August 8, 2003 First National Life Insurance Company (Ala.)

Articles of Dissolution Filed

On June 11, 2003, the receiver for First National Life Insurance Company (FNLIC) filed Articles of Dissolution with the Office of the Judge of Probate in Jefferson County, Ala., for the purpose of dissolving FNLIC's corporate existence. The filing was supported by a Unanimous Written Consent signed by FNLIC's sole shareholder, American Life Assurance Corporation, also in receivership. Final tax returns for FNLIC have not yet been filed. A copy of the Articles of Dissolution and the Unanimous Written Consent will be posted to the NOLHGA IRC. You may also contact Aimee Frye at 703.787.4115 or [email protected] to request copies of these documents.

Task Force Chair - Mike Marchman;   Staff Contact - Joni Forsythe Inter-American Insurance Company of Illinois

Receiver to Make Final Distribution

The receiver for Inter-American of Illinois will make the final distribution to guaranty associations the week of August 10 in an amount totaling approximately $3.4 million. Additional funds totaling about $100,000, which are allocable to the Pennsylvania association in connection with a group of policies paid by that association, will be held back from the distribution at this time pending final adjudication of claims under those policies. In order to avoid delaying distribution on all claims, the Pennsylvania association has agreed to have these funds set aside pending resolution of this matter.

Accordingly, the total for this distribution is $3,379,263, bringing total distributions to the guaranty associations to approximately $48.5 million. With this distribution, the guaranty associations will have recovered 100 percent of their administrative expense claims and approximately 31.28 percent of their policyholder-level claims against the Inter-American estate. According to OSD officials, distribution checks will be mailed to the guaranty associations on August 12. The task force is providing information regarding the distribution breakdown, by state, via e-mail to all affected states this week. The receiver hopes to close this estate before year-end.

Task Force Chair - William Falck;   Staff Contact - Joni Forsythe

ACLI President & CEO to Speak at Annual Meeting

Governor Frank Keating, president and CEO of the American Council of Life Insurers (ACLI), will speak at NOLHGA's 20th Annual Meeting in October. Governor Keating, who became president and CEO of the ACLI in January after leaving office as Oklahoma's 25th governor, was profiled in National Journal as a new leader "pumping life into the ACLI." As the chief representative and spokesperson for the life insurance industry in Washington, D.C., he has met with key members of Congress and the Bush Administration.

Governor Keating's 30-year career in law enforcement and public service included stints as an FBI agent, federal and state prosecutor, and state legislator. He served Presidents Reagan and Bush in the Treasury, Justice, and Housing Departments. In 1998, he became only the second governor in Oklahoma history to serve two consecutive terms.

NOLHGA's 20th Annual Meeting, which will be held on October 28 and 29, 2003, at the Four Seasons Resort & Club Dallas at Las Colinas, will also feature presentations on topics such as the impact of the capital markets on the insurance industry, the role of ratings agencies, variable annuities, detecting financial shenanigans, and more.

A meeting of the Members' Participation Council will precede the Annual Meeting on October 27. Information on other speakers and details about NOLHGA's 20th Annual Meeting will be available in the coming weeks.

  Staff Contact - Sean McKenna

MPC Briefing Book Now Available

The briefing book for the next MPC meeting, which will be held August 19 and 20, 2003, at the Palace Hotel in San Francisco, Calif., has been posted on the MPC meeting Web page. Due to the confidential nature of the briefing materials, which can be found in the "MPC Meeting" section of the site using the "Briefing Book" link, users will need to log in after clicking on the link to access the briefing book.

The book includes meeting and agenda schedules, the attendee list, status reports for the upcoming meeting, and other meeting materials. All files are in PDF format, and users will need Adobe Acrobat Reader to view and print the materials. Acrobat Reader is available free from Adobe at this link.

Please contact Bryan Owen at [email protected] or 703.787.4112 if you have any trouble accessing the MPC meeting page. Please direct any questions about the meeting to Karen Early at [email protected] or 703.787.4101.

  Staff Contact -