First Sealord - Assets and Liabilities


 


 
Estimated Net Assets Available and Estimated Liabilities - As of  6/30/13
Estimated Net Assets Available                                                         
      Includes early access distributions to Guaranty
      Associations of $0
$5,710,140
Estimated Liabilities
      Priority Class See Footnote 1
        A $2,600,182
            Less:
               Liquidation Expenses Paid
               See Footnote 2
($2,457,856)
        B
        C
        D
        E $62,620,206
        F $214,047
        G                                                                                                                                                                                                                                                                               $9,545
        H
        I
      Known but unevaluated claims
Total Estimated Remaining Unpaid Liabilities $

 
62,986,124 
Estimated Surplus (Deficit) $ (57,275,984) 

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

Footnotes:
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   Claims under nonassessable policies for unearned premium or other premium refund, claims of
     general creditors, and claims against payment & performance bonds.
F   State and local government claims
G   Late filed claims
H   Surplus or contribution note claims
I    Shareholder/owner claims.
 
*Claims against payment and performance bonds are considered priority class "E" claims.
 
 
 
 
 
 
 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.