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Symetra's Marra to Speak at Annual Meeting

Tom Marra, President and CEO of Symetra Financial Corporation and its insurance subsidiaries, will speak at NOLHGA's 2010 Annual Meeting in Seattle.

Marra has more than 30 years of experience in the insurance industry. He began his career at The Hartford Financial Services Group in 1980 as an actuarial student and subsequently held increasingly senior positions at the company. In 2002, Marra became President and COO of Hartford Life, Inc., and in 2007 he was appointed President and COO of The Hartford Financial Services Group. He is a past-Chairman of the board of the American Council of Life Insurers and the National Association of Variable Annuities, a Fellow of the Society of Actuaries, and a member of the American Academy of Actuaries.

NOLHGA's 2010 Annual Meeting will be held October 5 and 6 at the Grand Hyatt Seattle (an MPC meeting will be held on October 4). More information on the meeting, including online registration and hotel reservations, can be found at the meeting Web page.

Staff Contact -

President Signs Financial Reform Legislation

On July 21, 2010, President Obama signed into law the "Dodd-Frank Wall Street Reform and Consumer Protection Act" (H.R. 4137), sweeping legislation that will change the way banks and other financial services companies are regulated. The bill is largely focused on the banking industry, but the insurance industry will be affected as well. In particular, the bill calls for the creation of a Federal Insurance Office, which is charged with studying ways to modernize regulation of insurance companies, including the possibility of subjecting insolvent insurance companies to a federal resolution authority.

An in-depth analysis of the bill and its possible effects on the insurance industry and guaranty system will appear in the August 2010 issue of the NOLHGA Journal. Articles about the new bill can also be found in the NOLHGA Web site's Press Room.

Staff Contact - Sean McKenna

MPC Meets in New York

The Members' Participation Council (MPC) met in New York City on July 13-14, 2010. Task force meetings were held for Executive Life Insurance Company of New York, Imerica Life and Health Insurance Company (Arkansas), Medical Savings Insurance Company (Indiana), Penn Treaty Network America/American Network Insurance Companies (Pennsylvania), and Universal Life/Booker T. Washington Insurance Companies (Alabama).

The General Session featured a closed-session presentation on Executive Life Insurance Company (California), an update on the work of the Life & Annuity Privacy Working Group by Chair Candie Kinch (Idaho), a presentation on new MPC Executive Committee Confidentiality Guidelines by NOLHGA Senior Counsel Joni Forsythe (the MPC voted unanimously to adopt the guidelines), an update on financial services regulatory reform by NOLHGA President Peter Gallanis, and a briefing on MPC Executive Committee activity by MPC Chair Mike Marchman (Georgia).

The following task force insolvency reports were presented during the MPC General Session:

Staff Contact - Sean McKenna American Community Mutual Insurance Company (Michigan)

Task Force Chair Frank Gartland (Ohio) reported that the receiver hopes to move most of the company's business. The task force is currently monitoring the company's financial position and the progress of various proposals regarding the business.

Task Force Chair - Frank Gartland; Staff Contact - Bill O'Sullivan Golden State Mutual Life Insurance Company (California)

Task Force Chair Lowell Miller (North Carolina) and Legal Counsel Frank O'Loughlin (Rothgerber Johnson & Lyons) reviewed the proposed timeline for the assumption of the company's business by IA American Life Insurance Company, a subsidiary of a large Canadian life and health insurer. The agreement should be finalized in the fall of 2010.

Task Force Chair - Lowell Miller; Staff Contact - Standard Life Insurance Company of Indiana (Indiana)

Task Force Chair John Colpean (Michigan), Legal Counsel Dick Freije (Baker & Daniels), and Actuarial Consultant Bruce Winterhof (Milliman) provided attendees with details of the proposed assumption reinsurance agreement with Forethought Life Insurance Company, an Indiana-domiciled life and health insurer. The Standard Life MPC voted to authorize the task force to complete negotiations with Forethought. The task force expects the deal to close by year-end.

Task Force Chair - John Colpean; Staff Contact - Medical Savings Insurance Company (Indiana)

Proof of Claim Election Forms Due

As explained in the June 25, 2010, memorandum circulated to affected states, each MSIC-affected guaranty association will need to complete a Proof of Claim Election Form to be included in the Omnibus Proof of Claim. Election forms are due by Monday, July 26. Associations should contact Joni Forsythe (703.787.4103) with any questions or if they would like the Proof of Claim Election Form and related materials resent.

Task Force Chair - Dan Orth; Staff Contact - Joni Forsythe

Nevada Names New Insurance Commissioner

Brett J. Barratt, an attorney with experience in insurance regulation, has been named Nevada's new insurance commissioner. He was appointed by Dianne Cornwall, Director of the Department of Business & Industry, on July 7, 2010.

Barratt began working with the Nevada Division of Insurance as the Insurance Counsel and Hearing Officer in 1995. He became Chief Insurance Assistant last year and has served as Acting Commissioner since the resignation of former Commissioner Scott Kipper in June.