Benicorp Insurance Company (Indiana)
Company Placed in Rehabilitation
On August 9, 2007, Benicorp Insurance Company, an Indiana-domiciled company, was placed in rehabilitation at the request of the Indiana Department of Insurance. According to a press release issued by the department, there is a plan in place to allow UnitedHealthcare, another Indiana-domiciled company, to offer replacement coverage.
Benicorp was licensed in the following states: Alabama, Arizona, Arkansas, Colorado, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, and Wyoming. However, it appears premiums were received in only nine states.
The MPC Chair recently appointed a Benicorp Task Force, which includes the following members:
Frank Gartland (Ohio): Chair
Linda Becker (Kansas)
Jan Funk (Indiana)
Chuck Renn (Missouri)
Lou Roggensack (Nevada)
The consultants and staff contact will be:
Mark Femal (Strohm Ballweg LLP): Project Manager/Financial Consultant
Paul Peterson: Staff Contact
Tim Lee (Milliman): Actuarial Consultant
Frank O'Loughlin (Rothgerber, Johnson & Lyons): Legal Consultant
Members of the task force have met with the Indiana Department over the past few weeks, and an e-mail message with preliminary information on the company was sent to the administrators of the affected state guaranty associations on August 9. Information shared with the task force and affected associations by the Indiana department is subject to a confidentiality agreement.
Task Force Chair - Frank Gartland; Staff Contact - Paul PetersonSteering Committee Conducts Survey for Administrator Training Session
The Administrators' Education Steering Committee is planning a one-day education and training session for life and health insurance guaranty association administrators. The committee hopes to hold this session in conjunction with the April 2008 MPC meeting, which is tentatively scheduled for April 29 and 30 in Raleigh, N.C.
To ensure that the presentation addresses the interests and training needs of administrators, the committee has developed a brief survey. The committee asks all administrators to click on the link and take a few minutes to complete the survey, which will help determine the topics covered in the presentation. Please complete the survey by September 4.
The Administrators' Education Steering Committee thanks you in advance for your assistance in making the education seminar as valuable as possible. If you have any questions about the survey or the committee, please contact Committee Chair Candie Kinch at [email protected].
Staff Contact -Guaranty Association Law Summaries Updated
NOLHGA has updated its state guaranty association law summary reports to reflect legislative changes that took effect between December 31, 2006, and June 30, 2007. Most significantly, Virginia adopted provisions increasing annuity coverage to $250,000 and increasing aggregate coverage to $350,000. This revision was sponsored by the Virginia Association of Insurance and Financial Advisors, and the guaranty association did not oppose the change. It became effective on July 1.
The Guaranty Association Law Summaries are available under Facts & Figures on the homepage of NOLHGA's Web site in addition to being accessible under the "Member Resources" section in the password-protected portion of the site. Users can generate individual state reports by choosing from the "Law Summaries by State" drop-down menu. Alternatively, the summaries can be viewed and printed by selecting a specific report from the "Law Summaries by Provision" drop-down menu, which lists all state law summaries by topic. Finally, the Guaranty Association Laws page provides users with state guaranty association contact information as well as links, where applicable, to the state guaranty association's Web site and the corresponding state insurance department's Web site. Changes or corrections should be submitted to Meg Melusen at [email protected].
Staff Contact -MPC Chair Ballots Due August 24
The MPC Preference Poll Committee mailed the 2008 MPC Chair Stage I (Preliminary) Ballots to all life and health insurance guaranty association administrators on August 3, 2008. Administrators are asked to submit their Stage I Ballots to Candie Kinch at the Idaho Life and Health Insurance Guaranty Association so that they are received by August 24. If you did not receive your Stage I Ballot or have any questions about the polling process, please contact a member of the Preference Poll Committee:
Lowell Miller: [email protected] or 919.833.6838
Tom Peterson: [email protected] or 502.895.5915
Candie Kinch: [email protected] or 208.378.9510