Iowa First Deputy Commissioner to Speak at Legal Seminar

James R. Mumford, First Deputy Commissioner of the Iowa Insurance Division and former Chair of the NOLHGA Board of Directors, has agreed to speak at NOLHGA's 19th Annual Legal Seminar scheduled for July 21-22, 2011, in San Francisco. Mumford will share his insights on insolvency and receivership issues now being discussed within the state regulatory system.

Mumford, who has worked in the insurance industry since 1965, was appointed to his current position in 2005 and represents the Iowa Insurance Division by serving on various NAIC Working Groups and Task Forces, including the NAIC Receivership and Insolvency Task Force. Mumford's previous experience includes extensive work on insurance-related matters while in private practice as well as six years with ING Americas as Chief Counsel of Corporate Affairs. During his tenure with ING, he also served as Chief Counsel of Special Projects and general counsel of several ING insurance subsidiaries, furnishing oversight on ING state government relations activities. Mumford also was active with NOLHGA--serving, among other positions, on its Board of Directors for six years, one of those years as Chair. Mumford received his law degree from Harvard and his undergraduate degree from Iowa State University.

The NOLHGA Legal Seminar will be preceded by an MPC meeting on July 19-20. Both meetings will take place at San Francisco's Ritz-Carlton on Nob Hill. Reservations can be made by calling 800.542.8680 and requesting the special NOLHGA meeting rate of $239/night plus tax.

  Staff Contact - Executive Life Insurance Company (California)

Aurora Defeasance Calculation Distributed

On March 14, 2011, Navigant distributed Aurora's defeasance calculation to the ELIC participating guaranty associations (PGAs) after having verified the clerical accuracy of the schedule and testing the selection and application of interest rates. Under the Enhancement Agreement, PGAs contemplating the possibility of defeasance in 2011 have until the 150th day after the preceding December 31 (i.e., May 30, 2011) to decide whether or not to defease.

Any PGA 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 - Bill O'Sullivan