Reliance Insurance Company (PA)
Task Force Named
MPC Chair William Falck announced that he has named Tad Rhodes (OK) as the chair of the Reliance Task Force. Falck also appointed Bart Boles (TX), Phil Hammond (IL), Joe Horvath (PA), Mike Marchman (GA), Peggy Parker (VA), and Bob Willis (DC) to serve on the task force. Peter Gallanis will serve as the NOLHGA staff contact. Kevin Griffith and Charlie Richardson of Baker & Daniels will serve as legal consultants to the task force; Tim Hart and Marc Siegel of Andersen will serve as financial consultants; and Milliman USA will act as actuarial consultants. Fred Buck will serve as project manager.
Task Force Chair - Tad Rhodes; Staff Contact - Monarch Life (MA)Working Group Meets With Receiver
On Tuesday, June 26, the Monarch Life Working Group met with the Receiver and Monarch management in Springfield, MA. The discussion focused primarily on the financial and investment components of the receivership operation. Special Deputy Receiver Kevin McAdoo led the meeting, with Monarch representatives also participating. The year 2000 and first quarter 2001 financial results were presented and discussed in detail. The analysis included cash flow testing performed by internal actuaries for all lines of business. In addition, the Budget Operating Plan for 2001-2003 was reviewed in some detail, with attention being given to the impact of falling interest rates and the expiration of the profit sharing component of the life block reinsurance agreement.
The meeting also included an open dialogue on various litigation matters, bond holding downgrades, and deferral of GA assessments.
Task Force Chair - Mark Femal; Staff Contact -Legal Seminar: Hotel Surcharge Does Not Apply
NOLHGA was recently informed that the Marriott Marquis—site of the 10th Annual NOLHGA Legal Seminar on July 12 - 13th—is now charging a $5.00 "energy" fee to hotel guests in addition to their room charges. This surcharge was not contemplated by NOLHGA's contract with the hotel and does not apply to NOLHGA guests. The hotel agrees the $5 energy fee should not apply to our guests, but please be alert to the fact that it may show up on your room charges by mistake. If you have any problem correcting a mistaken charge, please contact Meg Melusen or Aimee Frye for assistance.
Staff Contact -No Weekly Wire Next Week
Due to the holiday, the Weekly Wire will not be published next week. The next edition will be published July 13.
Staff Contact - Sean McKenna