NOLHGANational Organization of Life and Health Guaranty Associations (Insurance)
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of distributions made directly to NOLHGA and/or the PGAs from the various trusts (including from the real estate trust, for which NOLHGA/PGAs were not required to credit policyholders against their (NOLHGA's) obligations), and other participations and distributions per the Enhancement Agreement.
LeVine did provide us with a spreadsheet of the aggregate Enhancement Trust Distributions, however, distributions to NOLHGA weren't broken out and we seek that information.
Hartford Life, Commissioner Long and NOLHGA worked extremely hard to ensure that these policyholders would wind up in a good place.
Any sale of MBL Life would be subject to the approvals of the New Jersey Commissioner of Banking and Insurance, NOLHGA and the reinsurers, those Class Four creditors of Mutual Benefit Life representing at least two-thirds of the dollar amount of allowed Class Four claims, and the Superior Court of New Jersey.
Blaine, president of NOLHGA, agreed that the successful closing was "a tribute to the high level of cooperation and effectiveness between the receiver's staff, Hartford Life and NOLHGA.
In addition, independently of any NOLHGA action, the Trustees have not received, as requested by them last week, any assurance that the economic terms offered to them prior to and in the Revised Proposal would be available.
The Revised Proposal required approval by, on behalf of the several state life and health insurance guaranty associations, NOLHGA.
In light of the comprehensive and constructive process that has been employed by the California Department of Insurance, the enhancements that have been provided for policyholders by Aurora and NOLHGA, and the desire to avoid further delay, we have concluded that joining the investor group is the best course for all constituencies," said Eli Broad, SunAmerica's chairman, president and chief executive officer.
The plan has now gained the support of NOLHGA, the Group Annuity Pension Plan Administrators (GAPPA), Companies Concerned for the Annuities of Retired Persons (CoCARE), National Structured Settlements Trade Association, and the California municipal GICs.
We would also like to commend the other bidders, especially the Hellman/Zell/Chilmark/Byrne group and NOLHGA.