Alliance Tells NAIC Working Group That Model Holding Company Bill Proposed Amendments On 'Extraordinary Dividends' Still Have Problems.
Position | LOOKING BACK INSURANCE ADVOCATE - 26 YEARS AGO |
HONOLULU, Hawaii -- Although some positive changes have been made to the National Association of Insurance Commissioners (NAIC) extraordinary dividend provisions in the Model Holding Company Regulation, problems still exist, according to the Alliance of American Insurers. The Alliance on December 7 proposed amendments to the regulation during the Extraordinary Dividends Working Group at the NAIC's Winter National Meeting here.
Alliance Vice President Lenore Marema explained that many alliance member companies are part of an insurance holding company systems, and therefore have an interest in the NAIC's Model Holding Company Regulation and the proposed amendment on extraordinary dividends. A major concern centers on a drafting note which suggests that states should evaluate ordinary dividends for potential regulatory disapproval.
"We do not believe that ordinary dividends should be subject to prior regulatory approval," Marema said. "This drafting is also inconsistent with the laws of virtually all states and with the regulatory scheme of the NAIC Model Holding Company Act. Why go through all the bother of drawing a distinction between ordinary and extraordinary dividends if both ate subject to prior regulatory approval?"
The Alliance recommends the NAIC Working Group not deviate from the regulatory scheme set forth in the Model Act. There is no justification for singling out ordinary dividend transactions from all the other types of inter-affiliate transactions and requiring prior regulatory approval from "dollar one" for this type of transaction, Marema said.
Another Alliance concern focuses on a subsection of the regulation which requires an insurance department to be current, or substantially complete, on its annual review of all insurers in order to approve an extraordinary dividend transaction. Marema explained that if an insurer submits all the required information and...
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