Kentucky Central Life Insurance Company (Kentucky)
Final Distribution Payments Scheduled for This Week
In December 2007 NOLHGA received the final distribution from the Kentucky Central Life estate, totaling just under $156,000. This includes reimbursement of administrative expenses totaling $82,000, plus an additional policy-level distribution totaling $73,645 to cover future claims under certain industrial life policies that were not transferred to an assuming carrier. In addition to these funds, NOLHGA is distributing approximately $267,000, representing interest accrued in NOLHGA's Kentucky Central escrow account. The task force has finalized the allocation of these three sources of funds and has sent an allocation summary and spreadsheet reflecting the distribution breakdown to the affected associations. Distribution checks will be sent to the associations this week.
Task Force Chair - John Colpean; Staff Contact - Joni Forsythe London Pacific Life & Annuity Company (North Carolina)Final True-up Completed
The final true-up for death claims incurred prior to the effective date of the assumption reinsurance transaction with Philadelphia American Life Insurance Company has been completed. A schedule reflecting the amounts owed by or to guaranty associations was e-mailed to affected associations on March 5, 2008. Guaranty associations in Florida, Indiana, and Minnesota will need to remit a minor amount before funds owed to the remaining affected associations (Arizona, California, and Texas) can be disbursed.
Once completed, this true-up will finalize all known claims funding for the annuity policies in London Pacific. The only remaining activities will be obtaining estate distributions and the closure of the estate (the task force expects that nether will occur till 2009). The task force will continue to monitor the financial condition of the estate in the meantime.
Task Force Chair - Frank Gartland; Staff Contact - Paul Peterson