insurance receiver  

Professional Receivership - Supervision Administration

RICHARD S. DARLING, CIR-ML

(CERTIFIED INSURANCE RECEIVER – MULTIPLE LINES)*

 

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CURRICULUM VITAE
Currently Available for your Assignment

 

RICHARD S. DARLING, CIR - ML

 

Professional Summary

 

Accomplished results-oriented professional with demonstrated executive management experience in insurance receivership, runoff, and troubled company scenarios, as Chief Operating Officer or Special Deputy Receiver of 151 entities. Proven ability to initiate and/or implement the most challenging strategic plan for maximum creditor value, timely estate closure, RBC recovery or Rehabilitation , as well as management analysis. Leadership role in professional and national organizations, which analyze and recommend modifications to current receivership practices.

 

Professional Experience
 
INDEPENDENT CONSULTANT
RECEIVERSHIPS/SUPERVISIONS/GUARANTY FUNDS/TROUBLED COMPANIES
2003 - PRESENT
 
Recent Clients
 
Vista Consulting 2012 - 2013
  Betty Cordial, President
 
Oklahoma Department of Insurance 2003 - 2011
  Kim Holland, Former Insurance Commissioner
  Michael Ridgeway, Former General Counsel
  Darren Ellingson, Former Chief Deputy Commissioner
 
Oklahoma Receivership Office, Inc.
Assistant Receiver,
providing Special Deputy Receiver management on 27 Receivership,
and three Supervision estates, with closure of 19

 
Illinois Insurance Guaranty Fund Anne Sharp, Executive Director
Frontier Insurance Company,
In Rehabilitation
Neal Conolly, Special Deputy
Zack Stamp Ltd. Steve Kinion, Esq.
Reinsurance Solutions Inc. David Grady, Vice President
 
 
OFFICE OF THE SPECIAL DEPUTY RECEIVER, INC.
CHICAGO, IL

(Representing the Director of Insurance for the State of Illinois)
1981 - 2003
 
Estate Issues Officer 2000 - 2003
Coordinate and supervise all estate takeovers and closures. Direct all state guaranty associations and funds in the administration of all OSD receivership estates. Represent the Illinois Department of Insurance at the National Association of Insurance Commissioners (NAIC) and other similar organizations regarding insolvency related matters, as well as various meetings, conferences and seminars relating to insurance company receiverships. Public and press information officer, Web Site designer/coordinator.
 
Chief Operating Officer 1987 - 2000
Directed activities of all Illinois domestic insurance receiverships, including over 121 separate entities of all types with a staff of 200 employees and an average operating budget of $39 million. Supervised asset portfolio of $455 million. Directed the marshalling of $625 million in estate assets, the distribution of $275 million to creditors, and the closure of 55 receivership estates and entities. Coordinated activities of the Office of the Special Deputy Receiver with Guaranty Funds/Associations, other receivership offices, state insurance departments, other state and federal agencies. Represented the Illinois Department of Insurance on the Ex5 Insolvency Subcommittee (formerly known as the Rehabilitators and Liquidators Task Force and the Guaranty Fund/Association Task Force), and numerous working groups of the National Association of Insurance Commissioners (NAIC).
 
Chief Administrative Officer 1986 -1987
Managed activities of the Claim, Data Processing, Archive, Administrative Services, Policyholder-Creditor Communication, Underwriting and Reinsurance Departments. Developed and implemented formal policies and procedures for the above noted specializations.
 
Department Manager, Administrative Services 1984 – 1986
Managed the physical plant, F&E, archive control, purchasing function and all off-site locations.
 
Department Manager, Archive Control 1983 – 1984
Designed and implemented mainframe-based archive control system for identification, tracking and retrieval of 130,000 cartons of estate records.
 
Management Information Services Consultant 1981 – 1983
Project-based position. Designed and implemented a litigation support system for the initial civil Racketeering Influence Corruption Act (RICO) suit filed in the United States, developed office purchasing and expense account procedures, assisted in fraud investigations, underwriting analysis and supervised new-company takeovers.
 
 
SECURITY CASUALTY COMPANY
CHICAGO, IL
1970 – 1981
 
Personal Lines Underwriting Manager 1980 – 1981
Processing Manager 1980 – 1981
Assistant Underwriting Manager 1978 – 1980
General Supervising Agent 1974 – 1978
Regulatory Complaint Supervisor 1972 – 1974
Policyholder Service Representative 1971 – 1972
Personal Lines Underwriter 1970 – 1971
 
Professional Certifications and Affiliations
 
International Association of Insurance Receivers (IAIR)
    Principal Member, Director 1994-2003
  2011-2014
    Past President 1996 and 1997
Illinois Multiple Lines Resident Agent
Certified Insurance Receiver – Multiple Line
 
Other
 
Eagle Scout
Vigil Honor Member, Order of the Arrow
Former Scout Master
Married, two children
 
Representative Publications and Speeches
 
Revisions to Article XIII – XIII 1/2 (Receivership Statutes) of Illinois Insurance Code, Co-Drafter
(1986, 1989, 1991, 1993, 1995)
 
Illinois Interstate Receivership Compact, Co-Drafter (1995)
 
NAIC Midwest Zone Interstate Compact for Insurance Receiverships, Co-Drafter (1994)
 
NAIC Receivers Handbook for Insurance Company Receiverships, Co-Drafter, Regulatory Coordinator, Technical Review Board (1992, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000, 2003, 2004 Eds.)
 
Report of the Focus Group on Insurer Receiverships, Co-Drafter (1992).
 
NAIC Manual for Domestic Receivers, Co-Drafter (1986 Ed.).
 
IAIR Managed Health Care Task Force – Report on Managed Care Organization Insolvency.
Contributing Author (2002).
 
IAIR Current Developments Task Force – Affiliate Transactions Within Insurance Company
Groups: Proposed Improvements To Regulation of a Recurrent Problem, Contributing Author (2004).
 
NAIC Insolvency Workshop Seminar Co-Chair, 1993, 1994, 1995, 1996, 1997, 1998, 1999, 2000.
 
IAIR Insolvency Workshop Seminar Co-chair, 2002.
 
National Conference of Insurance Guaranty Funds Workshop 1991, “The Liquidators Panel.”
 
National Conference of Insurance Guaranty Funds Workshop 1992, “Liquidators Roundtable.”
 
National Conference of Insurance Guaranty Funds Workshop 1993, “Liquidators Update.”
 
National Conference of Insurance Guaranty Funds Workshop 1994, “The Reserve and Security
Liquidations – Closing the Estates.”
 
Society of Insurance Receivers/National Conference of Insurance Guaranty Funds Seminar 1994,
“Working Together: Guaranty Funds and Receivers.”
 
Society of Insurance Receivers/National Organization of Life and Health Guaranty Associations
Seminar 1995, “Building Bridges.”
 
National Conference of Insurance Guaranty Funds National Meeting 1996, “Perspective of Guaranty Fund Expenses – Uniformity.”
 
International Association of Insurance Receivers/National Conference of Insurance Guaranty Funds Seminar 1996, “Reinsurance Issues.”
 
International Association of Insurance Receivers/National Conference of Insurance Guaranty Funds Seminar 1998, “Estate Closure.”
 
NAIC Insolvency Workshop 1999, “Guaranty Fund Cooperation.”
 
Mealey’s Insurance Insolvency and Reinsurance Roundtable 2000, “HMO Insolvencies and
Their Impact.”

 

 

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