Weekly Wire via E-Mail
This week, the Weekly Wire has been distributed via e-mail to those who have requested it. E-mail recipients will no longer receive it via facsimile. If you would like to receive the Weekly Wire by e-mail, e-mail your request to Pete Marigliano at [email protected].
Staff Contact - Sean McKenna American Integrity Life (PA)Distribution Received
Task Force Chair John Colpean apprised attendees during the February 23 MPC meeting that a $2.9 million early access distribution from the estate had been received by NOLHGA. In addition, Colpean noted that the receiver had one pending litigation item -- a $20-$30 million case against American Integrity's reinsurer.
Disbursements have been made for the early access distribution. Checks were issued on March 1 and sent to the following guaranty associations via federal express (all other states received their distributions via wire transfer): AK, AZ, AR, DE, DC, HI, IN, LA, ME, MD, MA, MN, MS, NM, ND, PA, RI, UT, VT, WV and WY. Please contact Hazel Manclark at 703.787.4110 if you have not received your distribution. The allocation basis was described in a memo from Paul Peterson on February 26; contact Paul if you need another copy.
Task Force Chair - John Colpean; Staff Contact - Paul Peterson American Standard Life (OK)MPC Report
Task Force Chair Andrea Bowers told attendees that the proceeds from the sale of a Colorado ranch property had been received and, pursuant to an earlier agreement, split with the Pennsylvania Association. The MPC also approved a resolution that would allow the task force to purchase a $6 million judgment from the receiver.
Task Force Chair -John Colpean; Staff Contact - Bill O'Sullivan American Western Life (UT)MPC Report
Dick Klipstein apprised MPC attendees that the receiver had approved a $300,000 early access distribution for GA Class 2 claims. While future distributions for policyholder claims are anticipated, they will be small, given the few assets remaining in the estate.
Task Force Chair - Chuck Renn; Staff Contact - Bankers Commercial Life (TX)Funding Reports Mailed
The third claims funding reports were mailed to guaranty associations on Wednesday, February 27 covering the period 2/17 - 2/23/01. This report includes the first batch processing for the non-medicare supplement blocks of business. In addition, it now appears that the initial backlog created as a result of the transfer of TPA functions to New Era has been nearly eliminated.
As a reminder, for those states funding bi-weekly, amounts to fund claims processed from 2/6-2/16 are now due to New Era. A reminder schedule was emailed on March 1 to all guaranty associations reflecting the funding currently due. We would appreciate prompt payment in order to release the checks for mailing.
Task Force Chair -William Falck; Staff Contact - Paul Peterson American Chambers Life (OH)Office Transition
Administrators should be aware that all claims processing will be shifted from the Downers Grove office to the Westlake office at the end of March. Files will be packed beginning March 26. Guaranty associations with claims-related questions should contact Anne Hancock or Michelle O'Leary prior to March 21 to ensure a prompt response.
Task Force Chair - Chuck Gullickson; Staff Contact -Legal Seminar Set For July 12-13
Last week the Legal Seminar Planning Committee held its kickoff teleconference to develop an agenda for the seminar. The Committee is made up of the following individuals: Charlie Richardson (Chair), Jack Falkenbach, Doug Furlong, Chuck Gullickson, Mike Marchman, Frank O'Loughlin, Dave Perry and Tad Rhodes. Contributions of speaker and topic ideas are always appreciated. As a reminder, the 10th Annual Legal Seminar will be held at New York's Marriott Marquis on July 12 - 13th. Please call Aimee Frye at (703) 787-4115 or e-mail Meg Melusen at [email protected] if you have any questions or suggestions for speakers and presentations.
Staff Contact -