Marra to Speak at NOLHGA's Annual Meeting
Thomas M. Marra, president and chief operating officer of Hartford Life, Inc., is scheduled to speak at NOLHGA's 22nd Annual Meeting, which will be held October 25 and 26, 2005, at the Westin Resort, Hilton Head Island in Hilton Head, S.C.
Hartford Life is the fourth-largest life insurance group in the nation based on assets (according to 2004 A.M. Best data) and is a subsidiary of The Hartford Financial Services Group. Marra, who has been with the company since 1980, was promoted to COO in March 2000 and was named president in 2001. Under his leadership, the company has been the largest seller of retail variable annuities in the United States since 1993 and in Japan since 2003. In addition, Hartford Life is the nation's leading seller of variable universal life insurance and is also a leader in group life and disability insurance and group retirement plans. Marra is a member of the American Council of Life Insurers's Board of Directors, a Fellow of the Society of Actuaries, and a member of the American Academy of Actuaries.
More news about NOLHGA's 22nd Annual Meeting will appear in future issues of the NOLHGA Wire and other NOLHGA publications.
Staff Contact - Sean McKenna Consumers United Insurance Company (Del.)CUIC Estate Responds to Claimants
Throughout June 2005, counsel for the estate of Consumers United Insurance Company filed a number of pleadings in the liquidation court in connection with disputed claims filed by general creditors, uncovered policyholders, or policyholders denied coverage by their applicable guaranty association. Individual guaranty associations appear to have been served with the pleadings related to claims from their states.
In addition, on June 1, the CUIC Task Force contacted the special deputy receiver to request a status update, including an inquiry regarding whether a schedule has been developed for closing the estate. A meeting is being planned for task force representatives to review any outstanding estate issues with the special deputy.
Task Force Chair - Peggy Parker; Staff Contact - Mutual Security Life Insurance Company (Ind.)Hearing on Final Accounting Scheduled
The Marion Circuit Court has scheduled a hearing for July 29, 2005, on the liquidator's final accounting for Mutual Security Life Insurance Company (MSL), which is in liquidation. The purpose of the hearing is to approve the final accounting, which provides for the final distribution of MSL's remaining assets, the discharge of the liquidator, and the dissolution of MSL.
The liquidator's final accounting indicates that there is approximately $5.2 million in assets remaining in the MSL estate and that those assets will be distributed for the benefit of estate administrative expenses and policy-level claims. Affected guaranty associations are slated to receive an additional 2% of their allowed policy-level claim amount from the distribution. NOLHGA is seeking to obtain a schedule from the liquidator showing the allocation of the distribution amount among policy-level claimants and will circulate that schedule to affected guaranty associations upon receipt.
Per the court's order, a copy of the final accounting and a notice of the hearing are to be mailed to all affected guaranty associations. If any affected association does not receive these documents, please contact Aimee Frye at [email protected] or 703.787.4115 to obtain a copy.
Task Force Chair -Luther Hill; Staff Contact - Bill O'Sullivan2004 Guaranty Association Assessment Information Due July 31
The 2004 version of the annual request for assessment information was sent to all guaranty associations via e-mail on June 22, 2005. Responses are due no later than July 31.
As in past years, each state guaranty association is to report assessments made, assessments called, and refund information by insolvency and by account. The message sent to the associations contained two files: (1) a Word document explaining details of the request, and (2) an Excel workbook containing spreadsheets that list known insolvencies split between open and closed cases. Each association simply needs to enter its state's assessment information for a particular insolvency on the appropriate spreadsheet.
Responses should be returned to Aimee Frye via e-mail ([email protected]). If no assessment activity occurred during 2004, please let Aimee know. If you encounter any difficulties with either file, please contact Paul Peterson at [email protected] or 703.787.4119.
Staff Contact - Paul PetersonNew Texas Insurance Commissioner Appointed
Gov. Rick Perry named Mike Geeslin the new commissioner of the Texas Department on Insurance on June 7, 2005. Geeslin, who has served as deputy commissioner for policy at the department since January 2003, replaces José Montemayor, who announced his resignation earlier this year.
Staff Contact - Sean McKenna