Volume IX , Number 12
Thunor Trust Companies
Interim Report and POC Filed
In an interim report issued March 17, the Missouri Liquidator of International Financial Services Life provided to the receivership court information regarding estate asset recovery efforts. The Thunor receivers have engaged a forensic accounting firm to identify potential assets and have also engaged overseas counsel to pursue misappropriated assets abroad.
In addition, the task force has filed with the Missouri Liquidator an omnibus proof of claim on behalf of affected associations.
Task Force Chair - Chuck LaShelle; Staff Contact - Mutual Benefit Life (NJ)Request for Proof of Claim Information
MBL Life Assurance Corporation (MBLLAC) on January 12 filed for liquidation. As part of the liquidation process, MBLLAC has requested that guaranty association proofs of claim be collected and filed by NOLHGA. It is believed that guaranty associations may have outstanding, unbilled assessments for which MBLLAC is responsible.
On March 3 NOLHGA sent a memorandum to guaranty associations outlining a format for filing assessment calculations and supporting documentation with NOLHGA. As a reminder, this material must be received by NOLHGA by April 11. NOLHGA staff will summarize and file all supporting documentation with the MBLLAC Liquidator by the April 15 filing date.
Task Force Chair - Art Dummer; Staff Contact - Universe Life (ID)Final Accounting Provided
Central States of Omaha, through its third party administrator, Duncanson & Holt Administrative Services, provided its final accounting of the assumption reinsurance agreement earlier this week. In the aggregate, there is a slight increase (less than $2,000) in the cost to guaranty associations. The final accounting was mailed to participating guaranty associations on Thursday.
Task Force Chair - Tad Rhodes; Staff Contact - Paul Peterson Centennial Life (KS)Assumption Reinsurance Agreement Approved
The District Court of Shawnee County, Kansas on February 22, approved a reinsurance agreement by transferring a block of Centennial Individual Life, Hospital Indemnity, Life and Medical Conversion policies ("the other block") to New Era Life. The agreement covered 36 affected states. Funding of approximately $800,000 will be provided by the receiver as an early access distribution (except as to MI and SC). The agreement will close April 20.
Task Force Chair - Mark Femal; Staff Contact - American Chambers Life (OH)Full Task Force Named
NOLHGA MPC Chair Peggy Parker has named the following to the task force that will manage the American Chambers insolvency: Chuck Gullickson (SD), Chair; Andrea Bowers (SC); Mark Femal (WI); Frank Gartland (OH); Dan Orth (IL); and Ray Terfera (MA).
Task Force Chair - Chuck Gullickson; Staff Contact -Legal Committee Claims Valuation Subgroup Meeting
On Tuesday, March 21, the Claims Valuation Subgroup of NOLHGA's Legal Committee met in Orlando to continue its discussion concerning GA claims to interest and post-trigger rights to premiums in the context of valuing guaranty association claims. Guidance on these matters will be included in the group's report on claim valuation issues for guaranty associations. The group plans to meet again in June and anticipates completion of the report by the end of the summer.
Staff Contact -CALENDAR/CONFERENCE CALLS
March 30 Joint Seminar Technical Group Meeting, Chicago, IL
March 30 NOLHGA Emerging Issues Committee, Herndon, VA
April 3 American Chambers Life Task Force Teleconference, 2:30 pm, EDT
April 27 Legal Committee Federal Issues Subgroup, Herndon, VA
May 2 Compensation Committee Meeting, Tysons Corner, VA
May 2 Audit Committee Meeting, Tysons Corner, VA
May 3 Board of Directors' Meeting, Tysons Corner, VA
May 9 Legal Committee Meeting, Orlando, FL
July 20-21 NOLHGA Legal Seminar, Boston, MA