Reservation Deadline for January 2007 MPC Meeting Approaches
The cut-off date for hotel reservations for the next MPC meeting, which will take place January 15-17, 2007, at the Hyatt Regency Grand Cypress in Orlando, Fla., is December 14, 2006. Because Orlando is such a popular vacation destination, we anticipate that the hotel will fill up well before that date, and we urge all attendees to book their rooms as soon as possible.
The NOLHGA room rate for the meeting is $219/night plus tax, and that rate will be available three days before and three days after the meeting, depending on room availability. The meeting Web page offers a link to the Hyatt Regency Grand Cypress Web site. To make reservations online, simply select the appropriate dates, enter "g-orgl" under Group/Corporate #, click Check Availability, and select a room.
The meeting Web page also offers online meeting registration, additional meeting information, and a link to a special Web site created by the Orlando Convention & Visitors Bureau to help NOLHGA meeting attendees plan their trips. The link can be found in the "Activities" and "Announcements" sections.
If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected] or 703.787.4112. Questions concerning the MPC meeting should be directed to Sean McKenna at [email protected] or 703.787.4106.
Staff Contact - Sean McKenna2007 Legal Seminar Set for San Francisco
The 15th Annual NOLHGA Legal Seminar has been scheduled for July 12-13, 2007, in San Francisco. The Seminar Planning Committee, together with the MPC Site Selection Committee, has chosen the Stanford Court Hotel on Nob Hill to host the seminar as well as the MPC meeting that will precede it on July 10-11. In January 2007, the Seminar Planning Committee will begin to develop the seminar program. Please contact Meg Melusen at [email protected] if you have any questions or suggestions for speakers and presentations.
Staff Contact - Executive Life Insurance Company (Calif.)Requests for Defeasance Computation Due by Year-end
As in prior years, any participating guaranty association (PGA) contemplating the possibility of defeasance in 2007 must make a request for a defeasance computation in writing to Aurora before year-end 2006. According to the Enhancement Agreement, Aurora then has 60 days after year-end to calculate the PGA's defeasance amount, and the PGA has until the 150th day after the preceding December 31 (i.e., May 30, 2007) to decide whether or not to defease. NOLHGA will distribute a notice with additional information on this subject to the PGAs in early December 2006.
Task Force Chair - Art Dummer; Staff Contact -Insolvency Cost Information Report Now Available on NOLHGA Web Site
NOLHGA has issued its annual Insolvency Cost Information Report, which assists member companies in establishing accruals for life, annuity, and health guaranty association assessments pursuant to Statement of Statutory Accounting Principle No. 35 - Accounting for Guaranty Fund and Other Assessments (finalized March 2000 by the NAIC) and SOP 97-3 - Accounting by Insurance and Other Enterprises for Guaranty Fund and Certain Other Insurance-Related Assessments (released December 1997 by the AICPA). The report contains information regarding the cost of insolvencies, assessable premium by state, and summaries of each state's general assessment and premium tax offset provisions.
These reports have been issued by NOLHGA annually since 1992. This year's report will not be published in hard-copy format. Instead, it is available for download from NOLHGA's Web site. It is also accessible through the homepage in the "Facts & Figures--Insolvency Cost Files" section.
The report contains the following data files:
Costs: An Excel workbook with individual insolvency cost information along with various summary schedules and premium information by state.
Report: A PDF file that includes commentary on various insolvencies along with the schedules from the Costs file. Also included are general assessment and premium tax offset state provisions along with premiums by state.
Download: A WinZip file containing both files.
Please note that some of the financial schedules will print in very small text (particularly the summary schedules on pages 5 to 7 of the PDF file) and may be difficult to read. If the text is too small, it might help to set those pages to legal size and print them separately from the rest of the report.
Also, summary assessment called and refunded information has been included on each insolvency case for use by member companies in their accrual process as they deem necessary. This information is compiled from the annual assessment submissions of each guaranty association. It is not audited by NOLHGA; therefore, NOLHGA will not be able to address any questions that member companies may have on the accuracy or completeness of the information. Those inquiries will be directed to the appropriate guaranty association.
Staff Contact - Paul PetersonNew Executive Director for New Jersey GA
On December 1, 2006, James Lenaghan will take over as executive director of the New Jersey Life & Health Insurance Guaranty Association. Lenaghan, who replaces Doug Furlong, comes to the guaranty association after most recently serving as associate general counsel for litigation at Met Life, where he worked since 1985. He can be reached at the New Jersey association at [email protected] or 973.623.3989.
Staff Contact - Sean McKenna