Penn Treaty Network America/American Network Insurance Companies (Pennsylvania)
NY Superintendent Seeks AINIC Liquidation
Adrienne Harris, Superintendent of the New York State Department of Financial Services (DFS), filed a petition for the liquidation of American Independent Network Insurance Company (AINIC) on September 5, 2023. AINIC, a long-term care insurer based in New York, was a subsidiary of American Network Insurance Company but was not part of the Penn Treaty/American Network liquidations in 2017.
While the Life & Health Insurance Company Guaranty Corporation of New York is the only association that would be triggered by AINIC’s liquidation, policyholders reside in a number of states. The Penn Treaty/ANIC Task Force will continue to monitor the proceedings in New York. If you have any questions, please contact Mike Heard at [email protected] or Joanna Akiyama at [email protected].
Task Force Chair - Charles Gullickson; Staff Contact - Mike HeardNew Mexico GA Seeks Administrator
The current Administrator for the New Mexico Life Insurance Guaranty Association has announced his intention to retire in 2024. The Association is grateful for his service and guidance over the years.
The Association is seeking a well-qualified candidate to fill the position of Administrator, with an anticipated start date in early 2024. Salary will be commensurate with experience. The Association is a nonprofit insurance industry–supported organization created and existing under N.M. Stat. Ann. § 59A-42-1 et seq. Among other things, the Association facilitates the continuation of coverage and the payment of covered claims under certain insurance policies that involve the insolvency of life and health insurers licensed in New Mexico subject to and in accordance with its enabling act.
The Administrator is an independent contractor position that reports directly to the Board of Directors. The Administrator will be responsible for carrying out the duties of the Association and maintaining appropriate resources necessary for the Association to fulfill its statutory obligations. Ability to travel and effectively coordinate activities with other state guaranty associations through the National Organization of Life & Health Insurance Guaranty Associations is essential.
The candidate must possess insurance and management experience in an insurance company or a related setting such as regulatory, legal, statutory accounting, actuarial services, or other consulting services in the life, health, and annuity business sectors. A background in life or health insurer receiverships, especially with an insurance guaranty association, would be highly beneficial. Experience dealing with insurance regulators generally, or the New Mexico Office of Superintendent of Insurance specifically, would be helpful.
In general, important responsibilities will include:
- Administration and operation of the Association according to its statutory obligations, implementing its Plan of Operation and coordinating policies and procedures with direction from the Board of Directors.
- Scheduling and organizing Board meetings, including preparation of agendas, exhibits, minutes, and resolutions.
- Managing relationships with the Association’s consultants related to the operations of the Association, including but not limited to assessments, audits, accounting, banking, and legal.
- Collaboration and coordination with New Mexico consumers and with representatives of NOLHGA, guaranty associations, regulators, and receivers regarding insurance receiverships and Association coverage.
- Maintenance of files, records, and information related to the operation of the Association and the exercise of its powers and duties under its enabling act and all related policies, procedures, and plans of the Association.