MPC Meets in Florida

The Members’ Participation Council (MPC) met in Clearwater Beach, Florida, on January 21–22, 2016. The Booker T. Washington/Universal Life Insurance Companies (Alabama) and National Heritage Life Insurance Company (Delaware) Task Forces held meetings, and the Penn Treaty Network America/American Network Insurance Companies (Pennsylvania) Task Force conducted a closed-session presentation. The MPC Executive Committee and Accounting Issues Committee met as well.

The meeting also featured an Administrators Education Steering Committee presentation entitled MPC: An Evolutionary Process—Guidelines, Task Force, Policies & Procedures conducted by Janis Potter (Illinois), Jan Funk (Indiana), Ted Lewis (Utah), and Holly Wilding (NOLHGA) and a presentation on document imaging organized by the MPC Executive Committee’s Electronic Document Management Subgroup.

In addition to the task force reports below, the General Session featured a privileged, closed-session presentation by the Lincoln Memorial/Memorial Service Life Insurance Companies (Texas) Task Force. MPC Security Advisory Committee Co-Chair Bill O’Sullivan (NOLHGA) briefed attendees on the committee’s activities, NOLHGA President Peter Gallanis provided an update on financial services regulatory modernization, and new MPC Chair Pamela E. Olsen, Esq., briefed attendees on MPC Executive Committee activity.

  Staff Contact - Sean McKenna CoOportunity Health (Iowa)

Task Force Chair Pamela Olsen (Nebraska) reported that the estate made its first early access distribution in December 2015 and also updated attendees on the funding provided by the Iowa and Nebraska guaranty associations. The receiver is working to complete CoOportunity’s reinsurance submission for 2015 and is addressing additional estate-related issues.

Task Force Chair - Pamela E. Olsen, Esq.   Staff Contact - Bill O'Sullivan Executive Life Insurance Company (California)

Task Force Chair Art Dummer (Utah) updated attendees on the Article 22/23 defeasance issue, and Task Force Legal Counsel Frank O’Loughlin (Lewis Roca Rothgerber) reported that the Artemis settlement had been completed and that the California Conservation & Liquidation Office (the receiver) had received the settlement funds. Task Force Staff Contact Bill O’Sullivan (NOLHGA) provided a report on the status of the ELIC estate, including that the receiver is planning to make a distribution this year (based on preliminary calculations, participating guaranty associations are projected to receive approximately $10 million) and that the receiver is developing a plan for the closure of the ELIC estate.

Task Force Chair - Art Dummer   Staff Contact - Bill O'Sullivan Reliance Insurance Company (Pennsylvania)

Task Force Chair Tad Rhodes (Oklahoma) reported that a December 2015 early access distribution from the estate brought all policyholder-level claimants, including the guaranty associations, to a 65% funding level. The estate also set a claims bar date of March 3, 2016.

Task Force Chair - Tad Rhodes   Staff Contact -

Arizona Guaranty Fund Moves

The Arizona Life & Disability Insurance Guaranty Fund has moved to a new office location. The fund’s new address is:

Arizona Life & Disability Insurance Guaranty Fund
2910 N. 44th Street, Second Floor
Phoenix, AZ 85018

The fund’s phone, fax, and email address remain the same.

  Staff Contact - De Gadd