Grading Basis: Student Option
Who watches over the financial condition of insurance companies in the United States? Who takes care of cleaning up the mess if an insurance company can¿t meet its obligations? The last few years have seen an unprecedented battle for the soul of insurance solvency regulation between state insurance regulators, federal banking/insurance regulators and insurance regulators in countries overseas, and unprecedented cooperation between these three. Traditionally, insurance has been regulated by the various states, but the Dodd Frank Act brought a number of federal regulators into the mix, while regulators in foreign countries have been changing the way they view overseas operations of U.S. insurers. These regulators employ approaches and regulatory philosophies that differ in many material respects, while they all share a strong commitment to protecting the insurance buying public. The Insurance Solvency course will explore solvency regulation in the United States through a series of high profile guest speakers from state and federal insurance regulators and insurance companies who will speak about the day to day financial regulation of insurance companies and the challenges of winding up insurance companies when things go wrong. The course will conclude with a number of case studies demonstrating differing approaches to the resolution of insolvent insurance companies and a dialog with those who have lead and are leading these cases.