American Chambers Life Insurance Company (Ohio)
GA Expenses Requested for 2003-2004
The ACLIC Task Force has requested that NOLHGA update the financial information related to claims and expenses paid by the affected guaranty associations in connection with the American Chambers insolvency. During the week of April 10, 2005, each affected guaranty association received a memorandum by e-mail requesting that claims and expense data be submitted to NOLHGA via the NOLHGA Web site's Proof of Claims System by May 31. Please note that the task force is seeking financial data only from 2003 through 2004 as an update to the figures collected for inception through December 31, 2002. If there are any questions, please contact Meg Melusen or Gus Estrada at 703.481.5206.
Task Force Chair - Chuck Gullickson; Staff Contact - London Pacific Life & Annuity Company (N.C.)Adjustments to Hartford Exchange Agreement Completed
Final accounting adjustments for the deferred annuity exchange agreement with Hartford Life Insurance Company were successfully completed on April 11, 2005. Hartford paid approximately $750,000 to NOLHGA on behalf of guaranty associations for policyholders who elected to continue their contracts with the associations and also paid approximately $1.36 million to London Pacific for policyholders who elected to surrender their contracts. In addition, NOLHGA received a payment from London Pacific of approximately $476,000 for adjustments related to the policies continued with the guaranty associations.
NOLHGA expects to disburse all remaining funds to the guaranty associations within the next few weeks. This disbursement will include funds received for the above-mentioned adjustments along with interest earned on the guaranty association escrow accounts at NOLHGA and London Pacific (for assets related to the covered portion of contracts owned by policyholders who elected to surrender their contracts). We anticipate disbursing approximately $3.8 million to the guaranty associations.
Task Force Chair - Frank Gartland; Staff Contact - Paul PetersonMPC Meeting Hotel Cut-off Date Nears--Schedule Posted
The deadline for hotel reservations for the next MPC meeting, which will be held May 16-18, 2005, at the Four Seasons Hotel Austin in Austin, Tex., is April 22. Attendees will still be able to make reservations after the deadline passes (space permitting), but they will not be guaranteed the NOLHGA room rate of $185 a night. We urge you to make your reservations as soon as possible and to register for the meeting if you have not already done so.
Hotel information for the meeting can be found at the meeting Web page. The meeting page also offers online registration and other meeting details. A preliminary schedule of events can be found in the "Meeting Resources" section.
If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected] or 703.787.4112. Questions concerning the MPC meeting should be directed to Sean McKenna at [email protected] or 703.787.4106.
Staff Contact - Sean McKennaUtah Insurance Commissioner to Open Legal Seminar
Utah Insurance Commissioner D. Kent Michie will provide the welcoming address at NOLHGA's 13th Annual Legal Seminar in Park City, Utah, this August. Commissioner Michie, appointed by Utah's Governor Huntsman in January 2005, is a Utah native with 35 years of experience in the investment banking industry. Most recently he served for 16 years as vice president of Zions Bank Public Finance, and he has served as the state's financial advisor since 1984. Commissioner Michie brings to the insurance industry a solid understanding of state government combined with financial savvy and creativity. For example, he developed the idea for the Utah School Bond Guaranty Program, which has saved Utah property tax payers millions of dollars.
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 -2004 Year-End Report Mailed
The NOLHGA 2004 Year-End Report to the Membership was recently mailed to the NOLHGA Board, guaranty association board members and administrators, and NOLHGA committee members. They should receive their copies of the Report in the next week.
The Report is also available to authorized user groups on the NOLHGA Web site. After logging in, click on the "see all publications" link, click on "Year-End Reports," and select the link for the 2004 Report. The NOLHGA 2004 Year-End Report to the Membership has been divided into a number of PDF files to reduce download times, and the contents of each file are listed on the page.
Staff Contact - Sean McKennaNew GA Contact Info
The office of the North Dakota Life & Health Insurance Guaranty Association has a new mailing address. The new address is:
North Dakota Life & Health Insurance Guaranty Association
6656 W. Firebird Drive
Glendale, AZ 85308
The phone and fax numbers for the office, as well as its e-mail address, remain the same.
Staff Contact - De Gadd