Bankers Commercial Life Insurance Company (Tex.)
Final Accounting Schedule Accelerated to September 12
Philadelphia American has agreed to accelerate the final IBNR accounting from November/December 2003 to this week (Friday, September 12). This was the result of pre-September 1, 2002, claims--which guaranty associations were responsible for via the IBNR reserve that was funded as part of the assumption agreement--drastically reducing and stabilizing earlier this year. Because of this, Philadelphia American will be refunding approximately $530,000 (including interest) of the initial IBNR reserve funded by the guaranty associations in the fall of 2002.
The remaining item in this case is the recovery of certain reinsurance receivables. The receiver continues his diligent efforts to finalize this last matter.
The BCL Task Force, affected guaranty associations, and NOLHGA would like to extend their many thanks to Dr. Bill Chen and his staff at New Era/Philadelphia American for their efforts and assistance to the guaranty associations in resolving the many issues faced in this case.
Task Force Chair - William Falck; Staff Contact - Paul PetersonS.C. Director Csiszar Joins Annual Meeting Program
Ernst Csiszar, director of the South Carolina Department of Insurance and vice president of the National Association of Insurance Commissioners, has joined the program for NOLHGA's 20th Annual Meeting. Director Csiszar, who recently spoke at the NOLHGA Legal Seminar in San Francisco, will appear in a panel discussion with Arthur Fliegelman, vice president and senior credit officer with Moody's Investors Service, on measuring and managing solvency risks.
NOLHGA's 20th Annual Meeting, which will be held October 28 and 29, 2003, at the Four Seasons Dallas at Las Colinas, will also feature presentations from the presidents of the NAIC and ACLI as well as presentations on topics such as the impact of the capital markets on the insurance industry, variable annuities, and more. The meeting Web page, which offers hotel and meeting information as well as a registration form, is now available (see below).
Staff Contact - Sean McKennaAnnual Meeting Web Page Goes Live
The Web page for NOLHGA's 20th Annual Meeting is now available. The page features hotel and reservation information, a preliminary schedule of events in PDF format, bios of our featured speakers, an online registration form that can be printed out and mailed to NOLHGA, and general meeting information.
In addition, Annual Meeting registration brochures were mailed out last week. If you have not received a brochure and are interested in attending the meeting, please contact De Gadd (703.787.4121; [email protected]) for a brochure or visit the meeting Web page.
If you have any trouble accessing the Web page, please contact Bryan Owen at [email protected] or 703.787.4112. In addition to the link above, the Annual Meeting Web page can also be accessed through the NOLHGA Web site.
Updates and additional information about the Annual Meeting will appear in the NOLHGA Wire in the coming weeks; registered attendees will also receive e-mails alerting them to new meeting information.
Staff Contact - Sean McKennaNew GA Contact Information
Jack Falkenbach, executive director of the Delaware Life & Health Insurance Guaranty Association, has a new e-mail address. He can now be reached at [email protected].
Staff Contact -