Bankers Commercial Life Insurance Company (Tex.)
Court Issues Order Approving Special Deputy Receiver's Final Report
On April 7, 2003, the District Court of Travis County, Tex., issued its order approving the final report and application to distribute assets filed by Craig Koening, the BCL special deputy receiver. The order approves the distribution of estate assets as outlined in the report, cancels the charter and certificate of authority of BCL, and discharges the receiver after the filing of a final accounting (within 120 days after the distribution is made to claimants).
As a result, it is anticipated the guaranty associations will receive approximately $2 million in distributions either in cash or assignment in the very near future.
Task Force Chair - William Falck; Staff Contact - Paul PetersonNew Jersey Insurance Commissioner to Speak at Legal Seminar
Holly C. Bakke, Commissioner of New Jersey's Department of Banking and Insurance, has agreed to speak at NOLHGA's 12th Annual Legal Seminar, which will be held August 21-22, 2003, at the Palace Hotel in San Francisco. Commissioner Bakke has headed the New Jersey department since March 2002, and her close connections with the guaranty system include her long service as Executive Director of the New Jersey Property-Liability Insurance Guaranty Association and her present role as Chair of the NAIC Insolvency Task Force's Coordination with State Guaranty Associations Working Group. At the NOLHGA Legal Seminar, she will discuss her goals for department coordination with guaranty associations and the role of guaranty associations prior to and during a troubled company's receivership proceedings. For more information about the seminar, please contact Aimee Frye (703.787.4115; [email protected]) or Meg Melusen (703.787.4130; [email protected]).
Staff Contact -May MPC Meeting Schedule Posted
A preliminary schedule for committee and task force meetings and the general session for the next MPC meeting, which will be held May 19-21, 2003, at the Grand America Hotel in Salt Lake City, Utah, has been posted on the meeting Web page. The schedule, which is an updated version of the schedule that was sent out earlier this week, is in PDF format; it can be found in the "Meeting Info" section of the MPC meeting Web page.
The meeting Web page also contains general meeting information as well as contact information for the Grand America Hotel (the cut-off date for hotel reservations is April 25) and a page offering on-line meeting registration. Status reports and other meeting materials should be available in early May, and attendees will be notified when new information is posted.
If you have any trouble accessing the MPC meeting Web page, please contact Bryan Owen at 703.787.4112 or [email protected]. If you have any questions about the meeting, contact Karen Early at 703.787.4101 or [email protected].
Staff Contact -State GA Web Site Q&A Scheduled for MPC Meeting
Members of the State GA Web Site Development Committee and the NOLHGA Web Site Team will be available at the May MPC meeting in Salt Lake City (see above) to answer any questions concerning the state guaranty association Web site template recently designed by the committee. The session is meant to answer the questions of any guaranty associations interested in using the committee's site template and to give associations already using the template (many sites will "go live" in early May) an opportunity to offer feedback on site performance.
On Tuesday, May 20, committee members and NOLHGA staff members will be available to answer questions from 4:00 p.m. to 5:15 p.m. in the Vienna room of the Grand America Hotel. There will be no presentation by the committee; instead, anyone interested in the state guaranty association Web site template is welcome to stop by at any time during the session to have their questions answered.
Staff Contact - Sean McKennaSummer 2003 Litigation Update Coming Soon
NOLHGA periodically publishes a Litigation Update to provide NOLHGA members with a summary of guaranty association coverage litigation and other significant litigation involving guaranty associations. The last edition of the Update was published and distributed to the members in June 2002, and we expect to publish an updated edition this summer.
To ensure that the Update is as complete as possible, we ask that you please notify NOLHGA of any new litigation that your state guaranty association has become involved with since May 2002, as well as any significant developments in preexisting cases since May 2002. We encourage you to include information regarding any guaranty association litigation that you feel would be of general interest to the membership. This information should be sent to the attention of Joni Forsythe by fax (703.481.5209) or mail by May 16, 2003, to be included in the next Litigation Update.
If you have any questions about the Litigation Update, please contact Joni Forsythe at 703.787.4103.
Staff Contact - Joni Forsythe