NAIC Panel May Update the Tax Guide for Failed Insurers

State insurance regulators are preparing to update their tax guide for regulators who are overseeing failed insurance companies.

The Receivership & Insolvency Task Force, part of the Financial Stability Task Force at the National Association of Insurance Commissioners (NAIC), is asking for comments on the chapters in the Receivers’ Handbook for Insurance Company Insolvencies that deal with tax issues.

(Related: The Successful Rehabilitation of Shenandoah Life Insurance Company)

Comments on the chapters are due June 28.

Some of the task force questions for commenters deal with federal tax issues, such as “communicating with the Department of Justice,” and “identifying potential federal claims; particularly long-tail claims.”