January 4, 2002 George Washington Life Insurance Co. (W.Va.)

New Distribution Made at Year-End

The George Washington Life estate made a distribution to affected guaranty associations and other policy-level claimants at year-end. The distribution was made in the form of checks mailed to claimants on or about Dec. 28. The total amount of the distribution to guaranty associations was almost $2.6 million, which brings the aggregate distribution percentage from this estate to 85 percent.

Task Force Chair - Bart Boles;   Staff Contact - Bill O'Sullivan Guarantee Security Life Insurance Co. (Fla.)

GRC Distributes $54 Million

Guaranty Reassurance Corp. (GRC) distributed $54 million to affected guaranty associations at year-end. The funds consisted of $24 million from the GSLIC estate that had been previously distributed to GRC for the benefit of affected guaranty associations and $30 million in GRC funds.

Task Force Chair - Frank Gartland;   Staff Contact -

NOLHGA’s New Web Site Debuts

Phase I of NOLHGA’s new Web site (www.nolhga.com), which features a new design and structure as well as an expanded public section with information about NOLHGA, the guaranty association system, and the insolvency process, went on-line Jan. 2.

The new public portion of the site features an “About NOLHGA” section that explains how the organization works and its role in the guaranty association system. “Insolvency Corner” features a primer on the guaranty system’s role in the insolvency process along with a list of impairments and insolvencies and a collection of Web site links to industry organizations. The site’s new “Industry Headlines” section offers users breaking news on insolvency-related issues.

The site also includes a password-protected extranet that contains NOLHGA publications and documents (such as the NOLHGA Journal and the Insolvency Financial Report) and other restricted information, as well as a link to NOLHGA’s Information Resource Center (IRC). In the coming months, the extranet will be expanded to include sections for committees and task forces and a searchable database of insolvency information.

NOLHGA members and associates with access to the IRC can use the same user name and password for the new site that they use to access the IRC. Web site visitors who do not have access to the IRC can continue to use the user name and password they used to enter the “Confidential Access” and/or “Restricted Access” portions of the former NOLHGA Web site. However, all users will eventually have to register for a new user name and password to access the site; this well help NOLHGA tailor the content displayed on the site to individual user’s needs. For instructions on obtaining a new user name and password, go to “Inside nolhga.com” on the new site.

Questions about the new Web site should be directed to Sean McKenna at [email protected] or 703.787.4106. Questions about user names and passwords should be sent to Candace Jennings at [email protected]. Due to problems the NOLHGA office has experienced with its e-mail system over the past few weeks, readers who contacted Bryan Owen after the Dec. 14 issue of the Weekly Wire should contact Jennings to obtain a new password. We apologize for the inconvenience.

  Staff Contact - Sean McKenna

January 7 Deadline for MPC Meeting Hotel Reservations

The deadline for hotel reservations for the next meeting of the Members’ Participation Council, which will be held Jan. 29–31 at the Westin Savannah Harbor Resort in Savannah, Ga., is only three days away.

Representatives at the Westin have informed NOLHGA that the hotel is expected to be full during the MPC meeting, so anyone wishing to attend the meeting should make their reservations before the Jan. 7 cut-off date. Hotel and meeting registration information can be found on the MPC Meeting Web page; members can also contact the Westin at 800.937.8461 or 912.201.2023. Please mention NOLHGA to receive the discounted room rate of $179 a night.

  Staff Contact - Sean McKenna

The NOLHGA Wire

Jan. 4 marks the first issue of the NOLHGA Wire, the new incarnation of the Weekly Wire. The name change reflects the fact that news—insolvency related or otherwise—rarely conforms to a weekly schedule.

Like the Weekly Wire, the NOLHGA Wire will usually be published every Friday. However, the new name allows NOLHGA to alter the publication schedule—publishing an issue in mid-week to cover breaking news, or skipping a week if nothing truly newsworthy occurs—when the need arises.

  Staff Contact - Sean McKenna