David Walsh, Executive Vice President and General Counsel of SBLI USA Mutual Life Insurance Company, Inc. Receives Honors.

NEW YORK -- International Association of Insurance Supervisors Appoints David Walsh a Distinguished Fellow at 11th Annual Conference

David Walsh, executive vice president and general counsel at SBLI USA Mutual Life Insurance Company, Inc., was appointed a Distinguished Fellow at the recent 11th International Association of Insurance Supervisors (IAIS) Conference. The conference was held in Amman, Jordan last month.

Mr. Walsh was a co-founder and the first chairman of the IAIS, which was established in 1994 and now serves insurance supervisory authorities of more than 160 jurisdictions.

The IAIS promotes cooperation among insurance regulators; issues global insurance principles, standards and guidance papers; provides training and support on issues related to insurance supervision; and organizes meetings and seminars for insurance supervisors. The organization works closely with other financial sector standard-setting bodies and international organizations working to promote financial stability.

The 11th annual conference, organized around the theme of "Globalized Insurance Markets - Challenges and Opportunities," provided a forum for insurance professionals to discuss developments in the industry and topics affecting regulation. Among the key topics discussed were corporate governance, accounting, mutual recognition of reinsurance, and disclosure requirements.

Mr. Walsh was among seven leaders of the organization recognized as Distinguished Fellows for their contributions to the IAIS and the insurance industry as a whole.

"David Walsh was a driving force in the formation of the IAIS," said Yoshihiro Kawai, Secretary General of the IAIS. "We are happy and proud to thank him for his efforts and acknowledge his contributions by including him among the first class of Distinguished Fellows."

The six other 2004 Fellows to receive recognition were Piet Badenhorst from South Africa, Brian Atchinson from the United States, George Pooley from Australia, John Thompson from Canada, Jean-Louis Bellando from France and Arend Vermaat from The Netherlands.

"It is a great honor to receive this appointment from the IAIS, an organization of which I am extremely proud," said Mr. Walsh. "All of the founders of the IAIS are delighted to see the tremendous achievements the association has made in fostering global regulatory understanding and cooperation."

Since 1999, the IAIS has welcomed insurance professionals as observer members. Currently there are more than 70 observers representing industry associations, professional associations, insurance and reinsurance companies, consultants and international financial institutions.

Since joining SBLI USA Mutual Life Insurance Company, Inc. in 2001, Mr. Walsh has led a national expansion program that has brought the company's products and services to consumers in over fifty jurisdictions, including the District of Columbia, Puerto Rico and the U.S. Virgin Islands. In addition to the hundreds of product and licensing approvals involved in the rollout program, it has also entailed changing the name, logo and branding of the company's flagship subsidiary.

Mr. Walsh began his career as a successful corporate and trial lawyer in private practice. He worked as the director of insurance for the state of Alaska, where he developed and implemented a successful plan for departmental accreditation by the National Association of Insurance Commissioners. While serving as Alaska's insurance director, Mr. Walsh also served as president of the National Association of Insurance Commissioners and was a member of the U.S. delegation to the Organization for Economic Cooperation and Development. Additionally, he worked with the United States Trade Representative's Office on the insurance provisions of the General Agreement on Tariffs and Trade, and the bi-lateral U.S.-Japan negotiations on insurance. Prior to joining SBLI USA, Mr. Walsh worked as senior vice president and general counsel of Swiss Re America and as general counsel of the Domestic Brokerage Group of AIG.

Mr. Walsh earned his bachelor's degree in psychology from Loras College, a master's degree in business administration from Alaska Pacific University and a Juris Doctor degree from the University of Wisconsin. He completed the Program for Senior State Executives at Duke University.

About SBLI USA

SBLI USA Mutual Life Insurance Company, Inc. is a financial services company that is committed to the value-conscious people who make America work. The company is dedicated to building lifelong relationships with customers and empowering them with the education and tools they need to take control of their financial destinies.

SBLI USA and its subsidiaries are licensed in 49 states, the District of Columbia and Puerto Rico. With more than $1.4 billion in assets, $120 million in surplus capital, 250 employees and over 400,000 customers, the company is committed to offering affordable, flexible and easy-to-access products through a variety of integrated channels, including direct mail, telemarketing, the Internet and licensed agents, as it expands nationally.

SBLI USA Mutual Life Insurance Company, Inc. is the parent company to SBLI USA Holdings, Inc., which owns subsidiary companies S.USA Life Insurance Company, Inc., and SBLI USA Diversified Services Company, Inc.

Additional information about SBLI USA products and services can be found at www.sbliusa.com.