The American Life Assurance Corporation and its wholly owned subsidiary, First National Life Insurance Company, were domiciled in Alabama. When First National was placed in receivership in the fall of 1996 and then placed into liquidation a year later, American Life Assurance subsequently became insolvent. Soon after, the state life and health insurance guaranty associations helped arrange for all in-force policies to be transferred to New Era Life Insurance Company by assumption reinsurance in December 1997 (see below).
Policies of an insolvent company are often transferred to a financially sound insurance company. If policies are not transferred to another company, the policies are continued and claims administered by either the guaranty associations or a third-party administrator (TPA) working on behalf of the associations. Please contact the company/TPA listed below or the guaranty association in your state of residence for more information about your policy.
|Type of Policy||Company||Effective Date|
New Era Life Insurance Company
200 Westlake Park Blvd.
Houston, TX. 77079-2663
|December 31, 1997|
Guaranty association coverage is coordinated on a state-by-state basis, with coverage usually being provided by the association in your state of residence, regardless of where you purchased your policy. Policyholders should contact their state guaranty association with any questions they have about their policies. The drop-down menu below will take you to your state association's Web site, which provides answers to frequently asked questions and contact information.
The liquidator, by court order, becomes the sole owner of the company's assets and administers the estate of the company.
If you are unsure whom to contact with your questions, please e-mail us here, and we will forward your message to the appropriate party.
NAIC Number: 88161
An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company.
Domiciliary State: Alabama
The domiciliary state is the state in which an insurance company is incorporated or organized.
Rehabilitation Date: February 25, 1997
Liquidation Date: May 30, 1997
Estate Closed: June 15, 2004