Centennial Life (KS)
Receiver Reports Progress on Appeals
As shown in the table below, the Centennial Receiver has completed his review of over 50 percent of appealed claims. The Receiver has approved payments of approximately $750,000 on 543 claims. There were zero payments on 244 appeals. Although this is a time consuming process, the project is expected to be completed in the 1st Quarter of 2000.
Week Ending/New Appeals/Completed/Total Appeals/Total Completed/Total Remaining
10/8/99 12 30 1,522 647 875
10/15/99: 10 44 1,532 691 841
10/22/99: 4 39 1,536 730 806
10/29/99: 9 40 1,545 770 775
11/5/99: 5 17 1,548 787 761
11/12/99: 4 44 1,552 831 721
Motions Opposing Rehabilitation Plan Order Filed
This past week several parties filed motions in opposition to the receiver's filings with respect to a proposed rehabilitation plan, and the order issued by the Oklahoma District Court (the "November 10 order") approving, among other matters, procedures for the confirmation of such plan. The parties filing motions include the MEGA Life Insurance Company, American Fidelity Assurance Company and the Rainbolt Group, each of which submitted a proposal in response to the receiver's original request for proposals to acquire Mid-Continent. In addition, Michael Farrimond, a Mid-Continent policyholder, filed a motion to vacate or modify the November 10 order. A hearing has been scheduled for Tuesday, November 23, 1999 with respect to the various motions.
Task Force Chair - Sonya Ekart; Staff Contact - Bill O'Sullivan Thunor Trust CompaniesDecember Closing for Four Companies
NOLHGA will send on November 22 final funding schedules for the mid-December closings of assumption transactions involving four of the Thunor Trust Companies. Madison National Life Insurance Company will assume the obligations of three Mississippi domiciled companies: Family Guaranty Life Insurance Company, First National Life Insurance Company of America and Franklin Protective Life Insurance Company; and one Missouri domiciled company: International Financial Services Life Insurance Company. These final schedules are not expected to differ materially from the schedules included in the opt out package GAs received November 2.
Please call Bill Howard if you do not receive your final funding schedule Nov. 23.
Task Force Chair - Chuck LaShelle; Staff Contact -Insolvency Cost Reports
The annual report summarizing insolvency costs has been mailed to approximately 2,200 insurance companies, guaranty associations and insurance commissioners. The report is a summary of insolvency costs and assessable premium information and is produced as an aid to industry members as they establish accruals for potential life, health and annuity assessments pursuant to generally accepted accounting principals (See AICPA Statement of Position 97-3 - Accounting by Insurance and Other Enterprises for Insurance Related Assessments) and statutory codification practices (See NAIC Issue Paper No. 35 - Accounting for Guaranty Fund and Other Assessments). Electronic copies can be obtained by e-mailing Paul Peterson at [email protected] or Kristen Howell at [email protected].
Staff Contact - Paul PetersonCALENDAR/CONFERENCE CALLS
November 29: Statesman National Working Group Meeting with Receiver, Austin, TX
November 29: Emerging Issues Committee Teleconference, 10:00 am ET
November 29: American Western Life Working Group Teleconference, 6:00 pm, ET
November 30: Funding due for closing of Madison National assumption of GA obligations under Family Guaranty Life, First National Life of America, Franklin Protective Life and International Financial Service Life
December 16: Centennial Task Force Meeting, Chicago, IL
Staff Contact - Sean McKenna