Thunor Trust Companies
Estates to Distribute More Than $28 Million to Affected GAs
Through a series of orders dated November 20, 2014, the Mississippi Liquidation Court approved early access distributions to be paid from three Thunor receivership estates. Pursuant to those orders, the FNLIC estate will distribute $20,604,475.30, and the FPLIC estate will distribute an additional $3,579,696.86, each for the benefit of the affected state guaranty associations. In addition, the FGLIC estate will distribute $4,704,500 to the Mississippi association as the only affected association in that case. On a related note, the court also approved a $1,693,285.57 distribution from FNLIC to Madison National Life Insurance Company to cover the expense of excess policies transferred to Madison by assumption reinsurance.
Task Force Chair – John Colpean; Staff Contact - Joni ForsytheNew York Amends GA Statute
On November 21, 2014, New York Governor Andrew Cuomo signed into law an amendment to the state’s Life Insurance Company Guaranty Corporation of New York Act (LICGCNY) that brings the Act into closer conformity with the NAIC Life & Health Insurance Guaranty Association Model Act. The legislation removes the aggregate limit on assessments on life insurance companies for funding the New York guaranty corporation and also provides guaranty corporation coverage for so-called “orphan” or non-resident policyholders who reside in a state where a liquidated New York-domiciled company is not a member of that state’s guaranty association.
This law took effect immediately upon enactment.
Staff Contact - Sean McKennaJim Kleen Passes Away
Jim Kleen, former Executive Director of the Oregon Life & Health Insurance Guaranty Association, passed away on November 30, 2014, following a long battle with cancer. His obituary and information about funeral arrangements can be found here.
Jim’s family will be in all our thoughts and prayers.
Staff Contact - Sean McKenna