CFO Alex Sink's Consumer eViews Newsletter

Volume 5  Number 33  August 15, 2008

CONSUMER SERVICES HELPLINE 877-MY-FL-CFO

 

NEW RECEIVERSHIP DATABASE PROVIDES TRANSPARENCY, ACCOUNTABILITY

The National Association of Insurance Commissioners (NAIC) announced the public release of its Global Receivership Information Database (GRID).

Information from more than 1,200 receiverships, provided by state insurance departments in all 50 states and the District of Columbia, are housed within GRID. This includes such information as receivership contact information, relevant court orders and docket numbers, ongoing tasks, distribution of assets, claims-liability details, business activity and deposits.

“State regulators must step in when insurers are unable to fulfill their promises to policyholders. Our main priority is to provide the appropriate oversight and controls necessary to ensure the fair and efficient distribution of the insurer’s remaining assets,” said Florida Chief Financial Officer Alex Sink, whose state was one of the first jurisdictions to completely populate GRID with all of the historical data on their past receiverships. “Future improvements to the database will be released in spring 2009, providing annual balance sheet information of active receiverships within GRID to offer even better transparency for consumers.”

“Over the years, state insurance regulators have worked diligently to ensure transparency and accountability with regard to receivership activity,” said Iowa Insurance Commissioner Susan Voss, who chairs the NAIC Receivership and Insolvency Task Force. “GRID provides a national clearinghouse for receivership information, allowing us to better understand and disclose information regarding this complex process.”

GRID can be accessed via the NAIC’s Consumer Information Source (CIS) Web site at www.naic.org/cis. The CIS database provides several basic types of information on insurance companies, including complaint statistics, licensing details and key financial data.

The NAIC Receivership and Insolvency Task Force is charged with overseeing the maintenance and development of enhancements to GRID. For more information, visit www.naic.org/committees_e_receivership.htm.

Additional receivership data (and other state-specific insurance statistics) can be found in the NAIC Insurance Department Resources Report. To order online, visit the NAIC Store at www.naic.org/store_home.htm.