NOLHGANational Organization of Life and Health Guaranty Associations (Insurance)
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IAIR has been even more quiet than NOLHGA, but it has been holding regular in-person sessions at the NAIC's in-person meetings, and it also holds annual workshops of its own, in February.
The superintendent also sought approval of an agreement of restructuring in connection with the liquidation of ELNY pursuant to which ELNY's assets were to be distributed on a pro rata basis to payees of ELNY annuities, and 40 State Insurance Guaranty (SIG) association members of the NOLHGA were to contribute funds toward the satisfaction of ELNY's obligations to its annuity payees, up to the statutory coverage caps applicable to them.
But a separate Penn Treaty subsidiary covers those policyholders, and the Pennsylvania regulators and NOLHGA do not say what will happen to them.
LTC Reinsurance PCC was "formed by certain state guaranty associations with the help of NOLHGA and licensed under the laws of the District of Columbia," according to the liquidation managers.
Some state guaranty associations sent out assessments recently, and others will be doing so soon, NOLHGA said, so life insurers are estimating now.
This has been the policy of the guaranty associations since 1993, when NOLHGA and the guaranty associations stated it publicly to an NAIC group then reviewing the use of RAAs.
Since the ruling, NOLHGA has been coordinating with the New York Liquidation Bureau and the American Council of Life Insurance (ACLI) (on behalf of the 39 life insurance companies who are voluntarily supporting the Restructuring Plan) to address the remaining technical components and implement the Restructuring Plan, which was approved by the lower court over a year ago, it stated.
NOLHGA delivered its conclusions to the CDA Working Group here in at the NAIC National Meeting Nov.