AComparisonoftheInsuranceandBankingRegulatory.pdf

Report of the National Association of Insurance Commissioners (NAIC) and the Federal Reserve System Joint Troubled Company Subgroup A Comparison of the Insurance and Banking Regulatory Frameworks for Identifying and Supervising Companies in Weakened Financial Condition April 19, 2005 For Information Only This report was prepared for the NAIC’s Financial Condition (E) Committee and for the Federal Reserve System by the following Subgroup Members: Steve Johnson, Pennsylvania Insurance Department Barbara Cornyn, Federal Reserve Board Bob Dynan, Massachusetts Division of Insurance Cynthia Martin, Federal Reserve Bank of Boston Jim Armstrong, Iowa Division of Insurance Wayne Johnson, Florida Department of Financial Services Randy Blumer, Wisconsin Office of Commissioner of Insurance Roger Peterson, Wisconsin Office of Commissioner of Insurance Doug Hartz, NAIC Legal Jeff Johnston, NAIC Financial Regulatory Services David Vacca, NAIC Financial Regulatory Services This document is a working paper composed by staff of the state insurance departments, the NAIC and the Federal Reserve System participating on the NAIC and Federal Reserve System’s joint Troubled Company Subgroup and does not necessarily express any official views of the state insurance departments, the NAIC or the Federal Reserve System. This page is intentionally left blank for printing purposes. TABLE OF CONTENTS Topic Page Introduction 1 Background on the Gramm-Leach-Bliley Act (GLB Act) 3 Overview of Frameworks for Sup