Executive Life (IL)
Carranza-Hernandez Class Action Dismissed
In a ruling handed down February 1st, U.S. District Judge Matz dismissed the policyholder class action suit pending in the U.S. District Court in Los Angeles, CA, against Altus Finance S.A. and other defendants relating to the successful 1991 bids to acquire ELIC's insurance business and bond portfolio. In granting the defendants' motion to dismiss, Judge Matz found the matter was subject to the exclusive jurisdiction of Judge Lewin's Conservation Court. This case will be discussed at the MPC meeting next week in Tampa.
Task Force Chair - Art Dummer; Staff Contact -South Carolina Supreme Court to Consider Liberty Life Case
On February 3rd, more than a year and a half after the South Carolina Court of Appeals ruled in favor of the guaranty association in South Carolina Life and Accident and Health Insurance Guar. Ass'n v. Liberty Life Ins. Co., 331 S.C. 268, 500 S.E.2d 193 (S.C.App. 1998), the state supreme court granted Liberty Life's request to review the court of appeals' decision. The case involved a coverage issue for certain investment contracts known as reserve deposit fund agreements (RDFAs) sold by Liberty Life. The court of appeals affirmed the lower court's finding that the RDFAs were not "annuities" or "contracts supplemental to annuity contracts" and therefore were not covered under the South Carolina guaranty association act. A hearing on the matter will not be set by the state's high court until the briefing schedule is completed in April.
Staff Contact -NOLHGA Legal Committee Meeting
The NOLHGA Legal Committee's first meeting of the year was held on February 10th in Orlando. This year's Committee again includes John Colpean (Chair), Carlisle Herbert, Allan Horne, Van Mayhall, Frank O'Loughlin, James Rhodes, Charles Richardson and Jacqueline Rixen, along with new members Anthony Buonaguro, Charles Gullickson, James Mumford and Merle Pederson. Among the agenda items, the Committee extensively discussed planning issues for NOLHGA's 9th Annual Legal Seminar (scheduled for July 20-21 in Boston) and considered a work plan to analyze the "Financial Services Modernization Act" (a/k/a the "Gramm-Leach-Bliley Act") and investigate what impact, if any, it may have on the insurance guaranty system. The Committee also heard reports regarding the Interstate Compact Commission/Uniform Receivership Law and protected cell legislation, received an update regarding pending litigation and discussed projects relating to recent amendments to the guaranty association model act and guaranty association claims valuation issues The next meeting of the Legal Committee is scheduled for May 9 in Orlando.
Staff Contact -ETC.
Kenny Bullock Joins NOLHGA
NOLHGA is pleased to announce that Kenny Bullock has joined the organization as Manager of Technology Systems. He will be responsible for network administration, technical support and implementation of new technology systems. Kenny began on February 13.
MPC Schedule Changes
Please note that there have been several revisions to the schedule for the NOLHGA MPC Meeting, February 23-25. A Kentucky Central Task Force meeting has been scheduled for 5 pm on February 23; the location of the National Affiliated Task Force meeting has been changed to the Herring Gull Room; the Mid-Continent Task Force will meet in the Pelican Room; and the location of the reception has been moved to the Oyster Catchers Deck. A revised schedule has been included with this week's Weekly Wire.
North Carolina Association E-Mail Change
Please note that the new e-mail address for the North Carolina association is [email protected].
CALENDAR/CONFERENCE CALLS
February 23-25 NOLHGA MPC Meeting, Tampa, FL
March 21 Claims Valuation Subgroup Meeting, Orlando, FL
May 9 Legal Committee Meeting, Orlando, FL
July 20-21 NOLHGA Legal Seminar, Boston, MA
MEMBERS' PARTICIPATION COUNCIL
February 23 - 25, 2000
SCHEDULE OF EVENTS
Hyatt Regency Westshore, Tampa, Florida
REVISED
Wednesday, February 23 Time Location
NOLHGA OFFICE All Day Conference Room
THUNOR TRUST TASK FORCE 8:00 am - 11:50 am Pelican
ACCOUNTING ISSUES CMTE. 10:00 am - 11:50 am Roseate Spoonbill
NATL AFFILIATED TASK FORCE 1:00 pm - 2:50 pm Herring Gull
MID-CONTINENT TASK FORCE 1:00 pm - 1:50 pm Pelican
ADMINISTRATORS' EDUC STEERING CTE SUBGRP 3:00 pm - 3:50 pm Roseate Spoonbill
EXECUTIVE LIFE TASK FORCE 3:00 pm - 4:50 pm Herring Gull
ADMINISTRATORS' EDUC STEERING CMTE 4:00 pm - 4:50 pm Roseate Spoonbill
KENTUCKY CENTRAL LIFE TASK FORCE 5:00 pm - 5:50 pm Pelican
Thursday, February 24 Time Location
NOLHGA OFFICE All Day Conference Room
CENTENNIAL LIFE TASK FORCE 8:00 am - 9:50 am Roseate Spoonbill
FIDELITY BANKERS LIFE TASK FORCE 10:00 am - 10:50 am Pelican
YEAR 2000 CONTINGENCY PLANNING CMTE 11:00 am - 11:50 am Herring Gull
WORKING LUNCH Noon - 12:45 pm Audubon Foyer
MEMBERS' PARTICIPATION COUNCIL MTG 12:45 pm - 4:15 pm Audubon Ballroom
RECEPTION 6:00 pm - 7:00 pm Oyster Catcher Deck
Friday, February 25 Time Location
FULL BREAKFAST 7:00 am - 8:00 am Audubon Foyer
MEMBERS' PARTICIPATION COUNCIL MTG 8:00 am - Noon Audubon Ballroom