MPC Meets in Virginia

The Members' Participation Council (MPC) met in Reston, Virginia, on September 7-9, 2011. Task force meetings were held for Golden State Mutual Life Insurance Company (California), Medical Savings Insurance Company (Indiana), National States Insurance Company (Missouri), Penn Treaty Network America/American Network Insurance Companies (Pennsylvania), and Universal Life/Booker T. Washington Insurance Companies (Alabama). The MPC Executive Committee also met.

The MPC for Executive Life Insurance Company of New York met and unanimously passed a resolution approving the Restructuring Plan and recommending that all affected guaranty associations favorably consider participating in the plan.

The meeting also featured an Administrators Education Steering Committee presentation on annuity products by Patricia Kelley, Vice President and Chief Compliance Officer for Prudential Annuities, and Kris Kattmann, Vice President and Fixed Annuity Business Line Leader for Lincoln Financial Group.

The General Session featured a presentation on the training program being developed by the Security Advisory Committee. The presentation was conducted by Chair Candie Kinch, Bill O'Sullivan (NOLHGA staff), and Kenny Bullock (NOLHGA staff). The General Session also included an update on financial services modernization and regulatory activity by NOLHGA President Peter Gallanis and a briefing on MPC Executive Committee activity by MPC Chair Mike Marchman.

The following task force insolvency report was presented during the MPC General Session:

  Staff Contact - Sean McKenna Golden State Mutual Life Insurance Company (California)

Task Force Chair Lowell Miller (North Carolina) and Legal Counsel Frank O'Loughlin (Rothgerber Johnson & Lyons) presented the task force's recommendations for affected guaranty associations to fulfill their statutory obligations with respect to certificate holders under a group life insurance policy issued by Golden State Mutual. Among other matters, the task force recommended that affected states enter into an assumption reinsurance agreement with Madison National Life Insurance Company. Following the presentation, the Golden State Mutual MPC unanimously passed a resolution approving the recommendations and initiating an opt-out process under the MPC Rules and Procedures whereby affected guaranty associations would have until September 29 to elect whether they would participate in the assumption reinsurance agreement and related actions being taken.

Task Force Chair - Lowell Miller;   Staff Contact - Bill O'Sullivan

Ohio Association Seeks New President

The Ohio Insurance Guaranty Association (OIGA) is seeking a well-qualified candidate to fill the position of President. The current President, Frank Gartland, is planning to retire next year but will stay on with the association on a reduced-hour basis after his retirement during the transition period.

The OIGA is a nonprofit, insurance industry-supported organization that handles and pays the insurance claims of Ohio policyholders if their insurer becomes insolvent. It also provides similar services under contract for two other guaranty associations, including the Ohio Life & Health Insurance Guaranty Association.

This is the chief executive officer position, reporting to the Board of Directors. The president is responsible for supervising staff in carrying out the duties of the association and maintaining adequate professional staffing during times of varying work activity levels. The ability to effectively coordinate activities with other state guaranty funds through national insurance guaranty organizations and with insurance liquidators is essential. Some travel is required. The association's offices are located in Columbus, Ohio.

The candidate must possess substantial insurance and management experience in an insurance company or related setting such as regulatory, legal, or consulting. Desired, but not required, is a background in law or accounting and/or substantial supervisory claims experience in property/casualty and life and health claims. Prior experience in an insurance guaranty fund or insurance liquidation setting is a plus.

The salary and benefits package is comparable to local insurance industry standards for positions of similar responsibility. Please send resumes to: OIGA, 1840 Mackenzie Drive, Columbus, OH 43220.

  Staff Contact - Sean McKenna