Offices & Organizational Charts

Corporate Life Insurance Assets and Liabilities

Corporate Life Insurance Company
Estimated Net Assets Available and Estimated Liabilities
As of 12/31/06
Estimated Net Assets Available
      Includes early access distributions to Guaranty
      Associations of $69,712,000
$ 94,825,269
Estimated Liabilities
      Priority Class See Footnote 1
        A 33,046,724
               Liquidation Expenses Paid
               See Footnote 2
        B 267,191,071
        E 704 
      Known but unevaluated claims
Total Estimated Remaining Unpaid Liabilities $
Estimated Surplus (Deficit) $ (180,129,156)

The Financial Statement Disclosure is an integral part of this statement. It is necessary to read the disclosure to fully understand the statements.

1 Priority Classes
The order of distribution of claims from the insurer's estate is set forth in detail in Article V of the Insurance Department Act of 1921 at 40 P.S. 22144.  Briefly the classes are:
A   Administrative expenses
B   Claims for policy benefits
C   Federal government claims
D   Certain employee claims
E   General creditor claims
F   State and local government claims
G   Late filed claims
H   Surplus or contribution note claims
I    Shareholder/owner claims.
2 Priority Class A - Administrative Expenses
Administrative expenses include both the Guaranty Associations’ expenses related to administering the claims of the companies in liquidation and the Liquidator’s expenses.  As shown, the Liquidator’s expenses have been bracketed to indicate they have been paid and the net assets available were reduced by that amount.  The net difference in this priority class, if any, represents administrative expenses incurred by the Guaranty Associations.