MPC Meets in Minnesota

The Members' Participation Council (MPC) met in Edina, Minnesota, on September 3, 2009. The following are summaries of task force insolvency reports presented during the meeting:

  Staff Contact - Sean McKenna American Chambers Life Insurance Company (Ohio)

Task Force Chair Chuck Gullickson (South Dakota) reported that the liquidator is preparing to make the first distribution of estate assets to the participating guaranty associations. The distribution is expected to be approximately $15 million, and guaranty associations should receive consent forms and early access agreements from NOLHGA in the next few days.

Task Force Chair - Chuck Gullickson;   Staff Contact - Shenandoah Life Insurance Company (Virginia)

Task Force Chair William Falck (Florida) reported that the Special Deputy Receiver continues to evaluate offers to purchase the company. The deadline for this round of bids is the end of October.

Task Force Chair - William Falck;   Staff Contact -

Joint Annuities Again Addressed at MPC Meeting

The MPC General Session also featured a Coverage/Claims Committee presentation on guaranty association coverage of jointly owned annuities by Committee Chair John Colpean (Michigan) and committee members Art Dummer (Utah) and Kevin Griffith (Baker & Daniels). This presentation was a continuation of the committee's July presentation on the same topic. NOLHGA President Peter Gallanis gave a wide-ranging report on recent developments concerning financial services modernization on Capitol Hill, and MPC Chair Bart Boles reported on the activities of the MPC Executive Committee and the NOLHGA Board.

In addition, the Executive Life Insurance Company (California), Executive Life Insurance Company of New York, and Lincoln Memorial & Memorial Service Life Insurance Companies (Texas) task forces made closed-session presentations at the general session.

  Staff Contact - Sean McKenna