MPC Meets in Scottsdale

The Members’ Participation Council (MPC) met in Scottsdale, Arizona, on January 4–5, 2017. The Penn Treaty Network America/American Network Insurance Companies (Pennsylvania) Task Force conducted a closed-session presentation, and the Guaranty Association Benefits Company (GABC) held a special meeting of its members. In addition, the Booker T. Washington/Universal Life Insurance Companies (Alabama) Task Force met, as did the MPC Executive Committee and Accounting Issues Committee.

The meeting also featured two educational sessions conducted by the Administrators Education Steering Committee: Regulatory Hot Topics by Leslie Hess, Interim Director of the Arizona Department of Insurance; and Long-Term Care Hybrid Products by Vince Bodnar, Chief Actuary of LTCG.

In addition to the task force reports below, the General Session featured an update on the activities of the Security Advisory Committee by Co-Chair Bill O’Sullivan (NOLHGA). NOLHGA President Peter Gallanis provided an update on the political, regulatory, and legislative trends affecting the financial services industry, and MPC Chair Pamela E. Olsen, Esq., briefed attendees on MPC Executive Committee activity.

  Staff Contact - Sean McKenna American Medical & Life Insurance Company (New York)

Task Force Staff Contact Joni Forsythe provided an overview of this receivership and reported that a liquidation order for the company had been entered on December 28, 2016. Claims are being paid from the company’s New York deposit, and the New York Liquidation Bureau plans to request deposits from other states to pay future claims.

Task Force Chair - Andrea Bowers;   Staff Contact - Joni Forsythe Lincoln Memorial/Memorial Service Life Insurance Companies (Texas)

Task Force Chair Tad Rhodes (Oklahoma) updated attendees on the latest efforts to move the remaining policies to a financially stable insurer. An RFP was sent out in November 2016, and eight companies expressed interest in assuming some or all of the policies. The task force is evaluating the possibility of an assumption and hopes to select a successful bidder by the end of February.

Task Force Chair - Tad Rhodes;   Staff Contact - Paul Peterson SeeChange Health Insurance Company (California)

Task Force Chair Janis Potter (Illinois) provided an overview of this insolvency, and Task Force Legal Counsel Franklin O’Loughlin (Lewis Roca Rothgerber Christie) reported that the U.S. Department of Justice has notified the receiver that it will not contest the priority assigned to its claims.

Task Force Chair - Janis Potter;   Staff Contact - Joanna Akiyama

Job Opening: Ohio GA President

The Ohio Insurance Guaranty Association (OIGA) is seeking a well-qualified candidate to fill the position of president. The OIGA is a nonprofit, insurance industry–supported organization that handles and pays the insurance claims of Ohio policyholders if their insurer becomes insolvent. It also provides similar services under contract for two other guaranty associations: the Ohio Life & Health Insurance Guaranty Association and the West Virginia Insurance Guaranty Association.

This is the chief executive officer position, reporting to the Board of Directors. The president is responsible for supervising staff in carrying out the duties of the association and maintaining adequate professional staffing during times of varying work activity levels. Ability to effectively coordinate activities with other state guaranty funds through national insurance guaranty organizations and with insurance liquidators is essential. Some travel required. Offices are located in Columbus, Ohio.

Candidate must possess substantial insurance and management experience in an insurance company or related setting such as regulatory, legal, or consulting. Desired, but not required, is a background in law or accounting and/or substantial supervisory claims experience in property/casualty and life and health claims. Prior experience in an insurance guaranty fund or insurance liquidation setting is a plus.

Salary and benefits package is comparable to local insurance industry standards for positions of similar responsibility.

Please send résumés accompanied by a cover letter by regular mail or email to:

Steve Durish, President
Ohio Insurance Guaranty Association
1840 Mackenzie Drive
Columbus, OH 43220
[email protected]

  Staff Contact - Sean McKenna

Walter Nelson Passes Away

Walter Nelson, who served on the first NOLHGA Board of Directors as Vice Chair, passed away on January 6, 2017. He was 87.

Mr. Nelson also served as Chair and Treasurer for the NOLHGA Board and was a longtime member of the Board of the Illinois Life & Health Insurance Guaranty Association. He spent nearly 40 years with State Farm.

  Staff Contact - Sean McKenna