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    Discharged Insurance Company

    Summit National Life Insurance Company (SNLIC)

     

    Email inquiries to ra-in-claims@pa.gov.

    Date of Liquidation:November 1, 1994
    Filing Deadline:November 1, 1995
    States Where Licensed:All except: Connecticut, Kansas, Louisiana, Maine, Michigan, NewJersey, New York, Ohio,Vermont
    Type of Business Sold:Health, Life & Annuity


    Health Block
    All health policies were cancelled on or before the date of liquidation. Any outstanding medical claims were processed and completed by the end of 1995.

    Life & Annuity Block
    All active life and annuity policies were assumed by:

    Midland National Life Insurance Co.
    1 Midland Plaza
    Sioux Falls, SD 57193
    Telephone No.: (877) 586-0240

    Due to guaranty association limits set on contractual obligations, some policyholders suffered cash losses. These losses are claims against the SNLIC estate and therefore must be paid through the distribution of the assets of the estate. SNLIC also sold policies outside the United States. No guaranty association coverage was available to these policyholders.

    Although there are legal and asset issues currently outstanding in SNLIC, the Liquidator determined that there were sufficient available funds in the SNLIC estate to petition the Court for approval to make a partial distribution to policyholders and beneficiaries for losses incurred. The Commonwealth Court of Pennsylvania approved the petition for partial distribution on July 18, 2001.

    Checks were mailed to all priority level "b" claimants on August 31, 2001. The checks represented a 60 % distribution on the cash loss that was experienced.​

     

    Summit National Life Insurance Company
    Estimated Net Assets Available and
    Estimated Liabilities
    As of 12/31/05
    Estimated Net Assets Available
    Includes early access distributions to Guaranty
    Associations of $74,907,959 and partial distributions
    to uncovered claimants of $9,342,467
    		$126,169,182
    Estimated Liabilities
    Priority Class See Footnote 1
    A17,830,806
    Less:
    Liquidation Expenses Paid
    		(15,927,306)
    B127,454,020
    C
    D
    E1,184,732
    F
    G
    H
    I
    Known but unevaluated claims
    Total Estimated Remaining Unpaid Liabilities$
    130,542,252
    Estimated Surplus (Deficit)$(13,734,045)


    The Financial Statement Disclosure is an integral part of this statement. It is necessary to read the disclosure to fully understand the statements.

    Footnotes:
    1 Priority Classes
    The order of distribution of claims from the insurer's estate is set forth in detail in Article V of the Insurance Department Act of 1921 at 40 P.S. 22144. Briefly the classes are:
    A Administrative expenses
    B Claims for policy benefits
    C Federal government claims
    D Certain employee claims
    E General creditor claims
    F Stateand local government claims
    G Late filed claims
    H Surplus or contribution note claims
    I Shareholder/owner claims.
    2 Priority Class A - Administrative Expenses
    Administrative expenses include both the Guaranty Associations expenses related to administering the claims of the companies in liquidation and the Liquidators expenses. As shown, the Liquidators expenses have been bracketed to indicate they have been paid and the net assets available were reduced by that amount. The net difference in this priority class, if any, represents administrative expenses incurred by the Guaranty Associations.

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