American Chambers Life (OH)
Claims Office Transition
The NOLHGA claims office in Downers Grove will remain operational through April 20, 2001. This office will continue to provide technical support of claims processing, appeal and DOI responses, medical history investigations and Guaranty Association facsimile inquiries. Currently, all new claims are being routed to Parkersburg for processing. During the week of April 23-27, all functions will be transferred to the Antares Management offices in Westlake, Ohio and Parkersburg, West Virginia, and the Downers Grove office will be closed. Antares will supply a new contact list for various issues to the Subgroup by April 20, 2001, and the list will be distributed to the Guaranty Associations shortly thereafter.
In addition, Anne Hancock has been retained to provide assistance through mid-May; her tentative schedule is:
April 17, 2001: Westlake, Ohio
April 18-19, 2001: Downers Grove, Illinois
April 25-26, 2001: Westlake, Ohio
May 2-3, 2001: Westlake, Ohio
May 9-10, 2001: Westlake, Ohio
May 16-17, 2001: Westlake, Ohio
Contact information for Anne in the Westlake office will be provided in a future Weekly Wire.
Task Force Chair - Chuck Gullickson; Staff Contact - Executive Life (CA)Aurora 10th Installment Billing
Early this week, the Executive Life Task Force reviewed and approved Arthur Andersen's Report on the Tenth Installment Billing, which calls for Participating Guaranty Associations to pay approximately $67.2 million to Aurora on or before April 30, 2001. The reports, which include payment instructions for wire transfer, were mailed to the PGAs on April 2nd.
Briefly, Arthur Andersen found some minor errors that Aurora will correct in next year's billing, and believes that the amounts due from each PGA are appropriate for payment.
Task Force Chair - Art Dummer; Staff Contact - AMS Life (AZ)Court Approves Settlement
In mid December of 2000, the Arizona Receiver for AMS Life reached a tentative agreement to settle claims against several defendants named in his fraud and professional malpractice action against various accounting and actuarial consulting firms that provided services to AMS Life prior to the commencement of the Receivership proceedings. The proposed settlement was submitted to the liquidation court in January, along with the Receiver's petition for approval. Hearing on this matter took place on March 30th and the settlement was approved by the court at that time.
The settlement resolves all of the Receiver's claims against William M. Buchanan & Associaties, Inc., William M. Buchanan, Jeffrey S. Drake, R. Eric Newberg, John R. Miller, Frank Neidig and Unified Life Insurance Company (collectively referred to as "the Buchanan Respondents") for a sum of $2.25 million which, when added to the settlements with other defendants in this litigation, brings the total recovery to date for this case to approximately $8.255 million. The case will now proceed against the remaining defendants, which include J, Huell Briscoe & Associates and several individual defendants (collectively referred to as "the Briscoe Respondents").
Task Force Chair - Luther Hill; Staff Contact - Joni ForsytheNOLHGA MPC Meeting
A preliminary schedule of events and meeting registration form for the upcoming MPC meeting, May 9-11 in Providence, RI, was either e-mailed or faxed to MPC participants on April 6. Attendees are urged to make their hotel reservations immediately and no later than April 16 to ensure the NOLHGA rate of $159. If you did not receive a registration form, please contact Pete Marigliano. Status reports and other information will be posted to the NOLHGA website on April 27.
Staff Contact - Sean McKenna