Legal Seminar Hotel Deadline Approaching

The deadline for making reservations at the New York Marriott Marquis, host hotel for NOLHGA’s 2018 Legal Seminar, is Monday, June 25. After that date, NOLHGA can no longer guarantee the special rate of $289 (single or double)/night plus tax. We encourage attendees who have not made their hotel reservations to do so as soon as possible. Reservations and registration for the Seminar and the July 18 MPC meeting can be made on the Legal Seminar website.

The Legal Seminar will take place on July 19–20, 2018, at the Marriott Marquis in New York City’s Times Square. The registration fee is $895; there is no registration fee for the MPC meeting. Please contact Meg Melusen at [email protected] if you have any questions about the Seminar.

  Staff Contact - Imerica Life & Health Insurance Company (Arkansas)

Estate to Close

The Receiver for Imerica has filed a Petition to close this receivership and to make final distributions of assets. The Petition was filed on June 20, 2018, and was accompanied by the Receiver’s Final Report reflecting assets of approximately $2.2 million and liabilities of over $18.6 million for this company. Objections to the Petition, if any, must be filed by July 20.

Upon approval of the Petition, the Receiver will proceed to dissolve the company, close the estate, and make final distribution payments. Available assets will not be sufficient to pay all Class 1 claims. Guaranty associations will receive a final distribution just over $2.6 million, which will include a cash payment of approximately $2.1 million from the estate, along with a little over $500,000 in excess deposit proceeds transferred for the benefit of the affected associations. Based on these figures, the guaranty associations will recover approximately 65% of their Class 1 expense claims but will not receive any funds toward policy- or lower-level claims. Provided there are no objections to the Petition, the task force expects the guaranty associations to receive distribution funds by the end of the summer. Please feel free to contact Joni Forsythe or Andrea Bowers if you have any questions.

Task Force Chair - Andrea Bowers   Staff Contact - Joni Forsythe

Arizona Guaranty Fund Moves

The Arizona Life & Disability Insurance Guaranty Fund has moved to a new location along with the Arizona Department of Insurance. The fund’s new address is:

Arizona Life & Disability Insurance Guaranty Fund
100 N. 15th Avenue, Suite 102
Phoenix, AZ 85007-2624

The fund’s telephone numbers and e-mail addresses remain the same.

  Staff Contact - De Gadd