Web Page for 30th Annual Meeting Goes Live
The Web page for NOLHGA’s 2013 Annual Meeting, which will be held on October 22 and 23 at the Ritz-Carlton, Palm Beach in Manalapan, Florida, has gone live. The site contains online registration and hotel reservations as well as other meeting information.
This is NOLHGA’s 30th Annual Meeting, and a number of special events are planned to commemorate the event and pay tribute to our member associations and the dedication of the members of the guaranty community. The Welcome Reception on Monday, October 21, will feature music by Jimmy Stowe & the Stowaways, a Florida band that has played with Jimmy Buffett. Tuesday’s Annual Meeting Dinner Cruise will be held aboard the Floridian Princess out of the West Palm Beach Marina.
A preliminary speaker program will be posted shortly; noted author and humorist Calvin Trillin has already been confirmed as the Welcome Luncheon speaker. In addition, an MPC meeting will be held on October 21, and there will be briefing on major receiverships and other key issues (as necessary) on the morning of October 22.
NOLHGA will send out additional information about the many activities available to Annual Meeting attendees in the next month or two, and the Annual Meeting Web page will be updated frequently with new speakers and other meeting information. We encourage all guaranty association members to join us for our 30th Annual Meeting, which is sure to be our best yet.
Staff Contact - Executive Life of New York (New York)Plan Objectors’ Appeal Denied by N.Y. Court of Appeals
On May 2, 2013, the New York Court of Appeals (New York's highest court) denied a motion filed on behalf of a group of ELNY payees seeking leave to appeal the Appellate Division’s unanimous ruling upholding the ELNY Order of Liquidation and the approval of the ELNY Restructuring Plan. NOLHGA’s ELNY Task Force is evaluating the next steps to take in light of the ruling.
Task Force Chair – Jack Falkenbach; Staff Contact - Penn Treaty Network America/American Network Insurance Companies (Pennsylvania)Penn Treaty/ANIC Rehabilitation Plans Filed
The Pennsylvania Insurance Commissioner, in his capacity as Rehabilitator of Penn Treaty and ANIC, filed Applications for Approval of the Plans of Rehabilitation for Penn Treaty and ANIC with the Pennsylvania Commonwealth Court on April 30, 2013. The Rehabilitation Plans were filed pursuant to the Commonwealth Court’s May 3, 2012, Order denying the petitions for liquidation of Penn Treaty and ANIC and directing the Rehabilitator to develop a plan of rehabilitation for the companies. The Rehabilitation Plan filings are available on NOLHGA’s QUEST site and on the Penn Treaty Web site for your review.
Key elements of the Rehabilitation Plans (assuming they were to be approved as filed) include the following:
- The Rehabilitation Plans will suspend the payment of certain LTC policy benefits based on the assets available to support benefit payments, the features of each policy, and the adequacy of premiums paid under the policy.
- The Rehabilitation Plans do not contemplate immediate premium rate increases, but the Rehabilitator reserves the option of seeking rate increases in the future.
- If certain economic improvements are realized, the Rehabilitation Plans contemplate restoring the suspended benefits. However, the Rehabilitation Plans make no guarantee that benefits will be restored.
- The impact the Rehabilitation Plans will have on individual policyholders is not included in the filings. It appears that the Rehabilitator will provide that information only after the Rehabilitation Plans have been approved.
- The Rehabilitation Plans include suspending the payment of agent commissions, selling certain assets, and creating a fee-generating administrative services business from Penn Treaty's Allentown operations.
In addition to filing the Rehabilitation Plans, the Rehabilitator filed applications relating to notice issues and the hearing process and schedule for the Plans. NOLHGA's Penn Treaty Task Force will continue its review of the Rehabilitation Plans and monitor the court proceedings.
Task Force Chair – Charles Gullickson; Staff Contact -