Centennial Life (KS)
The Hartford Assumption Approvals Obtained
The Task Force has been informed that The Hartford has received all of the regulatory approvals required to close the assumption reinsurance between the Centennial Liquidator, The Hartford, NOLHGA, and affected guaranty associations. During a March 19 teleconference, the task force finalized closing documents and scheduled a closing for March 30. GAs will not need to provide any funding at closing because benefit payments made by GAs over the course of the last year exceeded amounts due from the GAs to The Hartford under the agreement. At closing, NOLHGA will receive, on behalf of affected GAs, funds equal to the amount of benefits payments paid by GAs that exceeded the amounts due The Hartford under the agreement. Prior to closing, the Liquidator will forward to The Hartford the funding needed to mail March benefit payments, as was done in February.
Task Force Chair - Mark Femal; Staff Contact -Guaranty Association Model Act Legislation
The American Chambers' claims bar date is May 8. As reported at the San Diego MPC meeting, the Liquidator has agreed to accept an omnibus proof of claim by NOLHGA on behalf of the 38 affected guaranty associations. The Task Force is in the process of making final changes in the draft POC distributed in San Diego to the associations and will submit it shortly to the Liquidator for comment.
As a follow up, the Legal Committee is continuing to collect information regarding the various state legislative initiatives relating to the NAIC's model act amendments. In this regard, we ask that you please let us know of any activity on the model act amendments in your state. Your assistance in this matter is greatly appreciated.
Staff Contact - Joni ForsytheWeekly Wire Via E-Mail
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Staff Contact - Sean McKenna