American Life Assurance Corporation (Ala.)
Hearing on the Receiver’s Petition to Close Continued to June 1
Hearing on the receiver’s petition for approval of final settlement of claims and to close the estate, previously scheduled for April 12, 2004, has been continued over until June 1 at 10:00 a.m.
Based on the receiver’s petition and distribution schedules, the task force expects the guaranty associations to receive a total of $745,512 from the final distribution. Upon receipt of these funds, the guaranty associations will have recovered 100 percent of their $725,076 expense claims and approximately $548,090 (roughly 10 percent) of their total $5.3 million policyholder-level claims.
Task Force Chair — Mike Marchman; Staff Contact - Joni Forsythe Executive Life Insurance Company (Calif.)Aurora’s Thirteenth Installment Billing Approved
During the week of March 28, 2004, the Executive Life Task Force approved Navigant’s report on the Thirteenth Installment Billing, which calls for participating guaranty associations to pay Aurora approximately $69 million on or before April 30, 2004. The report identifies approximately $14,000 in errors related to interest calculations, which will be corrected on the 2005 billing. Navigant’s report, which includes a copy of Aurora’s bill and instructions for payment, was sent to administrators of participating guaranty associations on March 31.
Task Force Chair — Art Dummer; Staff Contact -REMINDER: State GA Board Chairs’ Conference Scheduled for May 24
NOLHGA’s new Guaranty System Modernization Task Force (GSMTF) will sponsor a meeting of state guaranty association board chairs, guaranty association administrators, and other interested state board members on May 24, 2004, at the Hyatt Regency Reston in Reston, Va. The meeting will be followed by an MPC meeting on May 25 and 26 at the same location.
The State Guaranty Association Board Chairs’ Conference will provide attendees with an update on the efforts of the GSMTF, which was formed to analyze the life and health state-based guaranty system, identify areas that might be modernized, and develop recommendations to that effect. Because of major changes in the last few years—-the growth of fleets in the industry, potential changes in the regulatory environment, and the development of new and more complex products-—the GSMTF views participation by the state board chairs at this meeting as vital to the guaranty association system’s collective efforts to improve its ability to carry out its mission.
More information about the State Guaranty Association Board Chairs’ Conference and the May MPC meeting will appear in future issues of the NOLHGA Wire and other NOLHGA publications. If you have any questions about the conference, please contact Holly Wilding at 703.787.4111 or [email protected]. For more information on the MPC meeting, please contact Erin Raya at 703.787.4101 or [email protected].
Staff Contact -“Viva Las Vegas” for NOLHGA’s 21st Annual Meeting
The date and location for NOLHGA’s 21st Annual Meeting have been finalized. The meeting will be held October 26–27, 2004, at the Four Seasons Hotel Las Vegas in Las Vegas, Nev. An MPC meeting will be held on October 25. More information about the Annual Meeting and the MPC meeting will appear in future issues of the NOLHGA Wire and other NOLHGA publications. If you have any questions about the Annual Meeting, please contact Holly Wilding at 703.787.4111 or [email protected].
Staff Contact -