NATIONAL CONFERENCE OF INSURANCE GUARANTY FUNDS INC

NCIGF PROVIDES OPERATIONAL SUPPORT, COMMUNICATIONS AND PUBLIC POLICY DEVELOPMENT TO ITS MEMBERS, THE STATE PROPERTY AND CASUALTY INSURANCE GUARANTY FUNDS. THE NCIGF ALSO ASSISTS PROPERTY AND CASUALTY INSURANCE GUARANTY FUNDS BY PROVIDING THEM WITH CURRENT LEGISLATIVE INFORMATION AND EDUCATIONAL TRAINING OPPORTUNITIES.SEE SCHEDULE O FOR 2024 SERVICE ACCOMPLISHMENTS HIGHLIGHTS.HIGHLIGHTS OF OUR 2024 ACCOMPLISHMENTS INCLUDE:MITIGATING "READINESS RISK": GUARANTY FUNDS HAVE A RICH HISTORY OF ADAPTATION AND FLEXIBILITY DURING THOSE RARE OCCASIONS WHEN AN INSURANCE COMPANY BECOMES INSOLVENT. AS THE INSURANCE INDUSTRY CONTINUES TO EVOLVE ITS TECHNOLOGY AND BUSINESS PRACTICES AND RESPONDS TO PUBLIC POLICY CHANGES, THE CHALLENGE FOR THE GUARANTY FUNDS TO ADAPT GROWS STEEPER. NCIGF IS AMID A MULTI-YEAR INITIATIVE TO SMOOTH THE FRICTIONS THAT POSE A THREAT TO THE ABILITY TO RESPOND PROMPTLY TO CONSUMERS.FURTHER IMPLEMENTATION OF THE PRE-LIQUIDATION FRAMEWORKNCIGF AND GUARANTY FUND EXECUTIVES SUCCESSFULLY ADVANCED THE APPLICATION OF NAIC TOOLS AND HANDBOOKS TO PROMOTE THE PRE-LIQUIDATION PLANNING (PLP) FRAMEWORK. THIS INITIATIVE INCREASED AWARENESS OF AVAILABLE TOOLS AND STRENGTHENED OUTREACH EFFORTS AMONG RECEIVERS AND REGULATORS.KEY MILESTONES INCLUDED:- REGULATOR TABLETOP EXERCISE HELD ON FEBRUARY 10, 2024, AT THE AMELIA ISLAND COMMISSIONERS CONFERENCE, ENGAGING APPROXIMATELY 110 PARTICIPANTS FROM ALL STATES.- RFAWG PRESENTATION- ANALYSIS OF THE SIX INSOLVENCIES THAT OCCURRED IN 2023 WITH A FOCUS ON DATA PLANNING EFFORTS AND LESSONS LEARNED. - AIRROC PRESENTATION PROMOTING THE PRE-LIQUIDATION PLANNING MESSAGE, ALONG WITH STATUTORY REVISIONS TO THE RUN-OFF INDUSTRY.O NCIGF PRESENTATION ON NAIC-APPROVED INITIATIVES EDUCATING STAKEHOLDERS ON REGULATORY CHANGES IMPACTING STATE GUARANTY FUNDS.IN 2024, NCIGF PRIORITIZED STAKEHOLDER EDUCATION TO ENSURE WIDESPREAD AWARENESS OF NAIC TOOLS AVAILABLE FOR ADDRESSING PLP. EFFORTS WERE FOCUSED ON EFFECTIVELY COMMUNICATING THIS MESSAGE TO INDUSTRY PROFESSIONALS, REGULATORS AND RECEIVERS. LOOKING AHEAD TO 2025, NCIGF WILL CONTINUE TO ADVANCE THIS INITIATIVE WITH A STRONG EMPHASIS ON OPERATIONALIZING ITS MESSAGING TO FURTHER INTEGRATE PLP STRATEGIES INTO INDUSTRY AND REGULATOR PRACTICES.NCIGF DATA HUB (FORMERLY THE REVERSE DATA MAPPER)|THIS MULTI-PHASE PROJECT FOCUSES ON PROCESS CONSOLIDATION AND EASE OF USE, DATA-RELATED NOTIFICATIONS AND TASKS, AND DATA COLLECTION TO SUPPORT NCIGF PUBLIC POLICY INITIATIVES. IN 2024, NCIGF COMPLETED THE FIRST PHASE, WHICH INVOLVED COLLECTING UDS C AND D FILES. IN 2025, WE WILL ROLL OUT MORE FUNCTIONALITY TO FACILITATE ROUTINE DATA TRANSFER TASKS WITHIN THE RESOLUTION COMMUNITY.TRANSFERRING GF DATA TO INSURANCE RECEIVERSEARLY IN 2024, NCIGF COORDINATED OUTREACH TO COMMERCIAL DOCUMENT MANAGEMENT SYSTEM VENDORS USED BY NCIGF MEMBERS TO ENHANCE THE SUDS PLATFORM AND FACILITATE THE TRANSFER OF CLAIMS-RELATED DOCUMENTS TO RECEIVERS. UDS I RECORDS AND THEIR ASSOCIATED FILES ARE NOW TRANSMITTED TO THE CORRECT DESTINATION AUTOMATICALLY.UDS DATA VALIDATORNCIGF UPGRADED ITS UDS DATA MAPPER UTILITY TO BETTER IDENTIFY ERRORS UPSTREAM FROM GUARANTY FUNDS FOR FASTER RESOLUTION. 22 NEW VALIDATION CHECKS WERE ADDED IN 2024. THE TROUBLESHOOTING AND ERROR CORRECTION EXPERIENCE WAS IMPROVED, AND A COMPLETE LISTING OF ALL VALIDATION CHECKS PERFORMED BY THE UDS DATA MAPPER WAS MADE AVAILABLE AT WWW.GUARANTYSUPPORT.COM.ENTERPRISE RISK MANAGEMENTNCIGF BOOSTED ITS ENTERPRISE RISK ASSESSMENT BY IMPLEMENTING A COMPREHENSIVE FRAMEWORK DESIGNED TO SAFEGUARD ORGANIZATIONAL OPERATIONS AND OBJECTIVES. THIS PROGRESS WAS DRIVEN BY A THOROUGH REVIEW OF POTENTIAL RISKS AND THEIR IMPACT ON ORGANIZATIONAL OPERATIONS, ALONGSIDE THE REINFORCEMENT AND DOCUMENTATION OF RISK EVALUATION TO ENSURE PROACTIVE MITIGATION STRATEGIES. ADDITIONALLY, POLICIES AND PROCEDURES HAVE BEEN UPDATED TO ALIGN WITH EVOLVING GOVERNANCE, SECURITY, AND OPERATIONAL BEST PRACTICES. NCIGF 'S RESILIENCE IS STRONGER ACROSS MULTIPLE RISK CATEGORIES INCLUDING INDUSTRY, ENVIRONMENTAL, LEGAL, PEOPLE, TECHNOLOGICAL, AND FINANCE AND IS BETTER POSITIONED TO ACHIEVE GREATER OPERATIONAL EFFICIENCY, MAINTAIN COMPLIANCE, AND ENSURE LONG-TERM STABILITY. WITH THIS REFINED APPROACH, OVERVIEW OF AN INSOLVENCYTO FURTHER STRENGTHEN THE NCIGF MISSION, THE TEAM RECOGNIZED AN OPPORTUNITY TO INCREASE THE UNDERSTANDING OF THE INSOLVENCY PROCESS FOR NCIGF BOARD MEMBERS. THE NCIGF LEGAL TEAM CREATED AN EDUCATIONAL PRESENTATION THAT TRANSFORMED A COMPLEX TOPIC INTO AN INFORMATIVE NARRATIVE, THAT OUTLINED THE LIFECYCLE OF AN INSURANCE COMPANY THROUGH THE INSOLVENCY PROCESS.INSOLVENCY DATA EXPLAINERTHROUGH ITS SUBSIDIARY, GSI, NCIGF PUBLISHED "INSOLVENCY DATA PROCESSING: A GUIDE FOR INSURANCE IT PROFESSIONALS", TO PROVIDE A PLAIN-ENGLISH GUIDE FOR IT STAFF UNFAMILIAR WITH INSOLVENCY DATA TRANSFER. THE PUBLICATION INCLUDES ROLES AND RESPONSIBILITIES, A FULL EXPLANATION OF UDS WITH REFERENCES, AND A GLOSSARY OF RELATED TERMS. A DOWNLOADABLE PDF AND AUDIO SUMMARY ARE ALSO INCLUDED.STAKEHOLDER FEEDBACK & STRATEGY SESSIONNCIGF HOSTED A HIGH-LEVEL GATHERING OF POLICYMAKERS, INDUSTRY LEADERS, P&C TRADE ASSOCIATIONS, AND GUARANTY FUND PROFESSIONALS TO REINFORCE THE MISSION AND STRATEGIC DIRECTION OF THE PROPERTY AND CASUALTY GUARANTY FUND SYSTEM. THIS SESSION PLAYED A CRITICAL ROLE IN STRENGTHENING STAKEHOLDER ALIGNMENT AND SECURING SUPPORT FOR ONGOING AND FUTURE INITIATIVES BY PROMOTING A UNIFIED APPROACH TO GUARANTY FUND PRIORITIES. PARTICIPANTS REAFFIRMED THEIR COMMITMENT TO NCIGF'S MISSION AND VISION, ENSURING THAT INDUSTRY PROFESSIONALS AND POLICYMAKERS REMAIN FULLY ENGAGED WITH ITS STRATEGIC DIRECTION. THE SESSION ALSO HELPED SECURE SUPPORT FOR UPCOMING INITIATIVES FOCUSED ON IMPROVING THE READINESS AND EFFECTIVENESS OF THE GUARANTY FUND SYSTEM. BY FACILITATING ENGAGEMENT AND COLLABORATION, NCIGF CONTINUES TO LEAD EFFORTS IN THE POLICYHOLDER PROTECTION SPACE.