MPC Meets Online in January
The Members’ Participation Council (MPC) conducted an online meeting on January 31, 2022. In addition to the task force report below, closed-session (affected guaranty associations only) presentations were conducted by the task forces for Global Bankers Insurance Group (North Carolina and Michigan), Penn Treaty Network America/American Network Insurance Companies (Pennsylvania), Senior Health Insurance Company of Pennsylvania (SHIP), and Time Insurance Company (Wisconsin).
The General Session also featured comments from NOLHGA Chair Kermitt Brooks on his priorities for 2022 and a Management Report by NOLHGA President Peter Gallanis and NOLHGA Executive Vice President and Chief Operating Officer Mike Heard. MPC Chair Margaret Sperry (Rhode Island) briefed attendees on MPC Executive Committee activity, which included welcoming new committee members Bart Boles (Texas), Beth Hoffman (the District of Columbia and Maryland), and Frank Knighton (Georgia); providing updates on the rosters for the Asset Recovery, Business Continuity, and Small Block Options Subgroups and the deactivation of the GA Directory Subgroup; and briefing attendees on the comments and suggestions received by Executive Committee members through the committee’s GA Outreach Program.
The MPC meeting also featured a meeting of the MPC Executive Committee.
Staff Contact - Sean McKenna Senior American Insurance Company (Pennsylvania)Task Force Chair Bart Boles (Texas) reported that the estate has just over 500 policies remaining in force. To date, the affected guaranty associations have paid almost 5,000 claims totaling almost $10 million for covered long-term care obligations in connection with SAIC. He also reported receipts of approximately $6 million in early access funds from the estate, which the task force will distribute once the distribution allocation is finalized. In addition, the judge overseeing the case was recently elected to the Pennsylvania Supreme Court; a replacement has not been named yet.
Task Force Chair – Bart Boles; Staff Contact - Joni ForsytheCFA’s Robert Hunter Retires
J. Robert Hunter, who served 27 years as Director of Insurance for the Consumer Federation of America (CFA), is retiring. He will be succeeded by Doug Heller, and Hunter will continue to serve in an advisory role as CFA’s insurance director emeritus.
Staff Contact - Sean McKennaBetty Cordial Passes Away
Leila (Betty) Cordial, known to many in the guaranty system as the Special Deputy Receiver in the Thunor Trust Companies receiverships, passed away unexpectedly on January 14, 2022, at her home in Missouri. She was 76.
Cordial, a longtime member of the International Association of Insurance Receivers (IAIR) and SIR (its predecessor), spent more than 30 years in the insurance fraud, regulatory, and receivership communities. She worked with the NAIC as a specialist in antifraud and as a special service consultant for 14 years. In 1988, she opened Vista Consulting Group, Inc., and served as an independent consultant for insurance regulatory issues and receiverships.
In lieu of flowers, please make contributions in memory of Leila (Betty) Cordial to the Dementia Society of America at www.DementiaSociety.org/donate or by mail (P.O. Box 600, Doylestown, PA 18901).
Pennsylvania GA Moves
The Pennsylvania Life & Health Insurance Guaranty Association has a new mailing address. The association can now be reached at:
Pennsylvania Life & Health Insurance Guaranty Association
Two Bala Plaza, Suite 710
Bala Cynwyd, PA 19004
The association’s phone number has not changed.
Staff Contact - Sean McKenna