AF&L/Senior American Insurance Companies (Pennsylvania)

Liquidation Order Entered for Senior American Insurance Company

On August 15, 2019, a liquidation order was entered against Senior American Insurance Company (SAIC) that has an effective date of September 3, 2019. An MPC meeting was held via teleconference on August 16 to provide an update on the pending liquidation, discuss the demographics of the 802 involved policies, and consider an Early Access Agreement and a Service Agreement that were developed by the task force. The MPC adopted both agreements and authorized an expedited 10-day opt-out period, which will expire on August 26, 2019.

Recent data obtained by the task force indicates that the 802 SAIC policies are spread throughout 10 of the 13 states with potentially affected guaranty associations. The task force cautions that policyholder residency confirmations have not yet been conducted, so policies could shift among states, including the three states with affected guaranty associations but currently no known policyholders. Additional updates, various issues to be analyzed, and long-term planning will be discussed during an upcoming task force teleconference. There will also be an in-person meeting in conjunction with the October MPC meeting in Austin. If you have questions or information needs, please contact Task Force Chair Bart Boles or NOLHGA staff support Joni Forsythe or Joanna Akiyama.

Task Force Chair - Bart Boles;   Staff Contact - Joanna Akiyama