National Heritage Life (DE)
Checks Issued To GAs
This week NOLHGA mailed checks to the NHL participating guaranty associations which had not directly received their share of the $15 million NHL Trust distribution made on December 1st. Affected guaranty associations were also sent a summary chart reflecting an aggregate of $206,441,088 in trust disbursements and early access distributions having been paid to the guaranty associations to date. Of the original $418,878,761 in GA claims against the NHL estate, $212,437,673 remain unpaid.
The NHL Working Group plans to meet with the Trustees in January to discuss the disposition of the remaining trust assets and future distributions from the Trust.
Task Force Chair -Dan Orth; Staff Contact - Consumers United (DE)Status Report
Earlier this month, representatives of the CUIC Task Force met with the deputy receiver to discuss the status of the Consumers United estate. The receiver reported that a number of policyholder proofs of claim have appeals pending in the liquidation court, and that the pending litigation over a $4 million mortgage loan on DC real estate known as Parkside is the primary obstacle to closing the estate. Despite the outstanding litigation, the receiver anticipates being able to close the estate in 2001.
The receiver also reported a total of $6,113,483 in asset sales and recoveries for the estate from the inception of the insolvency in 1994 through September 30th of this year; however no further distributions to the guaranty associations are expected until the Parkside litigation is resolved.
Task Force Chair -- Peggy Parker; Staff Contact - American Chambers Life (OH)Claims Reports Available
In the event any Guaranty Association requires current figures on total controlled and suspending claims for financial reporting, you may contact Anne Hancock by email ([email protected]) or leave a voice mail message (818-419-8778). She can provide you with the most current figures for your state. Please note the dollar figures provided would represent the gross amount of claims in the system, as the status of the unprocessed claims will not allow for the calculation of net dollars.
Task Force Chair -- Chuck Gullickson; Staff Contact -