Executive Life Insurance Co. (Calif.)

Unisys Strikes Again

After a year of relative quiet, last week Unisys served a complaint on the Rhode Island Life & Health Guaranty Association seeking, as it has with numerous other complaints, guaranty association coverage for Executive Life guaranteed investment contracts (GICs). As reported at the August 2001 MPC Meeting, in the five states where Unisys had pending claims in 2001, the litigation had either been resolved or remained dormant (with the exception of the Mississippi case, which is currently involved in motions practice).

If Unisys has renewed its efforts against any other guaranty associations, please advise Meg Melusen, who has been coordinating defense efforts among the guaranty associations.

Task Force Chair - Art Dummer;   Staff Contact - National Heritage Life Insurance Co. (Del.)

Checks Issued to GAs

This week NOLHGA distributed $5 million to the NHL-affected guaranty associations. NOLHGA received this amount from the NHL estate on Nov. 30, 2001, as the eleventh distribution; the need to prepare a true-up calculation delayed NOLHGA’s distribution of the payment by approximately five weeks.

With this $5 million payment, guaranty associations have received a total of $228,941,089 in distributions and early access (the first nine distributions came from the NHL Trust, which closed at the end of March 2001; the tenth distribution, which was made on July 1, 2001, came from the estate in the amount of $5 million). Of the original $418,878,761 in guaranty association claims against the NHL estate, $189,937,672 remains unpaid.

In related news, the NHL Working Group plans to meet with representatives from the receiver’s office in early February to discuss the liquidation of remaining estate assets and the status of the estate’s asset recovery litigation.

Task Force Chair - Dan Orth;   Staff Contact -

NOLHGA’s 19th Annual Meeting To Be Held in DC

NOLHGA’s 19th Annual Meeting will be held Oct. 31 and Nov. 1, 2002, at the Monarch Hotel in Washington, DC. Meetings for the MPC and the Board of Directors will be held before the Annual Meeting on Oct. 30. The Wire will feature information on the Annual Meeting program and guest speakers as it becomes available.

  Staff Contact - Sean McKenna

Legal Seminar & August MPC Meeting Slated for Chicago

Planning has begun for the 11th Annual NOLHGA Legal Seminar, which is tentatively scheduled to take place on August 15–16, 2002, in Chicago. The seminar will be held in conjunction with the MPC Meeting scheduled for August 13–14.

Work on the program content for the Legal Seminar will begin later this month. Please contact Meg Melusen at [email protected] or 703.787.4130 with any questions about the event or suggestions regarding topics to be included on the schedule. The Legal Department appreciates the enthusiasm and support of our members and will strive to make the 2002 Legal Seminar the best yet.

  Staff Contact -

Revised Schedules for January MPC Meeting Posted On-line

Revised schedules for task force and committee meetings and the general session of the next MPC Meeting, which will be held January 29–31 at the Westin Savannah Harbor Resort in Savannah, Ga., have been posted on the meeting Web site. The Briefing Book for the meeting, which will include all task force status reports and a registration list, should be posted on the site next week.

  Staff Contact - Sean McKenna

Book on Frankel Now Available

Wall Street Journal Books recently released The Pretender: How Martin Frankel Fooled the Financial World and Led the Feds on One of the Most Publicized Manhunts in History by Ellen Joan Pollock, a senior reporter for The Wall Street Journal. Those who attended NOLHGA’s Ninth Annual Legal Seminar in July 2000 will remember Pollock as the witty luncheon speaker who described her coverage of Frankel’s insurance scams and the Thunor Trust case and gave us an exciting glimpse into the life of an investigative reporter. The book is available in hardcover through most major bookstore chains, and Pollock plans a 20-city promotional tour.

  Staff Contact - Sean McKenna

New Contact Information for GA Offices

The office for the Colorado Life & Health Insurance Protection Association and the Wyoming Life & Health Insurance Guaranty Association has moved. The associations’ phone and fax numbers remain the same, but the new address is:

Regular Mail
P.O. Box 36009
Denver, CO 80227

Delivery Address
7333 West Jefferson Ave., Suite 120
Lakewood, CO 80235

The Arkansas Life & Disability Insurance Guaranty Association has also moved. As of Jan. 14, the office address will be:

Allan W. Horne
Arkansas Life & Disability Insurance Guaranty Association
Dover Dixon Horne PLLC
425 West Capitol, 37th Floor
Little Rock, AR 72201
Phone: 501.375.9151
Fax: 501.375.6484
E-mail: [email protected]

In addition, Wilson (Dave) Perry of the Montana Life & Health Insurance Guaranty Association has a new e-mail address: [email protected]. Sye Leer of the New Mexico Life Insurance Guaranty Association has also changed his e-mail address. He can be reached at [email protected].

  Staff Contact - Sean McKenna