London Pacific Life & Annuity Company (N.C.)
Hartford Assumption Agreement Closes
NOLHGA has been informed that a successful closing took place on July 30, 2004, between London Pacific and Hartford Life regarding the payout and supplemental contract annuity blocks of business. Approximately $175.5 million in estate assets (but no guaranty association funding) was transferred to Hartford Life in support of the transaction, which was a straight assumption of these blocks of business. Assumption certificates are expected to be mailed by Hartford in the near future.
In related news, guaranty associations should have received via e-mail copies of the election packages that will be mailed to deferred annuity policyholders eligible to participate in the 1035 exchange with Hartford Life. These packages are currently being printed and are expected to be mailed shortly after the end of the appeal period (August 11), assuming no objections to the order have been filed.
Task Force Chair - Frank Gartland; Staff Contact - Paul PetersonAtchinson to Speak at NOLHGA's Annual Meeting
Brian Atchinson, executive director of the Insurance Marketplace Standards Association (IMSA), will speak at NOLHGA's 21st Annual Meeting, which will be held October 26-27, 2004, at the Four Seasons Hotel Las Vegas in Las Vegas, Nev. He is scheduled to speak on the first day of the meeting.
IMSA is a voluntary nonprofit organization created to strengthen consumer trust and confidence in the life insurance, long-term care insurance, and annuity products industry. IMSA members represent more than 50 percent overall market share for individually sold life insurance, long-term care insurance, and annuity products. In the three years since he joined IMSA, Mr. Atchinson has been named to Insurance Newscast's annual list of the 100 Most Powerful People in the Insurance Industry--North America.
Before joining IMSA, Mr. Atchinson was superintendent of the Maine Bureau of Insurance from 1992-1997. In 1996 he served as president of the National Association of Insurance Commissioners, and from 1994-1996 he was a member of the Executive Board of the International Association of Insurance Supervisors.
More information about the Annual Meeting and the MPC meeting that will precede it will appear in future issues of the NOLHGA Wire and other NOLHGA publications. If you have any questions about the Annual Meeting, please contact Holly Wilding at 703.787.4111 or [email protected].
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