Iuppa to Speak at Legal Seminar
Alessandro A. Iuppa, Senior Vice President of Government and Industry Affairs at Zurich and former NAIC President, has agreed to speak at NOLHGA's 19th Annual Legal Seminar scheduled for July 21-22, 2011, in San Francisco. Iuppa will share his insights on the developing role of the federal government in insurance regulatory and receivership matters as the Dodd-Frank Act begins to be implemented and related regulatory and study projects proceed.
Iuppa joined Zurich in 2007 as Head of Government and Industry Affairs for General Insurance, where he is responsible for managing the analytical and strategic review of public policy issues affecting Zurich's general insurance operations globally. Before joining Zurich, Iuppa served as Superintendent of Insurance for the State of Maine from 1997 through 2006 and as Deputy Superintendent from 1994 to 1997. He also worked as Deputy and Commissioner of Insurance for the Nevada Division of Insurance from 1986 to 1991. In 2006, he served as President of the NAIC.
Iuppa is a recognized expert on public policy issues related to insurance supervision and has made numerous presentations to such bodies as the U.S. Congress, European Commission, Geneva Association, Financial Stability Forum, and the OECD.
The NOLHGA Legal Seminar will be preceded by an MPC meeting on July 19-20. Both meetings will take place at San Francisco's Ritz-Carlton on Nob Hill. Reservations can be made by calling 800.542.8680 and requesting the special NOLHGA meeting rate of $239/night plus tax.
Staff Contact - Executive Life Insurance Company (California)Navigant Report on Aurora Installment Billing Distributed
On March 31, 2011, Navigant Consulting distributed its report on Aurora's Twentieth Installment Billing following its acceptance by the Executive Life Task Force and authorization for its transmission to the participating guaranty associations (PGAs). The bill calls for PGAs to pay Aurora $49,184,228 on or before April 30, 2011. Navigant's report includes a copy of Aurora's bill with instructions for payment.
Task Force Chair - Art Dummer; Staff Contact -MPC Meets in San Antonio
The Members' Participation Council (MPC) met in San Antonio on April 4 and 5, 2011. Task force meetings were held for Executive Life Insurance Company of New York, Golden State Mutual Life Insurance Company (California), Imerica Life and Health Insurance Company (Arkansas), Medical Savings Insurance Company (Indiana), National States Insurance Company (Missouri), Penn Treaty Network America/American Network Insurance Companies (Pennsylvania), and Universal Life/Booker T. Washington Insurance Companies (Alabama).
The meeting also featured an Administrators Education Steering Committee presentation on guaranty association assessments moderated by Mike Surguine (Arizona) and featuring Bart Boles (Texas), William Falck (Florida), Jan Funk (Indiana), Chuck Renn (Missouri), and Paul Peterson (NOLHGA staff). In addition, the Accounting Issues Committee, MPC Executive Committee, and MPC Executive Committee Business Continuity Subgroup also held meetings.
The General Session featured a presentation by the Coverage/Claims Committee on coverage issues relating to annuities and variable products; the MPC adopted a resolution concerning annuity coverage. The Accounting Issues Committee gave a presentation on time allocation and guaranty association board rosters conducted by Linda Becker (Kansas), Committee Chair Lowell Miller (North Carolina), and Joanna Akiyama (NOLHGA staff). The General Session also featured a closed-session presentation by the Executive Life Insurance Company (California) task force, an update on financial services regulatory reform by NOLHGA President Peter Gallanis, and a briefing on MPC Executive Committee activity by MPC Chair Mike Marchman.
The following task force insolvency reports were presented during the MPC General Session:
Staff Contact - Sean McKenna Golden State Mutual Life Insurance Company (California)Task Force Chair Lowell Miller (North Carolina) and Legal Counsel Frank O'Loughlin (Rothgerber, Johnson & Lyons) updated attendees on a March 28, 2011, hearing to sell estate assets and on the status of the one remaining policy in the estate--a group life policy that was not included in the assumption agreement with IA American Life. The task force and receiver are still researching the policy. The Golden State Mutual Life MPC unanimously adopted a resolution authorizing the task force to enter into an early access agreement with the receiver.
Task Force Chair - Lowell Miller; Staff Contact - Bill O'Sullivan Lincoln Memorial/Memorial Service Life Insurance Companies (Texas)Task Force Chair Tad Rhodes (Oklahoma) reviewed the task force's budget and reported that the Memorial Service (the Texas-only company) block of business will be assumed by Investors Heritage as a result of the task force's RFP process. There were no acceptable bids for the Lincoln Memorial block. In March, the special deputy receiver applied for a $20 million early access distribution.
Task Force Chair - Tad Rhodes; Staff Contact - Paul Peterson National States Insurance Company (Missouri)Task Force Chair Randy Blumer (Wisconsin) reported that a RFP has been undertaken for the life insurance block of National States (approximately 63,000 policies). Approximately 87% of the policies are reinsured through four separate reinsurance agreements, and the National States MPC unanimously passed a resolution authorizing the task force to continue these agreements.
Task Force Chair - Randy Blumer; Staff Contact - Paul Peterson