MPC Meets in Seattle

The Members’ Participation Council (MPC) met in Seattle on October 17, 2018. A Lessons Learned Workshop on older insolvencies was conducted by Pamela Olsen (MPC Chair), Linda Becker (Kansas), Mike Marchman (Georgia), and Chuck Renn (Missouri). The Guaranty Association Benefits Company (GABC) held its Annual Meeting, and the MPC Executive Committee and Accounting Issues Committee also met. Closed-session Major Receivership Briefings were held for the Lincoln Memorial/Memorial Service Life Insurance Companies (Texas) and Penn Treaty Network America/American Network Insurance Companies (Pennsylvania) Task Forces, and LTC Re held its Annual Meeting (these meetings took place before NOLHGA’s 2018 Annual Meeting).

In addition to the task force report below, the MPC General Session featured an update on the activities of the Security Advisory Committee (SAC) by Co-Chair Candie Kinch (Idaho, Oregon, and Wyoming) and a review of the information available on the NOLHGA website by NOLHGA staff members Dan Hicks and Sean McKenna. NOLHGA President Peter Gallanis provided the President’s Report, and MPC Chair Pamela Olsen briefed attendees on MPC Executive Committee activity. Ms. Olsen also announced the impending retirements of Jean Hasch (Maine) and Mike Marchman (Georgia) and welcomed their successors, Don Sirois (Maine) and Frank Knighton (Georgia).

  Staff Contact - Sean McKenna Imerica Life & Health Insurance Company (Arkansas)

Task Force Chair Andrea Bowers (South Carolina) provided an overview of the Imerica estate, which closed on August 2, 2018. A final distribution of $2,664,352.14 (which included excess deposit proceeds assigned by the receiver for the benefit of affected associations) was sent to affected guaranty associations in early September. Distributions from this estate were sufficient to pay approximately 65% of guaranty association Class 1 administrative expenses but were not enough to pay guaranty association Class 2 or Class 3 claims.

Task Force Chair - Andrea Bowers;   Staff Contact - Joni Forsythe

Opening for New Minnesota GA Executive Director

The Minnesota Life & Health Insurance Guaranty Association is seeking a well-qualified candidate to fill the position of Executive Director. The association is a nonprofit insurance industry–supported organization that handles and pays, pursuant to statute, insurance claims of Minnesota residents if their life, health, or annuity insurer becomes insolvent.

The Executive Director is an independent contractor position reporting directly to the Board of Directors. The Executive Director is responsible for carrying out the duties of the association and maintaining adequate professional staffing during times of varying work activity levels. Ability to travel and effectively coordinate activities with other state guaranty associations through a national organization, with insurance receivers, and with regulators is essential.

The candidate must possess insurance and management experience in an insurance company or related setting such as regulatory, legal, or consulting. A background in law, accounting, insurance finance, insurance treasury, and/or actuarial science is desirable, and prior experience with an insurance guaranty association or in a receivership setting is a plus.

Send résumés on or before Thursday, November 15, 2018, to: Joel Glover, [email protected].

  Staff Contact - Sean McKenna