Executive Life Insurance Company (Calif.)
Aurora Defeasance Calculation Mailed
During the week of March 21, 2004, NOLHGA mailed 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 in Savannah, Ga., 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 association that is 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 -2004 Guaranty System Summit Slated for Seattle
NOLHGA’s 2004 Guaranty System Summit, a one-time-only event that will offer guaranty system professionals a forum to discuss key legal and insolvency issues facing the guaranty association system, will be held July 22–23, 2004, at the Grand Seattle Hyatt in Seattle, Wash. The objective of the summit, which will be held in lieu of the NOLHGA Legal Seminar (the seminar will return in 2005), is to increase the knowledge, capability, and effectiveness of the guaranty system by having a highly interactive, educational program for system participants. The summit is open to state board members, guaranty association administrators and personnel, consultants and attorneys for the guaranty associations, and others connected with the guaranty system; lawyers attending the summit will be eligible for CLE credit in most states, including two hours of ethics.
In addition to providing a “refresher course” on the basic legal principles of the guaranty system, NOLHGA’s 2004 Guaranty System Summit will give attendees an opportunity to discuss and debate pressing, cutting-edge issues such as applying guaranty association statutory coverage provisions to insurance products with novel or unusual features, formulating plans for discharging coverage obligations in today’s challenging economic environment, and applying Sarbanes-Oxley type corporate governance principles to guaranty associations. The program will cover the entire range of guaranty association activity, with top-notch guest speakers addressing everything from pre-insolvency triggering issues to the discharge of guaranty association obligations and the delivery of benefits. Special segments will analyze the importance of communications about the guaranty system and what association board members should know in a world focused on corporate responsibility and best practices.
The Summit Planning Committee is chaired by Charlie Richardson (Baker & Daniels), and it includes Bart Boles (Texas), John Colpean (Michigan), Jack Falkenbach (Delaware), Chuck Gullickson (South Dakota), Noreen Parrett (LaFollette, Godfrey & Kahn), and Bob Tice (BWT Consulting). If you would like more information about the summit of if you have any suggestions for topics, please contact Meg Melusen at 703.787.4130 or [email protected].
Staff Contact -NAIC to Produce Updated Model Receivership Law
The NAIC’s Model Act Revision Working Group is continuing efforts to complete work on revisions to the NAIC’s model receivership statute. The working group is charged with producing a revised model receivership statute by year-end, using the current NAIC Insurer’s Rehabilitation and Liquidation Model Act as a starting point and incorporating provisions of the Uniform Receivership Law, as adopted by the Interstate Insurance Receivership Commission. The updated model will be cited as the NAIC’s Model Insurers’ Receivership Act.
The group met in New York at the NAIC’s Spring National Meeting for a total of seven hours over the course of two days, conducting a comprehensive section-by-section review of the current compilation draft; identifying provisions requiring further work; and receiving comments and suggestions from members, interested parties, and technical advisors. Participants and interested parties have been asked to provide input and comments on the current draft by the end of March, with the expectation that a revised compilation draft will be unveiled for review and comment in advance of the June NAIC meeting. NOLHGA and the NCIGF continue to be actively involved in this process.
Staff Contact - Joni Forsythe2003 Year-End Report Distributed
The NOLHGA 2003 Year-End Report to the Membership was recently mailed to the NOLHGA Board, guaranty association board members and administrators, and NOLHGA committee members. They should receive their copies of the Report in the next week.
The Report is also available on the NOLHGA Web site to users with access to the password-protected extranet. After logging in, click on the “Year-End Reports” link and select the link for the 2003 Report. The NOLHGA 2003 Year-End Report to the Membership has been divided into a number of PDF files to reduce download times, and the contents of each file are listed on the page.
Staff Contact - Sean McKennaWilding Celebrates Sixteenth Anniversary with NOLHGA
Holly Wilding, NOLHGA’s vice president of administrative services, will celebrate her sixteenth anniversary with NOLHGA on March 28, 2004. Please join the entire NOLHGA staff in congratulating her for reaching this milestone and thanking her for her years of service.
Staff Contact - Sean McKennaRaya Joins NOLHGA
Erin Raya has joined the NOLHGA staff as administrative assistant and MPC meeting coordinator. Raya, who replaces Karen Early, previously worked at AREVA Enterprises, Inc., in Maryland as an administrative assistant/accounts payable assistant. Please join us in welcoming her to NOLHGA.
Staff Contact - Sean McKenna