September 7, 2007

Deadline for Annual Meeting Hotel Reservations Nears; Confirmation Packets Mailed

The cut-off date for obtaining the NOLHGA room rate when making hotel reservations for NOLHGA's 24th Annual Meeting is Monday, September 10. For attendees booking rooms at the Ritz-Carlton, Amelia Island before the deadline, NOLHGA's special rate of $215/night is offered from October 5 through October 14.

In other meeting news, registered attendees of NOLHGA's 24th Annual Meeting should receive their confirmation packets in the mail in the next few days. The packets include preliminary meeting schedules for the Annual Meeting and the October 8 MPC meeting, general meeting information, and an issue of Amelia Islander magazine. Anyone wishing to play golf at the Golf Club of Amelia Island should contact Holly Wilding ([email protected]) or De Gadd ([email protected]) to arrange a tee time and receive a $25 NOLHGA discount. A round of golf is $150 per person, which reflects the NOLHGA discount.

NOLHGA's 24th Annual Meeting will be held October 9-10, 2007, in Amelia Island, Fla. The Annual Meeting Web page offers hotel information as well as a preliminary meeting schedule, speaker profiles, and online registration (NOLHGA accepts Visa and MasterCard) for the Annual Meeting and the October 8 MPC meeting. If you have not yet registered for the Annual Meeting, we encourage you to do so at your earliest convenience.

If you have any trouble accessing the meeting Web page, please contact Dan Hicks at [email protected] or 703.787.4112. If you have any questions about the Annual Meeting, contact Holly Wilding at [email protected] or 703.787.4111.

  Staff Contact - London Pacific Life & Annuity Company (N.C.)

Assumption Reinsurance Opt-out Period Expires September 24

Opt-out packages concerning participation in the assumption reinsurance agreement with Philadelphia American Life Insurance Company were sent to guaranty associations via e-mail on August 23, 2007. Philadelphia American will be assuming the remaining in-force London Pacific annuity policies that the company has been administering on behalf of the guaranty associations since the fall of 2004. As a reminder, the opt-out period expires September 24. The package included an overview of the transaction, funding amounts and payment instructions, and a copy of the reinsurance agreement. Guaranty association funding is due September 24 (if paid by check) or September 26 (if paid by wire transfer). The closing is anticipated to occur on October 1.

Appropriate filings have been made by Philadelphia American to obtain approval of the assumption certificates in each affected state; any assistance the guaranty associations can provide to expedite this process would be appreciated.

Task Force Chair - Frank Gartland;   Staff Contact - Paul Peterson Thunor Trust Companies

Mississippi Supreme Court Rules in Favor of Thunor Liquidators

On September 6, 2007, the Mississippi Supreme Court affirmed per curiam an important victory of the Thunor Trust liquidators in the liquidation court below in the reinsurance equitable relief case brought by certain ceding companies.

NOLHGA and the Mississippi guaranty association had filed papers in both the Mississippi liquidation court and Supreme Court in support of the liquidators and in opposition to the ceding companies' super-priority claim to millions of dollars of assets held in certain federal forfeiture court actions in Connecticut. By affirming, the Supreme Court has agreed with the liquidation court that the assets are a part of the liquidation estate and subject to Mississippi's priority of distribution statute--and not to claims of constructive trust and other so-called equitable remedies.

Task Force Chair - John Colpean;   Staff Contact -

Guaranty Association Financial Information Survey Responses Due September 17

The annual survey to collect summarized financial information from guaranty associations was distributed on August 27, 2007, and the due date for responses is September 17. The new online reporting tool, which was designed by the GSMTF Accounting Subgroup with the assistance of NOLHGA's Dan Hicks and Joanna Akiyama, should take no longer than 15 to 30 minutes to complete. Responses must be received by September 17 so the information can be compiled in time for the Annual Meeting in early October. Guaranty association cooperation is appreciated. Please note that those associations that did not participate in the first survey conducted in 2006 will need to contact Paul Peterson ([email protected]) to submit inception-to-date information.

  Staff Contact - Paul Peterson