Executive Life (CA)
Defeasence Schedules Sent
This week the Executive Life Task Force sent participating guaranty associations (PGAs) a 2000 defeasance calculation from Aurora. PGAs that requested a 2000 calculation from Aurora pursuant to Section 5.1.4 of the Enhancement Agreement have the option of defeasing this year. Should they choose to do so, the defeasance payment must be made by May 29. PGAs requiring additional information are urged to contact Meg Melusen or Don Kinney. As in prior years, Arthur Andersen is reviewing the schedules and will provide a report at the end of April at the latest.
As a reminder, the Ninth Aurora Installment Billing was sent on February 17th to administrators for participating guaranty associations. A Revised Ninth Installment Billing was mailed to NOLHGA the same day and will be forwarded to the PGAs this week. In the interest of timely notification, this bill is being sent prior to detailed review. Arthur Andersen will review the calculations and provide a written report to PGAs in early April. Participating guaranty associations with questions should contact Meg Melusen or Don Kinney.
Task Force Chair - Art Dummer; Staff Contact - Mutual Benefit Life (NJ)Petition for Liquidation Filed
Mutual Benefit Life Assurance Corporation (MBLLAC) petitioned the Superior Court of New Jersey for liquidation on January 12, 2000. As part of the liquidation process, MBLLAC is requesting that guaranty associations file proof of claims for potentially unpaid assessments through NOLHGA.
Guaranty associations will be receiving a package the week of March 6 that will include copies of the liquidation order, proof of claim notice, and standardized format for reporting potentially unpaid assessments to NOLHGA. The due date for submitting the documentation to NOLHGA is April 3.
Please note that these potential assessment claims are a separate and distinct claim from the assessment claims guaranty associations filed with Mutual Benefit Life Insurance Company. The assessment claims related to that company were settled and distributions have been made to guaranty associations during 1999 and again in February, 2000 as part of the settlement with class four creditors of MBL.
Please contact Dick Klipstein at 703.787.4117 or Paul Peterson at 703.787.4119 should you have any questions.
Task Force Chair - Art Dummer; Staff Contact -ETC.
Forsythe Promoted to Senior Counsel
NOLHGA is pleased to announce that Joni Forsythe has been promoted to senior counsel. Joni joined NOLHGA as counsel in 1997, and since that time has established herself as a valuable member of NOLHGA's Legal Department.
CALENDAR/CONFERENCE CALLS
March 9 Legal Committee Federal Issues Subgroup Meeting, Herndon, VA
March 21 Legal Committee Claims Valuation Subgroup Meeting, Orlando, FL
March 30 Joint Seminar Technical Group Meeting, Chicago, IL
May 2 Compensation Committee Meeting, Tysons Corner, VA
May 2 Audit Committee Meeting, Tysons Corner, VA
May 3 Board of Directors Meeting, Tysons Corner, VA
May 9 Legal Committee Meeting, Orlando, FL
July 20-21 NOLHGA Legal Seminar, Boston, MA