Imerica Life and Health Insurance Company (Arkansas)
GA Expense Data Due March 9
The Imerica Task Force is collecting information concerning inception to date expenses incurred by affected guaranty associations in connection with the Imerica Life and Health Insurance Company insolvency. The expense data will be used for purposes of finalizing the Guaranty Association Omnibus Proof of Claim for this case. This expense survey includes all association expenses incurred inception to date. So that we can update and finalize the Proof of Claim, and to assist in discussions with the receiver concerning the timing and amount of distributions, we ask that all guaranty associations please update their expense data no later than March 9, 2012.
Expense data should be submitted by affected associations using NOLHGA's online proof of claims survey tool. Please advise Gus Estrada by e-mail ([email protected]) if you have no submissions to report. If you have any questions regarding the survey tool, please contact Gus Estrada at 703.787.4131. With all other questions, please contact Joni Forsythe at 703.787.4103.
Task Force Chair - Andrea Bowers; Staff Contact - Joni Forsythe National States Insurance Company (Missouri)Assumption Agreement Closes
The assumption reinsurance agreement with Family Life Insurance Company closed on February 16, 2012. The agreement covers the in-force life insurance block of NSIC as of September 30, 2011, and is effective October 1, 2011. The transaction transfers approximately 57,000 life insurance policies with a face amount of $501.5 million. As part of the agreement, the existing indemnity reinsurance treaties will be transferred to Family Life. Family Life anticipates assuming administration of the block of business by April 1.
A final accounting covering any adjustments for the assumption agreement schedules and including settlement of post-September 2011 activities (premium collections, claims payments, reinsurance settlements, etc.) is scheduled to be completed by May 15, with any payment due within 30 days.
Task Force Chair - Randy Blumer; Staff Contact - Paul PetersonWV GA Selects New Legal Counsel
The West Virginia Life & Health Insurance Guaranty Association has selected new counsel to replace Randy Cox, who passed away late in 2011. The association's new Legal Counsel is:
Mary Jane Pickens
Spilman, Thomas & Battle, PLLC
300 Kanawha Boulevard, East
Post Office Box 273
Charleston, WV 25321-0273
304.720.4073
[email protected]