Inter-American Insurance Company of Illinois
Liquidator Files Petition to Close the Estate
Earlier this week, the liquidator for Inter-American of Illinois filed two petitions with the liquidation court. The first seeks approval of the liquidator’s final recommendations on policyholder and guaranty association claims. The second seeks court approval to pay a final dividend, close the estate, discharge the liquidator, and terminate the liquidation proceedings.
The petitions provide for payment of 100 percent of the guaranty associations’ $7,746,923 administrative expense claims and approximately 31.25 percent, or $44,753,530, of their total class D policyholder-level claims. To date, distributions to the guaranty associations have paid all of the class A administrative expense claims and about 29.5 percent of the class D policyholder-level claims. The final distribution to guaranty associations, as reflected in the petitions and attached schedules, is estimated to be approximately $3.4 million.
Hearing on the petitions has been scheduled for July 30. A copy of each of the petitions will be posted to the NOLHGA IRC. You may also contact Aimee Frye at 703.787.4115 to request a copy of these pleadings.
Task Force Chair - William E. Falck; Staff Contact - Joni Forsythe Mutual Benefit Life Insurance Company (N.J.)Class Four Claims Distribution Forthcoming
On July 30, 2003, MBL will be making a distribution to owners of Class Four Claims in the rehabilitation of MBL. You may recall that guaranty associations were granted Class Four Claims by the court for unpaid assessments. Those guaranty associations still holding their claims will receive payments from MBL. Payment will represent 11.35 percent of the originally allowed claims. The total original claims value was $13,099,046, and the July 30 distributions for these claims will total $1,486,741, bringing the aggregate payments to $17,207,265.
Task Force Chair - Art Dummer; Staff Contact -Last Minute Registrations Being Accepted
There are still some spaces available for those wishing to attend NOLHGA’s 12th Annual Legal Seminar. The seminar will take place on August 21 and 22, 2003, at the Palace Hotel in San Francisco and will be held in conjunction with the MPC meeting scheduled for August 19 and 20. The seminar will feature presentations on class-action litigation, corporate governance, the globalization of insurance, insurance fraud, money laundering, federal regulation, and other timely legal topics relating to the insurer insolvency arena. CLE Credit is available in all states that require CLE. Credit for insurance department continuing education has also been granted in the past on an individual basis. For further information on both meetings, please see the joint meeting Web page at www.nolhga.com/meetings/mpc/august03/home.html.
NOLHGA has been advised that certain nights at the Palace Hotel have sold out. If you have difficulty making a reservation, please contact Aimee Frye at 703.787.4115 or Karen Early at 703.787.4101 for alternative options.
Staff Contact -More Information About Upcoming MPC Meeting in San Francisco
As a reminder, a preliminary meeting schedule and general session agenda for the next MPC meeting, which will be held August 19 and 20, 2003, at the Palace Hotel in San Francisco, Calif., have been posted on the meeting Web page. To access the schedules, please click on the following link: www.nolhga.com/meetings/mpc/august03/home.html. The schedules, which are in PDF format, can be found in the “Schedule of Events” section of the MPC Meeting portion of the page.
Please be advised: If you have not yet registered for the August MPC meeting, we encourage you to register on-line at the meeting Web page no later than today, July 25.
Should you have any trouble accessing the MPC meeting page, please contact Bryan Owen at [email protected] or 703.787.4112. Please direct any questions about the meeting to Karen Early at [email protected] or 703.787.4101.
Staff Contact -New Contact Information for Nebraska Administrator
Sonya Ekart, Administrator of the Nebraska Life and Health Insurance Guaranty Association, is now using a new phone number and e-mail.
Please use the following:
Phone: 402.328.5711
E-mail: [email protected]
The mailing address for the association remains the same.
Staff Contact -Virus Protection Efforts Continue
Many of you received an e-mail this week from Kenny Bullock, NOLHGA's Manager of Technology Systems, regarding computer viruses. This was sent in response to a growing number of people within NOLHGA's e-mail network reporting concern over having potentially received a contaminated e-mail.
The information in the attachment to Mr. Bullock's e-mail can be found in the NOLHGA Notes section of NOLHGA's Web site. There you can find an explanation of the type of virus infecting some users' computers and tips on how to discover and destroy a virus on your computer. Since the message went out, we have already discovered one user with a virus. We hope that soon, all computers will be clean. If you have any questions or concerns, please contact Kenny Bullock at 703.787.4107.
Thank you for your help on this matter.
Staff Contact -