Time Insurance Company (Wisconsin)

Task Force Collecting GA Direct Expenses

This is a reminder that NOLHGA’s Time Insurance Company Task Force is collecting information concerning guaranty association direct expenses incurred in connection with Time for purposes of assembling our Omnibus Proof of Claim. As you know, Time was put into rehabilitation on July 29, 2020, and was placed into liquidation on September 1, 2022.

For purposes of our initial data gathering, we are asking that all affected guaranty associations report only direct expenses, if any, incurred by your association for the reporting period inception through August 31, 2022. Direct expenses include any internal expenses your association has incurred directly in connection with this insolvency. Please do not include any NOLHGA assessments. We have that information and will include those allocated costs separately. For the 27 guaranty associations that had in-force policies at liquidation, we will separately solicit direct expenses and directly paid policy claims for a period beginning September 1, 2022, at a later date.

Expense data should be submitted via NOLHGA’s Online Proof of Claim survey tool. Expenses were due by December 9, but several states have requested additional time. If you have not already done so, please submit your expense data by January 9, 2023.

NOTE: If you have no direct expenses to report, please advise Joni Forsythe by e-mail.

Unless you direct the task force otherwise, your NOLHGA allocated expenses will be included on your behalf, regardless of whether you report any direct expenses for your association. If you have any questions regarding the online proof of claim survey tool, please contact Gus Estrada at [email protected] or 703.787.4131.

Task Force Chair – Bill Fisher;   Staff Contact - Joni Forsythe Global Bankers Insurance Group (North Carolina)

Pennsylvania GA’s Margolis Named to Task Force

After reviewing the recent liability estimates for guaranty associations potentially affected by the Global Bankers companies, MPC Chair Margaret Sperry, with the advice and consent of NOLHGA President Peter Gallanis, has appointed Nancy Margolis (Executive Director of the Pennsylvania Life & Health Insurance Guaranty Association) to the Global Bankers Task Force.

Task Force Chair – John Colpean;   Staff Contact - Bill O'Sullivan