(a) The Director of the Department of Consumer and Business Services may establish or participate in a temporary or a permanent supervisory college for any domestic insurer that is:
The director may participate in a supervisory college with state, federal, international or other regulatory agencies that supervise the insurer or the insurer’s affiliates.
(2)
(a) As part of the director’s establishment of or participation in a supervisory college, the director may:
(A)
Specify criteria under which other regulatory agencies may become members of and participate in the supervisory college;
(B)
Specify the functions of the supervisory college and the roles that other regulatory agencies will undertake in the supervisory college;
(C)
Establish a leader among the regulatory agencies that participate in the supervisory college;
(D)
Plan meetings and supervisory actions, specify processes for sharing information and otherwise coordinate the activities of the supervisory college;
(E)
Draft a crisis management plan;
(F)
Determine how long the director will participate in any supervisory college; and
(G)
Take other actions that are necessary to participate in or facilitate a supervisory college’s operations.
This section does not delegate to a supervisory college the director’s authority within this state to regulate or supervise an insurer or the insurer’s affiliates. [2013 c.370 §11]