Executive Life Insurance Co. (Calif.)
ELIC Assessment Offset by Escrow Funds
NOLHGA's quarterly assessment to the guaranty associations is expected to be mailed this month. The ELIC portion for the third quarter totals $331,881.92. The entire ELIC assessment for the quarter will be offset with existing escrow funds. If there are any questions, please do not hesitate to contact Meg Melusen.
Task Force Chair - Art Dummer Staff Contact - Mutual Security Life Insurance Co. (Ind.)Court Approves Early Access Distribution
On Oct. 18, the Marion County (Ind.) Circuit Court issued an order approving the MSL liquidator's Supplemental Application for Approval to Disburse Assets under Early Access. The order authorizes the liquidator to disburse early access funds to bring aggregate distributions to the affected guaranty associations to 80 cents on the dollar with respect to their policy-level claims. It is anticipated that the liquidator will make a distribution of funds prior to year-end.
Task Force Chair - Luther Hill Staff Contact - Bill O'Sullivan Reliance Insurance Co. (Pa.)Reliance Opt-out Package E-mailed to Affected Associations
The complete opt-out package for the Reliance early-access arrangement and the Combined Insurance Co. of America assumption transaction was e-mailed to affected guaranty associations on Nov. 1. The package also included an Opt-Out Memorandum explaining the arrangement, copies of the agreements, a Preliminary Summary of Business, and liquidation court orders.
Due to time constraints (there is a 10-day opt-out period), hard copies of the package are being mailed only to guaranty associations that do not have e-mail capability. Any affected association that would like a hard copy of the package should contact Peter Gallanis immediately.
NOLHGA will set up a conference call next week for administrators of the affected associations to ask questions concerning Reliance and the opt-out package and will forward a notice of the call with dial-in instructions once it has been scheduled.
Task Force Chair - Tad Rhodes Staff Contact - Unison International Life Insurance Co. (Okla.)NOLHGA Releases Estate Distributions
On Oct. 31, NOLHGA released $2,060,000 in Unison estate distributions to the following guaranty associations: Alabama, Arizona, Arkansas, Colorado, Idaho, Louisiana, Mississippi, Missouri, Oklahoma, Texas, and Utah. The funds were sent by check or wire in accordance with the payment instructions provided by each association.
Task Force Chair - Bart Boles Staff Contact - Bill O'Sullivan2000 Assessable Premium Packages Mailed
The assessable premium packages for 2000 were mailed to guaranty associations and insurance commissioners via FedEx on Oct. 26. Similar to past years, the packages contain commentary regarding the 2000 data survey process, testing, and findings of member insurance company filings. State-specific diskettes and listings of premium by company are also included. Individual company data survey filings can be viewed when researching queries.
Please contact Paul Peterson in the NOLHGA office or Jason Theros (703.918.3199) or Mike Ellner (703.918.3959) of PricewaterhouseCoopers with any questions.
Committee Chair - Chuck Renn Staff Contact - Paul PetersonMPC & Annual Meeting Presentations
Many of the PowerPoint presentations from the MPC meeting in Santa Ana Pueblo, N.Mex., and NOLHGA's 18th Annual Meeting have been posted in the "Confidential Access" section of the NOLHGA Web site (www.nolhga.com). Visitors to the site can view the presentations as PDF or PowerPoint files and can also download the presentations to their computers. Please contact Bryan Owen at 703.787.4112 or [email protected] if you have any problems with the files.
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