders of CIRC.
 

        CISFC Delegaton Exchanges with Officials of New York Liquidation Bureau

CISFC Delegation Exchanges with Officials of Pennsylvania Insurance Department