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REPORT TO POLICYHOLDERS

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Title Page
Letter from Commissioner
Executive Summary
Table of Contents
PART 1. GENERAL INFORMATION	1
Reasons for Regulatory Action	1
Background of HOWIC	2
Insurance Program of the Companies	2
Interruption in the Sale of New Policies	3
Directors and Officers Litigation	3
Other Asset Collection Activities	4
PART 2. EFFECTS OF RECEIVERSHIP	4
Change in Management	4
Authority of Deputy Receiver	4
Stay of Litigation	4
Rehabilitation Efforts	4
No Guaranty Fund Coverage	5
HOWIC Coverage Remains in Effect	5
PART 3. ADMINISTRATIVE CLAIMS PROCESS	6
Prioritization of Claims	6
Deputy Receiver's Directives	6
How to File a Claim	7
A. Claims for Builder Default Coverage	7
B. Claims for Major Structural Defect Coverage	7
C. Other Claims	7
Claim Submission	8
Defense of Third Party Actions	8
Other Insurance	8
Claim Determinations	8
Advisory Opinions Regarding Claims	8
Right to Appeal	8
Builder Repair Costs	9
Builder Adjudication of Claims	9
Conclusion	9
PART 4. GLOSSARY	10
EXHIBIT A - MAJOR STRUCTURAL DEFECT QUESTIONNAIRE FOR HOME OWNERS	11
EXHIBIT B - RECEIVERSHIP APPEAL PROCEDURE	16
EXHIBIT C - REPAIR COST QUESTIONNAIRE FOR BUILDERS	19
SCHEDULE 1 - CONTACT INFORMATION FOR MILBURN HOMES	25
SCHEDULE 2 - CONTACT INFORMATION FOR THE RYLAND GROUP	25
Home Owner Survey	27