GA Education Day Scheduled for April MPC Meeting
The Administrators Education Steering Committee has scheduled a one-day educational seminar in conjunction with the April 2010 MPC meeting in Albuquerque, New Mexico. The program will be held on Thursday, April 15; the MPC meeting is scheduled for April 13 and 14, with the General Session scheduled for the afternoon of April 14. The program will replace the stand-alone coverage/claims meeting that was originally planned for 2010--NOLHGA hopes that holding the educational session in conjunction with an already scheduled MPC meeting will reduce costs and inconvenience for our members.
The seminar will address at least two important coverage issues for the guaranty system--long-term care and separate account products. Other topics will be addressed if time permits. Although a general long-term-care presentation will also be held at the January MPC meeting, the April session will focus on the claims valuation of these products in connection with a specific insolvency.
The goal of the program is to explore the coverage implications of various types of policies and provide the membership with the opportunity to discuss the relevant guaranty association coverage issues we are likely to face in the near future.
The program will be designed for guaranty association administrators, board chairs, and legal counsel. If you have not already done so, please notify NOLHGA at [email protected] if you plan to attend this meeting. In addition, we welcome any comments or suggestions for the program itself.
Staff Contact - Sean McKenna American Chambers Life Insurance Company (Ohio)Early Access Funds Distributed This Week
On January 13, 2010, NOLHGA wired funds or mailed checks totaling $12.8 million in early access funds to the guaranty associations affected by the American Chambers liquidation. The distribution was approved by the Liquidation Court in November 2009. NOLHGA received the funds in December and distributed them to the guaranty associations according to their proportional share. For a copy of the distribution schedule, or if there are any questions, please contact Meg Melusen at 703.787.4130 or [email protected].
Task Force Chair - Chuck Gullickson; Staff Contact - Universe Life Insurance Company (Idaho)NOLHGA Receives Distribution
NOLHGA has received a $3 million distribution from the Universe Life estate. The distribution represents nearly all remaining estate assets. The receiver has made a small holdback to cover expenses to wrap-up estate affairs, and any excess funds will be sent to NOLHGA at the closing of the estate. We anticipate disbursing the funds to the guaranty associations in the very near future. If you do not receive your funds by the end of next week, please contact Gus Estrada ([email protected]) at NOLHGA.
Task Force Chair - Tad Rhodes; Staff Contact - Paul Peterson