September MPC Meeting Preliminary Schedule Posted

A preliminary schedule for the September 7-9 MPC meeting in Reston, Virginia, has been posted on the meeting Web page. The file can be found in the "Meeting Resources" section.

If you have any trouble accessing the Web page or schedule, please contact Dan Hicks at [email protected] or 703.787.4112. If you have any questions about the meeting, contact Sean McKenna at [email protected]. or 703.787.4106.

  Staff Contact - Sean McKenna

MPC Meets in San Francisco

The Members' Participation Council (MPC) met in San Francisco on July 19 and 20, 2011. Task force meetings were held for Executive Life Insurance Company of New York, Golden State Mutual Life Insurance Company (California), Lincoln Memorial/Memorial Service Life Insurance Companies (Texas), Medical Savings Insurance Company (Indiana), Penn Treaty Network America/American Network Insurance Companies (Pennsylvania), and Universal Life/Booker T. Washington Insurance Companies (Alabama). The MPC Executive Committee also met.

The General Session featured a presentation by the Coverage/Claims Committee on coverage issues relating to variable products, and the MPC adopted the committee's proposed resolution concerning coverage of variable products. Candie Kinch, Chair of the Security Advisory Committee, conducted a presentation on the committee's recent activities and plans for the future. The General Session also featured a briefing on MPC Executive Committee activity by MPC Chair Mike Marchman.

The following task force insolvency reports were presented during the MPC General Session:

  Staff Contact - Sean McKenna National States Insurance Company (Missouri)

Task Force Chair Randy Blumer (Wisconsin) reported on a proposed plan for Family Life to assume a block of 63,000 life policies. The deal has been approved by the liquidation court, but the guaranty association opt-out process will not begin until the four companies that have reinsurance agreements covering 87% of the block have signed off on the transaction.

Task Force Chair - Randy Blumer;   Staff Contact - Paul Peterson Shenandoah Life Insurance Company (Virginia)

Task Force Chair William Falck (Florida) reported that the receiver has selected United Prosperity Life Insurance Company as the winning bidder in the RFP process. Under the proposed acquisition plan, United Prosperity Life will acquire all Shenandoah stock after the company is demutualized and will also contribute additional funds to bring the company's RBC up to an acceptable level. Policyholders are expected to vote on the plan in late 2011 or early 2012. No guaranty association involvement is expected.

Task Force Chair - William Falck;   Staff Contact - Bill O'Sullivan

Kitzman Appointed Texas Insurance Commissioner

Eleanor Kitzman, former Director of the South Carolina Department of Insurance and outgoing Executive Director of the South Carolina Budget and Control Board, has been appointed by Texas Governor Rick Perry to serve as the new Texas Insurance Commissioner. She replaces Commissioner Mike Geeslin, who announced earlier this year that he would not serve another term. Kitzman will take office on August 15, and her term will expire on February 1, 2013.

  Staff Contact - Sean McKenna