THE INSURANCE COMMISSIONER
|In the Matter of
FAMILY LIFE INSURANCE COMPANY AND INVESTORS LIFE INSURANCE COMPANY OF AMERICA,
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