Summit National Life Insurance Company (SNLIC)
Estimated assets and liabilities
Email inquiries to the Liquidators
| 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
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.