Final answer:
Not all states have enacted the 2005 Insurer Receivership Model Act (IRMA).
Step-by-step explanation:
The statement is True. Not all states have enacted the 2005 Insurer Receivership Model Act (IRMA). The IRMA is a model law that provides guidance for states in regulating and overseeing the rehabilitation or liquidation of insurance companies that are financially troubled or insolvent.
While the National Association of Insurance Commissioners (NAIC) developed the model law in 2005, it is up to individual states to adopt it. Some states may have enacted their own version of an insurer receivership law or may not have enacted any specific legislation in this regard.
For example, as of 2021, states like Alaska, Delaware, and New Jersey have not enacted the IRMA.