Centennial Life (KS)
Universe/Axa Re and Conseco Settlements Approved
The Kansas Liquidation Court on August 11 approved two settlements, one among the Centennial liquidator, Universe Life (In Liquidation in Idaho) and Axa Re and the other between the liquidator and Conseco.
Under the Universe/Axa Re settlement, $1.025 million of the funds on deposit with the federal court in Kansas will be released to the Universe estate, and Universe will have a Class 4 claim against the Centennial estate in the amount of $1.97 million. The remaining $375,000 on deposit with the federal court will be released to the Centennial estate. Most importantly, as a result of the settlement, an additional $11.2 million held by the Centennial Liquidation Court, pursuant to the Axa Re interpleader action, will be released to the Centennial estate.
Under the Conseco settlement, $500,000 of the funds held in escrow will be released to Conseco, and Conseco will have a Class 4 claim against the Centennial estate in the amount of approximately $2.45 million, together with allowable interest and costs. The remaining funds in the escrow account after payment of all escrow fees, approximately $400,000, will be released to the Centennial estate.
Task Force Chair -Mark Femal; Staff Contact -ETC
Hawaii Guaranty Association
Effective September 1, Hiram Tanaka will become the Executive Director of the Hawaii Life & Disability Guaranty Association. Former Executive Director Kenneth Scarborough will remain with the association in a consulting capacity.
Joint NOLHGA, NCIGF, IAIR Seminar
Registration materials for the November 15-17 Joint Seminar (NOLHGA, NCIGF, and IAIR) were mailed this week. Due to the structure of the meeting and hotel space constraints, exclusive registration for members of the three sponsoring organizations is available until September 9. Registration will be offered to all others after that date. Registration will close on October 17. NOLHGA members are urged to register early.
Idaho Directory Change
Please note that the correct suite number for the Idaho guaranty association is 104. The mailing address for the association is 8324 West Northview, Suite 104, Boise, ID 83704.
CALENDAR/CONFERENCE CALLS
Sept. 12 Claims Valuation Subgroup Meeting, Dallas, TX
Sept. 20 Joint Meeting of NOLHGA/NCIGF Legal Committees, Chicago, IL
Sept. 21 NOLHGA Legal Committee Meeting, Chicago, IL
Oct. 9 NOLHGA Board of Directors' Meeting, Orlando, FL
Oct. 9-11 NOLHGA Annual Meeting, Orlando, FL