THE INSURANCE COMMISSIONER
| In the Matter of FAMILY LIFE INSURANCE COMPANY AND INVESTORS LIFE INSURANCE COMPANY OF AMERICA, Insurers. |
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No. G2003-93 No. G2003-94 NOTICE OF HEARING ON APPLICATIONS FOR REDOMESTICATION |
TO: Eugene E. Payne, President
Investors Life Insurance Company of North America and Family Life Insurance Company
PO Box 149138
Austin, TX 78714-9138
Barry Senterfitt, Attorney at Law
Akin Gump Strauss Hauer & Feld, LLP
300 West 6th Street, Suite 2100
Austin, TX 78701-2916
Melvin Sorensen, Attorney at Law
Carney Bradley Smith & Spellman, P.S.
700 Fifth Avenue, Ste. 5800
Seattle, WA 98104-5017
AND TO: Mike Kreidler, Insurance Commissioner
Michael G. Watson, Chief Deputy Insurance Commissioner
Jim Odiorne, Deputy Commissioner, Company Supervision
Marshall McGinnis, Company Licensing Manager
Office of the Insurance Commissioner
PO Box 40255
Olympia, WA 98504-0255
Carol Sureau, Deputy Commissioner, Legal Affairs
Office of Insurance Commissioner
PO Box 40250
Olympia, WA 98504-0250
On September 12, 2003, Family Life Insurance Company
(Family Life) and Investors Life Insurance Company of North
America (Investors Life) each filed an Application for
Redomestication.
Pursuant to RCW 48.07.210(2), Family Life and Investors Life
seek the approval of the Washington State Insurance
Commissioner (Commissioner) to transfer their corporate
domicile from Washington State to the state of Texas.
Family Life and Investors Life are Washington domestic
insurance companies. Because they are affiliated companies
and are both wholly owned subsidiaries of a single parent
corporation, Financial Industries Corporation, the undersigned
has consolidated these proceedings.
The redomestication of Family Life and Investors Life are
controlled by RCW 48.07.210(2). Pursuant to RCW 48.07.210(2),
[t]he commissioner shall approve any proposed transfer of
domicile unless the commissioner determines after a hearing,
pursuant to such notice as the commissioner may require, that
the transfer is not in the best interests of the public or the
insurer's policyholders in this state. On September 24, 2003,
pursuant to RCW 48.04.010(1), the undersigned received a
request for hearing from the Commissioner. Although a hearing
prior to approval of an application for redomestication is not
required, the Commissioner believes that such a hearing is in
the interests of the public and Washington policyholders and
believes that notice should be given to policyholders and
investors.
YOU ARE HEREBY NOTIFIED that a hearing will be held commencing on
Monday, December 8, 2003 at 9:00 a.m. Pacific Standard Time.
Pursuant to the authority given to the undersigned [decide
whether the hearing must be held in person or may be held by
telephone pursuant to RCW 34.05.449(3)]. The purpose of this
hearing, which will include all parties, is to consider the
application for redomestication of Family Life and Investors
Life. Pursuant to RCW 48.07.210, approval of these
applications are conditioned, in part, upon a finding by the
undersigned, based upon evidence presented by testimony and
documents at the hearing, that there has been reasonable
notice given, and that the redomestications are in the best
interests of the pubic [public] and Family Life's and
Investors Life's Washington policyholders.
Please note that any interested individual or entity may
indicate his/her or its support, or objection, to these
proposed redomestications by submitting a letter on or before
December 5, 2003 to the undersigned at the above address.
Interested individuals and entities may include in their
letters a request to be included in the hearing by telephone
or in person in order to present their positions orally.
The hearing will be held under the authority granted the
Commissioner by Chapter 48.04 RCW and RCW 48.07.210. As
above, RCW 48.07.210 indicates the findings which must be made
before approval will be given to these proposed
redomestications.
The basic facts relied upon are those set forth in the
Application for Redomestication of these companies, with
attachments, which have been filed with the Commissioner. The
Applications, with attachments, will be made part of the
record of this proceeding. The Commissioner had not taken,
and will not take, any position on this matter prior to entry
of the hearing order.
All parties may be represented at the hearing. They may
examine witnesses and fully respond and present evidence and
argument on all issues involved. The hearing will be governed
by the Administrative Procedure Act, Chapter 34.05 RCW, and
the model rules of procedure contained in Chapter 10-08 WAC.
A party who fails to attend or participate in any stage of the
proceeding may be held in default in accordance with Chapter
34.05.RCW.
Patricia D. Petersen, Presiding Officer, who serves as Chief
Hearing Officer for the Office of the Insurance Commissioner,
has been designated to hear and determine this matter. Her
address is Office of Insurance Commissioner, PO Box 40255,
Olympia, WA 98504-0255. Her telephone number is (360)
725-7105. All interested individuals and entities who have
questions or concerns concerning this proceeding should direct
them to her Administrative Assistant, Victoria Meyer, at the
same address. Ms. Meyer's telephone number is (360) 725-7002.
ENTERED AT OLYMPIA, WASHINGTON, this 15th day of October, 2003.
_____________________
PATRICIA D. PETERSEN
Presiding Officer