Reporting Unusual or Significant Financial or Corporate Activities

BULLETIN 99-4 FROM: Therese M. Vaughan, Iowa Insurance Commissioner TO: Insurers Domiciled In Iowa RE: Reporting Unusual or Significant Financial or Corporate Activities DATE: July 27, 1999 In 1987, this office issued a memorandum to all insurers domiciled in Iowa requesting that all domestic insurers communicate to the Insurance Division unusual or significant financial or corporate activities, with particular emphasis on those that may be considered news worthy by the press. The purpose of this Bulletin is to reiterate the importance of this request. Timing. While we recognize that there are instances in which negotiations are either tentative or confidential, and communication to the Division would be inappropriate, communication is expected at the earliest possible time. Communication. • When in doubt let us know. • A simple letter or telephone call will be appropriate for most activity. However, if Division approval or public support for the activity is to be expected, the Division will require more complete information and documentation prior to the announcement and implementation. Conclusion. The Division is not interested in participating in management decisions nor in interfering with the corporate decision making process. Preliminary communication from domestic companies will preempt the occasional and undesirable result of the Division reversing Company plans of action after they have been announced to the public. We thank all companies in advance for both (1) enhancing two-way communication with the Division; and (2) assuring an ongoing constructive profitable insurance environment in Iowa. July 29, 1999.