Hotel Reminder for April MPC Meeting
The Hyatt Regency Albuquerque, host hotel for NOLHGA's April 2010 MPC meeting, has informed us that it is nearly sold out during the April 13-15 meeting period. NOLHGA encourages any attendees who have not made their hotel reservations to do so as soon as possible. Please note that the hotel cannot guarantee that rooms will be available up to the March 22 cut-off date.
Reservations can be made through the meeting Web page, which also offers meeting registration and other meeting information. The special NOLHGA rate for the meeting is $129/night plus tax.
We expect task force meetings to begin early on Tuesday (April 13)--attendees will want to arrive Monday evening--and to continue through Wednesday morning, with the MPC General Session taking place Wednesday afternoon. The educational session on long-term-care products, separate account products, and privacy issues with regard to annuity and life insurer insolvencies will take place on Thursday, April 15, and should be completed by 5:00 p.m. local time. A preliminary schedule for the meeting should be available in the next few days.
If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected] or 703.787.4112. If you have any questions about the meeting, contact Sean McKenna at [email protected] or 703.787.4106.
Staff Contact - Sean McKenna Golden State Mutual Life Insurance Company (California)Reinsurance Agreement Being Negotiated
The California Department of Insurance announced that Golden State Mutual Life Insurance Company is negotiating a reinsurance agreement with IA American Life Insurance Company to assume all of its in-force policies.
Golden State Mutual was placed into conservation on September 30, 2009, based on hazardous financial condition when the company's surplus dropped below the minimum required by California statutes. The sale of new and renewal policies was immediately discontinued when the company was placed into receivership. Golden State Mutual wrote individual term and whole life products with annuity riders attached on a participating basis.
Assumption of this business by IA American Life Insurance Company, "A" rated by A.M. Best, will provide full protection to policyholders. More information on the negotiations can be found here.
Task Force Chair - Lowell Miller; Staff Contact -