Vision

To be the definitive national leader on matters related to insolvency and its consequences to policyholders and claimants protected by the state-based property and casualty guaranty fund system.

Mission

To bring the greatest possible value to the member state property and casualty guaranty funds and the state-based guaranty fund system in operational support, communications and public policy development.

Overview

In 2024, NCIGF strengthened its readiness foundation crucial for consumers, policymakers, and the insurance industry. The state guaranty fund system, together with NCIGF, is essential to upholding the insurance promise and supports state insurance regulation. This is our core mission. 2024 marked 35 years of service, a milestone celebrated throughout the year.

A Video Message from NCIGF President & CEO Roger Schmelzer

A Letter From NCIGF Board Chairman Joe Torti

Joe Torti - Fairfax Inc

Vice President, Regulatory Affairs

I want to extend my gratitude to the entire guaranty fund community for your unwavering support during my tenure as the NCIGF Board of Directors Chairman since 2023. These past two years have flown by, and it has been an honor to serve in this role.

Roger and the NCIGF staff have demonstrated outstanding dedication in 2024, by upholding the insurance promise and making significant strides in public policy and technological innovation. The board has evolved during my tenure, welcoming new faces from both the industry and guaranty funds, bringing fresh ideas and perspectives as we move into 2025 and beyond.

As a former regulator, I have greatly valued the opportunity to collaborate with the guaranty fund community, strengthening the connections between the receivership community and the property and casualty guaranty fund system. The membership should feel confident in the diligent efforts of both the board and the NCIGF staff over the past year. I am particularly optimistic about the strong relationships we have forged with the NAIC community.

Our progress towards the 2025+ Strategic Plan and initiatives to reduce insolvency risk inspire me to continue dedicating my time and effort to lead NCIGF initiatives. I encourage the entire community, especially my fellow insurance industry professionals, to join in these efforts. Although my time as chair is coming to an end, I am excited to continue serving on the NCIGF board alongside my fellow board members and look forward to what the future holds.

NCIGF Board Chair

2023-2025

2024 Key Accomplishments

NCIGF fully completed all twelve of the business plan projects approved by the board of directors.

Management’s average completion rate is 97.5% over the past five (5) years. 2024 deliverables included:

Further Implementation of the Pre-Liquidation Framework

NCIGF 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.
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.

Transfering GF Data to Insurance Receivers

Early 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 Mapper

NCIGF 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.

Guaranty Fund Claims System Project

Work continued in 2024 on understanding member needs and developing technical specifications for a new guaranty fund claims and management application. Interest in participation increased significantly in 2024, with several members pledging financial support to the project. Additionally, the boards of NCIGF and GSI committed funds to the project.

Enterprise Risk Management

NCIGF 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.

Overview of an Insolvency

To 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 Explainer

Through 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.

NCIGF Members Mentoring Members Program

2024 saw the kickoff of the second cohort of Members Mentoring Members (M3). This mentorship program, an offshoot of the NCIGF Diversity, Equity and Inclusion Subcommittee, once again matched guaranty fund mentees with mentors from across the country. The initiative has been received enthusiastically, and M3 will launch a new set of mentor-mentee pairs every year. Next generation planning is incredibly important, and the objective is to refine this program year-over-year to strengthen the culture of the member community, ensure that all feel connected and engaged, and promote the transfer of knowledge and development to the next generation of guaranty fund professionals.

Innovations & Operations Committee

Originally formed in 2022, the NCIGF Innovations & Operations Committee (IOC) continues to provide valuable output for the guaranty fund community and serves as a home for new or evolving ideas, helping to keep the entire community current and positioned for future advancement. In 2024, IOC streamlined its processes for new content creation and content management, ensuring that information and resources within the active group remain focused on key charges and will be evaluated and updated when necessary. In September of 2024, an IOC subcommittee ran a virtual tabletop exercise utilizing breakout rooms and virtual “table leaders” within the Zoom platform to workshop the complex topic of Unearned Premium. Participation was high and the response was overwhelmingly positive, paving the way for similar events in the future. Also released in 2024 by the IOC Claims Subcommittee was the Claims Reference Library. It was undertaken as a space where claims staff can easily access information that will strengthen their knowledge about the guaranty fund system, and share useful tools with other guaranty fund colleagues.

The committee will accept more operational challenges related to pre-liquidation planning and communications going forward.

Executive and State Board Communication

NCIGF successfully collaborated with its Governance Committee to enhance state board engagement to create a more informed and connected guaranty fund community. The quarterly Guaranty Fund National Update provides executive directors with valuable system-wide information for sharing with state boards and other interested parties. This update delivered targeted information to ensure a well-informed leadership community and facilitate alignment on national system priorities.

Promotion of Guaranty Fund Law Amendments

NCIGF successfully led efforts to educate state board members and industry representatives on strategies for key guaranty fund law amendments, with a particular focus on restructuring and cyber revisions. Through targeted presentations and the development of educational materials, stakeholders were provided with the necessary tools to support legislative updates at the state level.

Comprehensive briefings for state boards and industry representatives were provided, offering an in-depth overview of legislative priorities. Additionally, a Guaranty Fund resource center was developed to support advocacy efforts related to legislative amendments. Other key stakeholders, including the State Insurance Trade Association (SITA) were educated on the importance of restructuring and cyber revisions.

By advancing these efforts, NCIGF strengthened the guaranty funds’ ability to navigate legislative changes, promote necessary reforms, and safeguard the effectiveness of the guaranty fund system. Looking ahead, NCIGF is monitoring at least five states expected to introduce legislation on these amendments.

Stakeholder Feedback & Strategy Session

NCIGF 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.
- Facilitating engagement and collaboration, NCIGF continues to lead efforts in the policyholder protection space.

NCIGF Staff and Culture Updates

Prioritizing member service always comes first. A close second is fostering a positive work culture at NCIGF based on transparency and professionalism. In recent years, NCIGF has welcomed several new team members who have brought fresh perspectives and energy to the organization. Alongside the Mission and Vision, NCIGF staff are dedicated to upholding the Staff Shared Values (LINK) and the newly adopted Kindness and Respect Statement (LINK). NCIGF takes pride in maintaining a strong, collaborative culture that allows us to serve the members to the best of our ability.

In 2024, Robin Webb-Reus and Avanti Leadership implemented the staff development program called Catalyst. This year-long initiative focused on leadership development for key staff, aimed to identify and strategically leverage individual strengths. The program kicked off in January 2024. Four NCIGF staff engaged in a monthly series of exercises that included leadership interviews with other staff and state guaranty fund members. In November 2024, these leaders shared their personal experiences of growth with the staff and the NCIGF Board of Directors. The program will continue in 2025 with a new cohort that will include NCIGF staff and leaders from the greater NCIGF community. The aim is to strengthen the network fabric and encourage potential future leaders to learn and grow together.

2024 Catalayst Group

35th Anniversary

2024 marked NCIGF’s 35th anniversary and its member community celebrated with a series of special events and tokens. The celebration was kicked off at the 2024 Annual Conference with the premiere of a video featuring members speaking with great passion about their roles in protecting policyholders over the past 35 years.

The celebration was concluded in a memorable way during the 2024 NCIGF Fall Workshop in Savannah, Georgia. It was a wonderful way to wrap up the anniversary year. Check out this special video.

NCIGF Events

In 2024, NCIGF generated $44,500 in sponsorship and exhibitor sales revenue, marking a 20% increase compared to 2023. This revenue helps offset member fees and assists NCIGF in offering value, fellowship and comfort at our in-person events. The strong turnout and engagement underscored the ongoing need for collaborative learning opportunities, ensuring that regulators, legal experts, and industry professionals are well-equipped to navigate the evolving landscape of insurance guaranty and insolvency.

2024 Annual Conference

The first NCIGF educational conference of 2024 was held in Columbus, Ohio for the NCIGF 2024 Annual Conference, which featured the Annual Meeting of Members. The conference addressed a variety of topics, launching a three-part series on crisis management, a CMS presentation, a diversity and inclusion session, and the trending topic of artificial intelligence. The conference was unique due to the participation of several outside speakers who offered valuable insights. Additionally, the Gates-Marchman award was presented to Barbara Cox, a dedicated member of the guaranty fund system since 1993. Retiring later in 2024, Barb is known and respected throughout the stakeholder community as an expert in all things related to guaranty fund public policy, legal issues and insolvency history.

2024 IT Summit

The biennial IT Summit was held in Chicago, Illinois, in July 2024. Panel and presentation topics included members from the NCIGF organization and outside speakers that focused on guaranty funds in the digital frontier, artificial intelligence, cybersecurity, and more. Additionally, there were three interactive breakout sessions, each discussing different topics: the impact of recent developments in privacy laws on guaranty fund operations, what’s next for UDS, and security hardening best practices.

2024 Fall Workshop

The 2024 NCIGF Fall Workshop, held in Savannah, Georgia, concluded the year’s educational in-person events. The agenda featured a diverse array of presentations, including fraud prevention, an interview with the NAMIC President, and strategies for leadership growth within organizations. The event also concluded the year-long 35th anniversary celebration with an evening reception, capturing the celebratory spirit and inspiring NCIGF and the membership for the future.

NCIGF Education at the 2024 NAIC Fall National Meeting

In 2024, NCIGF continued to play a pivotal role in educating and collaborating with industry leaders to enhance the insurance safety net. This commitment was on full display at the National Association of Insurance Commissioners (NAIC) Fall National meeting in Denver, Colorado, where NCIGF, alongside the NAIC and the National Organization of Life & Health Insurance Guaranty Associations (NOLHGA), successfully hosted a Continuing Legal Education (CLE) session that drew an impressive audience of over one hundred participants.
The session offered an in-depth look at key insolvency-related topics, including:

Guaranty Associations 101, providing a foundational understanding of their critical role.
A thought-provoking panel discussion featuring regulators and receivers tackling emerging issues in pre-liquidation, rehabilitation, and receiverships.
A timely session on corporate DEI, exploring the implications of recent affirmative action rulings on diversity, equity, and inclusion initiatives.