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He has represented the United States as an IFIGS member of IFIGS since 2012, along with Peter Gallanis, president of the (https://www.nolhga.com/) National Organization of Life and Health Insurance Guaranty Associations (NOLHGA), NCIGF's life and health counterpart.
P-C guaranty fund capacity is from NCIGF (2011), http://www.ncigf.org/.
"Just as insurers perform stress tests under adverse scenarios, NCIGF and NOLHGA should periodically model the potential adverse impacts of such scenarios on the guaranty fund system for review by the FIO."
Schmelzer noted the efforts of the NCIGF and NOLHGA as part of IFIGS have already made a difference, citing recent changes to international regulatory drafts that underscore the primacy of policyholder protection, the importance of pre-insolvency cooperation, collaboration between the guaranty system and regulators, as well as clearing up any misconceptions that a guaranty association could spread financial risk.
The distribution of an insolvent estate's remaining assets are critical to state's ability to pay the claims of a failed insurance company, writes the NCIGF. In 2011 and 2012, more than $475 million and $456 million of funds were recovered from estate assets, respectively.
The NCIGF's member guaranty funds will continue to honor their core commitment to keep the system agile, strong and flexible so that claims can be paid even as we are attuned to current and emerging issues.
The Board of Directors of the National Conference of Guaranty Funds (NCIGF) has elected Brandon LaSalle of American Family Insurance as it new chairman.
The NCIGF report records the cumulative payments, recoveries, and net cost through 2003 for each insolvency that triggered a guaranty fund assessment since 1969.
The NCIGF was formed in 1971 primarily to help states design appropriate property/casualty guaranty-fund legislation and to serve as a national forum to exchange information and ideas.
May 4-5: NCIGF Annual Meeting, National Conference of Insurance Guaranty Funds, Santa Fe, N.M.
Assessments are typically capped at 2 percent of premiums written per year, although some states maintain lower caps (NCIGF, 1997).
Maintaining a level of readiness is one of the core components that NCIGF reinforces to its member ship.
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