Executive Life Insurance Company (Calif.)
Aurora Fourteenth Installment Billing Issued
During the week of March 27, 2005, the Executive Life Task Force reviewed Navigant's report on Aurora's fourteenth installment billing and authorized its transmission to the participating guaranty associations (PGAs). The bill calls for PGAs to pay Aurora approximately $63.7 million on or before April 30, 2005. In connection with Aurora's charges for investment expenses (Item D on the bill), the task force intends to raise questions about (and if necessary challenge) the $90,000 fee, which may result in a recovery creditable with interest in the fifteenth installment billing next year. However, the task force has concluded that this item should not hold up the PGAs from paying the fourteenth installment bill in full. Navigant's report was sent to PGA administrators on April 5, 2005, and it includes a copy of Aurora’s bill with instructions for payment.
Task Force Chair - Art Dummer; Staff Contact - Life and Health Insurance Company of American (Pa.)Assumption Agreement Opt-out Materials to Be Distributed Today
The LHICA Task Force will meet by teleconference on April 8, 2005, to finalize the Assumption Reinsurance Agreement with Philadelphia American Life concerning LHICA's life and AD&D policies that was discussed at the Tampa MPC meeting in February. The task force expects the agreement to be approved at the teleconference, to be followed by the commencement of the 30-day opt-out period approved by the MPC in Tampa. The materials will be distributed to affected guaranty associations electronically on April 8 following the teleconference. Any associations requiring hard copy should call Charlie Richardson at Baker & Daniels at 202.312.7487.
Task Force Chair - Linda Becker; Staff Contact - Reliance Insurance Company (Pa.)Assumption Agreement Nears Completion
The Reliance Task Force is close to completing the Assumption Reinsurance Agreement with Madison National Life Insurance Company, Inc., concerning Reliance's "truckers policies" that was described at the Tampa MPC meeting in February 2005. The task force expects the agreement to be approved at a task force teleconference on April 13, to be followed by the commencement of the 30-day opt-out period approved by the MPC in Tampa. The materials will be distributed to affected guaranty associations electronically on April 13 or 14, but any associations requiring hard copy should call Charlie Richardson at Baker & Daniels at 202.312.7487.
Task Force Chair -Tad Rhodes; Staff Contact -PA Insurance Commissioner to Speak at Legal Seminar
M. Diane Koken, insurance commissioner for the Commonwealth of Pennsylvania, has agreed to speak at NOLHGA's 13th Annual Legal Seminar in August. She will discuss solvency issues related to recent Pennsylvania estates.
Commissioner Koken has headed the Pennsylvania department since 1997, when she was appointed by former Governor Tom Ridge. In addition to her commitment to protecting insurance consumers through regulation--in a state ranking among the top five in terms of premium volume--Koken was recently elected president of the National Association of Insurance Commissioners. Before heading the Pennsylvania department, she served as vice president, general counsel, and secretary for a major life insurer.
NOLHGA's 13th Annual Legal Seminar will be held August 18-19, 2005, at the Stein Eriksen Lodge in Park City, Utah. Please call Aimee Frye at 703.787.4115 or e-mail Meg Melusen at [email protected] for additional information about the seminar.
Staff Contact -Conflicts Surveys and Antitrust Certifications Due
NOLHGA's Conflicts Policy and annual questionnaire were mailed on March 2, 2005, to all NOLHGA personnel and representatives, including NOLHGA's Board members, committee and task force members, and consultants. At the same time, NOLHGA's Antitrust Policy and certification forms were sent to all the persons referenced above as well as all NOLHGA members.
The conflicts questionnaire and antitrust certification must be completed on an annual basis. Responses were due by close of business on March 21. For those who have not yet completed and returned these items, we ask that you please do so right away.
These forms should only take a few minutes to complete, and your timely response is very important. Responses may be submitted by fax (703.481.5209) or mail and should be directed to the attention of Aimee Frye. Please feel free to contact Aimee at [email protected] or 703.787.4115 if you have any questions or would like to request additional forms.
As always, your assistance in this matter is greatly appreciated.
Staff Contact -Martin Joins NOLHGA
Nikkia (Nikki) Martin has joined NOLHGA as its new receptionist, following a temporary administrative assignment with Accenture. Prior to that, Nikki was a student at Hampton University, where she received a B.A. degree in psychology with an emphasis on criminal justice. During school, Nikki also worked at the Urban League of Hampton Roads, Fashion Studio, and HUBZone IT, Inc. Please join us in welcoming her to NOLHGA.
Staff Contact - Sean McKenna