Last Day to Receive Discount Rate for Legal Seminar Registration
Today is the deadline for attendees of NOLHGA's 15th Annual Legal Seminar to register at the discounted $560 rate (a $35 discount). The seminar offers CLE credits (including ethics) in all states that require CLE and will cover a wide range of guaranty association, receivership, and industry issues including federal initiatives, safety nets around the world, global warming, media relations, and new products for the Baby Boomer generation.
The Legal Seminar will be held July 12-13, 2007, in San Francisco at the Stanford Court Hotel. The meeting Web page features a link to the hotel site and also offers online registration. The NOLHGA room rate for the meeting is $199/night plus tax, and the "Hotel Information" section of the meeting Web page features a link that allows attendees to book their room(s) online and obtain the special NOLHGA rate. The cut-off date for hotel reservations is June 19, but attendees are encouraged to book their rooms as soon as possible.
If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected]. Questions concerning the Legal Seminar should be directed to Meg Melusen at [email protected].
Staff Contact -Privacy Workshop Slated for July MPC Meeting
The Privacy Implementation Committee is sponsoring a workshop on July 11, 2007, during the San Francisco MPC meeting. The purpose of the workshop is to provide practical training to guaranty association administrators and personnel in the new MPC Health Insolvency Privacy Procedures. The session, which will run from 9:00 a.m. to 10:30 a.m., will include role-playing scenarios to demonstrate the application of the procedures to common privacy situations that guaranty associations will face and helpful written aids for responding to privacy issues. We look forward to seeing you there!
The July MPC meeting will be held July 11 in conjunction with NOLHGA's 15th Annual Legal Seminar (see the article above). The meeting Web page features a link to the hotel site and also offers online registration. Registration for the MPC meeting is free.
If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected]. Questions concerning the MPC meeting should be directed to Sean McKenna at [email protected].
Staff Contact - Sean McKenna Life & Health Insurance Company of America (Pa.)Liquidator Files Final Accounting
On June 4, 2007, the LHICA liquidator filed the Final Accounting and Petition for Distribution of the Estate with the Pennsylvania court. Included in the filing were plans for the distribution and transfer of available assets to policyholders, creditors, and claimants; the Assumption Reinsurance Agreement with Philadelphia American; and the Acknowledgement and Agreement and Release between the liquidator, NOLHGA, and the guaranty associations.
Also included in the filing were forms of Notice of Status, Notice to All Claimants, and Notice of the Filing, which the task force expects to be approved. These will be mailed out shortly to policyholders, claimants, and creditors who filed proofs of claim against the estate, including NOLHGA, all affected guaranty associations, and other parties. The Notice of the Filing will be published in two major newspapers.
There will be a 60-day objection period, after which everything will be considered by the court for approval. For an electronic copy of the entire filing, please contact Joanna Akiyama at [email protected].
Task Force Chair - Linda Becker; Staff Contact - Joanna AkiyamaNAIC Votes on Incorporating IRMA into Accreditation Program
The NAIC's Financial Regulation Standards and Accreditation Committee (F Committee) met during the Summer 2007 NAIC meeting in San Francisco. Among other agenda items, the committee held a public hearing to determine how the NAIC's new receivership model act (i.e., the Insurer Receivership Model Act, or IRMA) should be incorporated into the NAIC accreditation program. The existing accreditation program only requires states to have a "receivership scheme" and cites the prior NAIC receivership model act as an example of such a scheme.
The specific issue before the committee was whether to retain the general "receivership scheme" standard or to incorporate more specific receivership law standards based on IRMA. If the later course were to be taken, states would need to adopt IRMA-based receivership law provisions on a substantially similar basis to continue to be accredited.
During the hearing, 10 interested parties (including NOLHGA and the ACLI) provided testimony. All the interested parties, with one exception, were opposed to specific IRMA-based accreditation standards. Instead, these parties took the position that the general "receivership scheme" standard should be retained. The principal reason for their position was that states, due to the highly controversial nature of IRMA, would face serious challenges in meeting IRMA-based accreditation standards. In addition, the interested parties expressed significant concern that detailed receivership law standards were inconsistent with the principal focus of the accreditation program, which is on improving solvency surveillance and regulation as opposed to dealing with post-insolvency issues.
Following discussion, F Committee voted to expose a revised accreditation standard that would retain the "general receivership" scheme standard, with the substitution of IRMA for the prior receivership model act as an example of such a scheme.
Staff Contact - Bill O'Sullivan