COLUMBUS — Ohio Lieutenant Governor and Department of Insurance Director Mary Taylor has been appointed to serve on the National Association of Insurance Commissioners (NAIC) Receivership and Insolvency Task Force. She will be represented on the committee by the Chief Deputy Liquidator of the Office of the Ohio Insurance Liquidator, Lynda Loomis.
Additionally, Loomis will represent Ohio as Co-Chair of the non-profit International Association of Insurance Receivers’ (IAIR) Joint Insurance Guaranty Fund and Receiver Liaison Committee.
“These appointments represent Ohio’s leadership and commitment to consumer protection,” Taylor said. “When liquidation is the only remaining option, our objective is to offer consumers a strong safety net.”
The NAIC’s Receivership and Insolvency Task Force focuses on issues concerning insurer insolvencies, monitoring the effectiveness and performance of state administration of receiverships and the state guaranty fund system. The Task Force coordinates cooperation and communication among regulators and also promotes efficient operations of receiverships and guaranty funds.
The IAIR provides persons involved with the insurance receiverships and financially stressed insurers a forum to share information. It also provides opportunities for members to develop best practices while educating its members.
Since February 2011, the Office of the Ohio Insurance Liquidator has closed four liquidated insurance companies and distributed more than $43.9 million to consumers and other creditors. Ohio maintains one of the most competitive insurance markets in the country with more than 1,600 companies licensed to do business in the state.
The Office of the Ohio Insurance Liquidator represents the Insurance Director as the liquidator or rehabilitator, in managing Ohio insurance companies in liquidation or rehabilitation, also called receivership. This process can take several years until an insurance company “estate” is considered closed.
The office’s mission is maximization of assets, the fair disposition of claims and the timely delivery of assets to consumers and other creditors. The Director of the Ohio Department of Insurance appoints the Chief Deputy of the Office of the Ohio Insurance Liquidator