April MPC Meeting Schedule Posted
A preliminary schedule for the upcoming MPC meeting, which will be held April 18-20, 2007, at the Hyatt Regency Philadelphia at Penn's Landing in Philadelphia, Pa., has been posted on the meeting Web page. Users may need to log in after clicking on the link to access the file, which can be found in the "Meeting Resources" section. Additional information about the two King Tut exhibition tours will be provided at a later date.
The schedule is in PDF format, and users will need Adobe Acrobat Reader to view and print the materials. Acrobat Reader is available free from Adobe.
If you have any trouble accessing the meeting Web page or preliminary schedule, 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 McKennaStructured Settlement Presentation Slated for April MPC Meeting
The April 2007 MPC meeting in Philadelphia will include a presentation on structured settlements conducted by Joel Glover, a partner with Rothgerber, Johnson & Lyons; and Tom Ronce, vice president and tax counsel at Pacific Life Insurance Company. The presentation will address issues such as how and why structured settlements are structured and administered by an insurance company and how structured settlement annuities are covered by state life and health insurance guaranty associations.
The presentation, which is being coordinated by the Administrators' Education Steering Committee, is tentatively scheduled for 8:00 a.m. on Friday, April 20 (a working breakfast is included). Please RSVP to Holly Wilding at [email protected] if you plan to attend.
Staff Contact - Executive Life Insurance Company (Calif.)Aurora Defeasance Calculation Distributed
On March 14, 2007, NOLHGA distributed Aurora's defeasance calculation to the ELIC participating guaranty associations. Prior to 2002, the schedule was followed by an agreed-upon procedures report from Arthur Andersen. At the January 2002 MPC meeting, the task force voted to forgo the annual review of the defeasance calculation. Accordingly, there will be no analysis of these schedules by Navigant Consulting. Any participating guaranty association considering defeasing should contact NOLHGA so that a more detailed review of the defeasance calculation can be undertaken.
Task Force Chair - Art Dummer; Staff Contact - London Pacific Life & Annuity Company (N.C.)Second Annual TPA Review Completed
The second annual review of the administration being performed by Philadelphia American Life Insurance Company on the London Pacific annuity policies whose owners elected to continue their policies with the guaranty associations (the "stayback" policies) has been completed. A report on the review, which covered the period from September 1, 2005, through September 30, 2006, was sent to affected guaranty associations via e-mail on March 13, 2007.
The review ranged from verification of basic policy information (owner name, guaranty association state, limits, etc.) to recalculation of benefits paid, documentation review, timing of check mailing and guaranty association funding, and other matters. It was conducted by Bart Boles (Texas), Peter Leonard (California), and Lowell Miller (North Carolina).
The task force hopes the report proves useful to the guaranty associations. Please feel free to contact any member of the review team should you have any questions on the report.
Task Force Chair - Frank Gartland; Staff Contact - Paul Peterson