Clarification of Ability to Make Assignments of Cash Consideration
UPDATE: As of October 2, 2018, the closing of the transaction with Berkshire Hathaway has been finalized. Please visit the official announcement to read about the closing or click here for additional details.
Notice of clarification of the ability for eligible policyholders who have not appointed a policy administrator or an EPLIP employer to make assignments of cash consideration:
For eligible policyholders who have previously appointed a policy administrator or an EPLIP employer (as defined in the Policyholder Information Statement) to act on its behalf, MLMIC has initiated a process of notifying such eligible policyholders and their policy administrator or EPLIP employer that the previous appointments do not extend to the distribution of the cash consideration. MLMIC has provided consent forms to such eligible policyholders for use should they choose to designate their policy administrator or EPLIP employer to receive such distribution.
Nevertheless, MLMIC has always recognized that eligible policyholders have the right outside the plan of conversion to assign their right to receive their allocable share of the cash consideration. MLMIC will honor any properly drafted and signed assignments that it receives from eligible policyholders on a timely basis, recognizing that the record date policyholder vote is scheduled for September 14, 2018. Unless the signature of the eligible policyholder is notarized, the assignments should come directly from the eligible policyholders in order to mitigate concerns about the validity of the assignments. In addition, it would be administratively difficult to honor assignments of less than the entire amount that has not otherwise been designated to be paid to a policy administrator or EPLIP employer.
The receipt of multiple forms of assignment may delay the distribution of cash consideration allocable to eligible policyholders who have made assignments as MLMIC reviews the forms of assignment. In order to streamline the process, MLMIC has prepared a form of assignment that may be used by eligible policyholders who did not previously appoint a Policy Administrator or EPLIP Employer. The form of assignment can be accessed by clicking here.
If we receive a properly completed consent form or other assignment form that designates a previously appointed policy administrator or EPLIP employer to receive the cash consideration, that designation will take precedence over any other assignment. Also, an assignment will only be operative as to the amount due the eligible policyholder. If there is a notice of dispute filed by a previously appointed policy administrator or EPLIP employer in accordance with the process set forth in the Policyholder Information Statement that disputes the eligible policyholder’s entitlement to cash consideration, MLMIC will hold the amount allocable to the particular eligible policyholder in escrow pending the resolution of the dispute. As clarification, the dispute process only applies in the case of disputes by policy administrators or EPLIP employers, as defined in the Policyholder Information Statement, who were previously appointed to act on behalf of Eligible Policyholders during the Eligibility Period.
Completed assignment agreements should be sent to MLMIC by PDF to firstname.lastname@example.org or by mail to:
MLMIC Insurance Company
Two Park Avenue, Room 2500
New York NY 10016
ATTN: Conversion Coordinator.
If you have any questions about this clarification, please call 1-888-467-9074 from 9 a.m. to 4 p.m., Eastern Time, Monday through Friday.