INSURANCEAPPROVED

Arizona Life and Disability Insurance Guaranty Fund Board Meeting Minutes April 2026

Guaranty Fund Approves SNIC Reinsurance with Continental General

Estimated fee between $2,000,000 and $3,000,000; Board authorized assessment up to $2,500,000Arizona Department of Insurance and Financial InstitutionsCONTINENTAL GENERAL INSURANCE COMPANYApril 23, 2026

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Description

The Arizona Life and Disability Insurance Guaranty Fund Board voted to participate in an assumptive reinsurance agreement under which Continental General Insurance Company will assume remaining SNIC liabilities in exchange for an estimated $2–3 million fee. The Board also authorized an assessment of up to $2.5 million to fund the obligation while maintaining a minimum reserve in the Life Claims account.

Contract Details

Contract Amount

Estimated fee between $2,000,000 and $3,000,000; Board authorized assessment up to $2,500,000

Vendor

CONTINENTAL GENERAL INSURANCE COMPANY

Agency

Arizona Department of Insurance and Financial Institutions, AZ

Contract Type

INSURANCE

Document Date

April 23, 2026

Contract Term

Assumptive reinsurance agreement to take effect June 1, 2026; includes true-up after March 31, 2026 reserve determination

Renewal Info

One-time assumptive reinsurance transaction with a post-closing true-up based on final reserve levels as of March 31, 2026; no recurring renewal terms described.

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