2018 Legal Seminar Dates Set
NOLHGA’s 26th Legal Seminar will take place on July 19–20, 2018, at the Marriott Marquis in New York City. The seminar will be held in conjunction with an MPC meeting on July 18. NOLHGA has secured a room rate for this meeting of $289/night (single/double), and information on making hotel reservations will be posted in January. Please contact Meg Melusen at [email protected] if you have any questions.
Staff Contact - Lincoln Memorial/Memorial Service Life Insurance Companies (Texas)Assumption Agreement Closes
The assumption reinsurance agreement with Liberty Bankers and The Capitol Life Insurance Companies successfully closed on November 1. Approximately $160 million in face amounts was assumed by the companies. Guaranty association funding was approximately $119 million. Notices to funeral homes announcing the transaction are scheduled to be mailed by the companies by November 15. An interim true-up is expected to take place in mid-February 2018, with a final accounting by mid-January 2019.
Remaining business subject to assumption at a later date includes business associated with the MTW Trust (approximately $4.7 million face amounts) and Reduced Paid-Up policies (approximately $8.1 million face amounts). Guaranty associations will still be responsible for funding claims on these blocks until they can be transferred, along with an additional $13.6 million of business that is not subject to the assumption transaction.