Universe Life (ID)
Policy Forms Received
NOLHGA has received a complete copy of the non-cancelable individual policy forms and a list of policyholders. Copies have been sent to affected guaranty associations.
Task Force Chair - Tad Rhodes; Staff Contact - Executive Life (CA)Defeasance Schedules Sent
This week the Executive Life Task Force sent participating guaranty associations a 1999 defeasance calculation from Aurora. Participating guaranty associations that requested a 1999 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 30. PGAs requiring additional information are urged to contact Angela Franklin or Donal Kinney.
In other ELIC news, the eighth Aurora Installment Bill was sent on Feb. 10 to administrators for participating guaranty associations. The total amount due to Aurora by April 30 is $65,985,563; $85 million less than last year's bill due to the PGAs bullet payment last year, which defeased the DRC contracts. In the interest of timely notification to PGAs, this bill was sent prior to detailed review. Arthur Andersen is reviewing the calculations and will provide a written report to participating guaranty associations in early April. Participating guaranty associations with questions should contact Angela Franklin.
Task Force Chair - Art Dummer; Staff Contact -Year 2000 Insolvency Contingency Information Mailed
An informational package was mailed to guaranty association administrators on March 18. The focus of the material in the package is on early and open communications between guaranty associations and their domestic regulators. The package includes general material dealing with discussion topics, reports on industry preparedness and data elements typically used by guaranty associations in an insolvency. The Committee encourages administrators to meet with their regulators in an effort to establish open lines of communication and to obtain updated information regarding their regulator's year 2000 efforts. It is recommended that these meetings take place in the near future with periodic follow-up meetings. Guaranty association state board chairmen have also been contacted to encourage further communication between the associations and their regulators. The Committee requests that administrators provide feedback regarding the content of their meetings. In addition, the Committee will be providing an information package in the near future to administrators that will provide general guidelines and suggestions to aid associations in their own remediation efforts regarding the year 2000.
Committee Chair - Jack Falkenbach; Staff Contact - Paul PetersonCALENDAR/CONFERENCE CALLS
March 23 Confidentiality/Discovery Issues Subgroup Teleconference, 11 am EST