Tyrell to Speak at Legal Seminar
Vivien Tyrell, who heads the insurance insolvency group at the UK law firm Kendall Freeman, has agreed to speak at NOLHGA's 14th Annual Legal Seminar. Tyrell will participate in a panel discussion of voluntary runoff and restructuring of troubled insurers, providing insight about the system used in the UK and noting the successes and challenges faced by that system.
NOLHGA's 14th Annual Legal Seminar will be held on August 3 and 4, 2006, at The Renaissance Harborplace Hotel in Baltimore, Md. An MPC meeting will be held in conjunction with the seminar on August 1 and 2.
Staff Contact - States General Life Insurance Company (Tex.)Assumption Reinsurance Agreement Closes
On May 3, 2006, NOLHGA and American Founders Life Insurance Company closed an assumption reinsurance agreement pursuant to which American Founders assumed a limited block of States General life policies. These policies were previously believed to have been transferred to American Founders as part of a larger block of life business under a series of 2003 agreements under which the business was 100% co-insured by American Founders and was to be assumed by American Founders following resolution of licensing and approval issues.
Upon receiving Schedule T data relative to these policies earlier this year, the States General receiver discovered that a limited number of the policies had not transferred under the 2003 agreements due to licensing and approval issues. Following MPC approval in February, NOLHGA entered into an assumption reinsurance agreement with American Founders for transfer of the remaining co-insured life business. That agreement was signed on March 24 and was closed on May 3, with an effective date of April 1. No guaranty association funding was required to support the transfer.
Task Force Chair - James Rhodes; Staff Contact - Joni Forsythe