Organizational Governance Seminar Scheduled for MPC Meeting
The Administrators' Education Steering Committee is sponsoring a panel discussion on the ramifications for guaranty associations of recent developments in corporate/organizational governance. The panel discussion, which will take place at the upcoming MPC meeting in Tampa, Fla., will be held on Thursday, February 24, at 2:30 p.m., immediately following part one of the MPC General Session (see the article below). The committee has organized an outstanding group of experts to speak on this topic, with a panel consisting of Van Mayhall Jr., who is with the Breazeale, Sachse & Wilson law firm and serves as counsel to the Louisiana guaranty association; Michael Shea, who is with the Rothgerber, Johnson & Lyons law firm and also serves as counsel to the Colorado, Hawaii, Montana, and Wyoming associations; and Mark Smith, who is associate general counsel overseeing corporate governance matters for The Northwestern Mutual Life Insurance Company.
Staff Contact -Revised MPC Schedule Available Online
A newly revised schedule for the upcoming MPC meeting, which will be held February 23-25, 2005, in Tampa, Fla., has been posted on the meeting Web page. The new schedule includes a slight revision from the schedule distributed to guaranty association administrators earlier this week. The Organizational Governance Seminar is now scheduled for 2:30 p.m. on Thursday, February 24.
The briefing book for the meeting should be posted on the meeting Web page early next week. Attendees will be notified when the book is available.
If you have any trouble accessing the meeting Web page, please contact Dan Hicks at 703.787.4112 or [email protected]. Questions concerning the MPC meeting should be directed to Sean McKenna at 703.787.4106 or [email protected].
Staff Contact - Sean McKenna George Washington Life Insurance Company (W.Va.)Final Distribution Approved
On January 11, 2005, Judge King of the Circuit Court of Kanawha County, W.Va., signed an order approving the George Washington Life (GWL) receiver's Final Report on Continuing Operations and Application for Authority to Make Third and Final Distribution. As a result of the order, the receiver expects to mail final distribution checks to guaranty associations and other policy-level claimants on or about February 9. The aggregate amount to be distributed to guaranty associations is about $2.1 million.
The order also authorizes the receiver to (1) assign to NOLHGA on behalf of affected guaranty associations a judgment against two former managing general agents for GWL and (2) take necessary remaining steps to close the estate.
Task Force Chair - Bart Boles; Staff Contact - Bill O'SullivanGuaranty Association Law Summaries Updated
During the week of January 30, 2005, NOLHGA updated its state guaranty association law summary reports to reflect legislative changes that took effect between July 1, 2004, and the beginning of 2005. Most significantly, Rhode Island adopted provisions of the current NAIC Model Life and Health Insurance Guaranty Association Act, which became effective on January 1.
The law summaries are available in the "State Information" section of the NOLHGA Web site. The summaries can be viewed and printed by selecting a specific report from the "State Guaranty Laws and Provisions" drop-down menu, which lists the reports by topic. Users can also generate individual state reports by choosing a state from the "State Guaranty Association Pages" drop-down menu. In addition to summaries of state guaranty laws, the "State Information" section of NOLHGA's Web site provides users with state guaranty association contact information as well as links, where applicable, to the state guaranty association's Web site and the corresponding state insurance department's Web site. Changes or corrections to the summaries should be submitted to Meg Melusen at [email protected].
Staff Contact -