Bankers Commercial Life Insurance Company (Tex.)/Statesman National Life Insurance Company (Tex.)
Estate Closings Near
As part of the final closing of the BCL estate, on April 24, 2003, NOLHGA received a $1.7 million estate distribution on behalf of the guaranty associations. The funds should be disbursed to affected guaranty associations in the very near future.
On April 25, NOLHGA received notice from Statesman Special Deputy Receiver Craig Koenig that he has made a request to disburse the Third Dividend Payment ($500,000) to the Arkansas, Louisiana, Oklahoma, and Texas guaranty associations. Requested amounts to be disbursed are:
Arkansas: $71,080
Louisiana: $211,203
Oklahoma: $96,533
Texas: $119,767
The associations should receive the funds via wire transfer in the near future. SDR Koenig is continuing efforts to finalize all outstanding issues and close both estates by mid-2003.
Task Force Chairs - William Falck (BCL) & Neil Rucksdashel (Statesman); Staff Contact - Paul Peterson Diamond Benefits Life Insurance Company (Ariz.)/Life Assurance Company of Pennsylvania (Pa.)LACOP Estate to Close Soon
During the fall of 2002, the receivers for DBL and LACOP, the affected guaranty associations, and NOLHGA agreed to a plan that would allow the LACOP estate to make final distributions and close during 2003. As a reminder, the guaranty associations and Security Benefit Life Insurance Company (the assuming carrier) had subrogation claims against the LACOP estate that were dependent upon the outcome of DBL litigation efforts. However, since DBL litigation is ongoing, the LACOP estate could not close until those efforts were resolved.
The parties agreed that since LACOP has no outstanding issues other than its potential interest in DBL litigation recoveries, the estate could make a distribution to the guaranty associations and Security Benefit Life based on their respective subrogation claims and assign any future interest it may have in the litigation recoveries of DBL to the Pennsylvania guaranty association. As a result, LACOP has now finalized all outstanding issues and is prepared to close the estate and make final distributions to claimants.
On April 28, 2003, a court order was issued approving the liquidator's final report, distribution recommendations, and the discharge of the liquidator. NOLHGA has been notified that LACOP planned to mail a Final Notice to claimants on April 30. A 30-day objection period is noted in the Petition, Order, and Notice. As we are not aware of any objections that may be filed by any party, we anticipate receiving approximately $3.1 million from the LACOP estate after the appeal period ends (probably in June). Funds will be disbursed to affected guaranty associations shortly thereafter based on subrogation claim amounts.
Staff Contact - Paul PetersonMPC Meeting Briefing Materials Now Available
The briefing book for the next MPC meeting, which will be held May 19-21, 2003, at the Grand America Hotel in Salt Lake City, Utah, has been posted on the MPC meeting Web page. Due to the confidential nature of the briefing materials, which can be found in the "Meeting Info" section, users will need to log in once they reach the "Meeting Info" section to access the briefing book.
The book includes a meeting and agenda schedule, the attendee list, and status reports for the upcoming meeting; there is also a separate file with a supplement to the Thunor Trust status report. All files are in PDF format, and users will need Adobe Acrobat Reader to view and print the materials. Acrobat Reader is available free from Adobe at this link.
Please note that the size of the Thunor Trust supplement file could result in extremely long download times depending on your Internet connection. Copies of the supplement will be available at the meeting for attendees who are unable to download the file. Also, the final meeting schedule contains a number of room changes, so please consult the final schedule to confirm when and where meetings will occur.
If you have any trouble accessing the MPC meeting Web page, please contact Bryan Owen at 703.787.4112 or [email protected]. If you have any questions about the meeting, contact Karen Early at 703.787.4101 or [email protected].
Staff Contact - Sean McKenna