Benicorp Insurance Company (Indiana)
Reimbursement Funds Received
NOLHGA has received just over $962,000 as reimbursement for guaranty association expenses through December 31, 2007. In addition, the liquidator has received court approval to make an early access distribution of just over $6 million to the guaranty associations for their policyholder-level claims. Those funds will be disbursed to NOLHGA once the election process for participation in the Early Access Agreement is completed. Guaranty associations have until July 25 to send in their participation certificates to Paul Peterson at NOLHGA.
The task force recently received a return premium batch from Benicorp. The total owed to the "pre-liquidation" insureds is $68,000. Billings have been sent to the respective guaranty associations.
The task force has been informed that there will be a further unearned premium batch, but no amounts were provided. Claim batches through #16 have been or will be sent to the respective guaranty associations. With these batches, the total claim and drug card funding approaches $49 million. Thanks go out to all the associations for their prompt funding of these batches.
Task Force Chair - Frank Gartland; Staff Contact - Paul Peterson