An updated schedule detailing the benefit cuts for Executive Life Insurance Company of New York (ELNY) annuitants is available on the new GABC website. This updated schedule indicates that most shortfall payees will see additional cuts of approximately 3-4%. If you are an ELNY annuitant whose benefits are being cut, we can perform an analysis […]
Unbelievable as it may be, there are still Executive Life of New York annuitants who are going to be surprised when they are hit with the cuts which are expected to take place next month. Some annuitants believe they are going to receive a “lump sum” buyout from the newly created GABC. That is not […]
ABC6/Philadelphia’s Nydia Han’s piece entitled “Cautionary Tale About Annuities” aired in the Philadelphia area last night. Han’s piece emphasized the risks associated with annuities and cautioned consumers about “putting all their eggs in one basket”. One Executive Life (ELNY) annuitant was featured in this segment, whose benefits will be cut by 54% sometime in the […]
In an excellent article in Life HealthPro on July 25, 2013 entitled “Another blight on the bruised annuity industry’s reputation – When will the industry clearly explain itself to the public?” life insurance news editor Michael Stanley analogizes the annuity industry’s recent attempts to renege on the generous income and death benefits they promised to the […]
The Superintendent of Financial Services, Benjamin Lawsky has posted a liquidation notice on the Executive Life Insurance Company of New York website, www.elny.org, with a liquidation date of August 8, 2013. For more information, please contact us at eddie@edwardstonelaw.com or (203) 504-8425.
American Equity Investment Holding Company was one of the first life insurance companies to announce a charge to cover assessments stemming from the Executive Life Insurance Company of New York (ELNY) liquidation. The American Equity press release indicated that its second quarter financial results would include a pretax charge of up to $8.5 million. American […]
Ultimate recovery of cut benefits for Executive Life (ELNY) annuitants may depend upon the underlying settlement documents from the initial lawsuits which resulted in the issuance of the Executive Life annuity contracts. Structured settlement annuity contracts resulting from the settlement of personal injury or wrongful death lawsuits differ from annuity contracts purchased for investment purposes. […]
As reported by LifeHealthPro in May, the 1500 Executive Life (ELNY) annuitants whose benefits are slated for reduction should expect those cuts to go into effect during the third quarter of 2013. Of these 1500 annuitants slated for benefit reductions, some may be able to recover their lost benefits from third parties. If you are […]
The last annual report of the New York Superintendent of Insurance for the year 2010 was 235 pages long. The first annual report by the newly created Department of Financial Services for 2011 was just 118 pages and covered both the banking and insurance departments. The 2012 annual report, released on June 15, 2013, was […]
Edward Stone is quoted in this article by Gail Liberman and Alan Lavine that appeared in the Wall Street Journal’s Market Watch on May 17, 2103. ” The article points out that benefit payouts on annuities are guaranteed by state insurance guaranty associations where the coverage limits vary by state from a low of $100,000 […]
© Edward S. Stone 2014-2022.
