Executive Life Insurance Company (CA)
The seventh Aurora installment bill was sent Feb. 13 to administrators of participating guaranty associations. The amount due by April 30 to Aurora is $151,942,807. In the interest of timely notification of the PGAs, this bill was sent prior to detailed review. Arthur Andersen will review the calculations and provide a written report to the PGAs in early April. They also will provide preliminary comments at the upcoming MPC meeting in San Diego.
Task Force Chair -- Art Dummer; Staff Contact - National Heritage Life Insurance Company (DE)The trustees will distribute at least $10 million on or about April 1.
Task Force Chair -- Dan Orth; Staff Contact -ETC.
Southeast Regional Meeting
The Florida Life and Health Insurance Guaranty Association hosted the regional meeting of the southeastern life and health insurance guaranty associations Feb. 5-6 in Ft. Lauderdale, Fla. Representatives attended from Alabama, Arkansas, Florida, Kentucky, Louisiana, North Carolina, South Carolina, Virginia and West Virginia. Representatives from Georgia, Mississippi and Tennessee were unable to attend. Administrative and operational issues discussed during the two days included: 1998 legislative sessions and premium tax offsets; unallocated annuity coverage; information packages distributed to boards and policyholders; assessments (particularly the 1988-1993 reassessment); the impact of the reassessment on member insurers; the survey of guaranty association practices and expenditures; how NOLHGA can assist the guaranty associations; projects being undertaken by the associations; and guaranty association board and annual meetings. The next meeting of the group is scheduled tentatively for July 30-31 in Berkeley Springs, W.Va., and will be hosted by the West Virginia guaranty association. The Arkansas association will be responsible for the agenda.
Staff Contact -- Paul A. Peterson 703/787-4119
Bill O'Sullivan Promoted
The NOLHGA Board of Directors, during its executive session Feb. 4 in San Diego, voted to promote William P. O'Sullivan of NOLHGA to vice president and deputy general counsel. Mr. O'Sullivan, who had been vice president and counsel, has been with NOLHGA for three years. He has worked extensively with the Asset Recovery Task Force and staffs several insolvencies, including American Standard Life Insurance Company and Mid-Continent Life Insurance Company.
San Diego Weather
Outlook for the week of Feb. 19: Low- to mid-60s, showers. Check the Feb. 20 Wire for the MPC week forecast.
CALENDAR
Feb. 16 NOLHGA's offices closed in observance of Presidents' Day Feb. 23-25 Members' Participation Council, U.S. Grant Hotel, San Diego March 14-18 NAIC Spring National Meeting, Salt Lake City
Staff Contact - Sean McKennaCONFERENCE CALLS
Feb. 17 Legal Seminar Planning Committee, 1 pm EST
Staff Contact - Sean McKenna