Year 2000: State Insurance Regulators Face Challenges in Determining Industry Readiness

Pursuant to a congressional request, GAO reviewed the readiness of the insurance industry to meet the year 2000 date change, focusing on: (1) what state regulators were doing to oversee the year 2000 readiness of the insurance industry; (2) how the regulatory oversight of the insurance industry's year 2000 readiness compared with the oversight of the banking and securities industries; (3) the status of the insurance industry's year 2000 readiness; and (4) the nature and extent of year 2000 liability exposures that insurers face and the mitigation efforts taken to address such exposures.