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While the ELNY liquidation was finalized in August 2013 and cuts to annuitants began immediately, the ELNY Hardship Fund that was voluntarily established by a group of life insurance companies was not prepared to make funds available at that time. The ELNY Hardship Fund, administered by JAMS, now reports that its “regulatory review process” is […]
Edward Stone was a guest speaker at the National Association of Settlement Purchasers 2013 Annual Conference in Las Vegas in November 2013. Instead of sweeping the ELNY debacle under the rug, NASP and the conference participants embraced the opportunity to hear about the history of ELNY’s failed rehabilitation and its impact on both the primary […]
Peter Bickford’s Insight Column in the September 9th issue of the Insurance Advocate is an eloquent post mortem for the Executive Life Insurance Company of New York, the death of which took a long, arduous twenty-two years and left many injured people to drown in its wake. While New York seems content to sweep ELNY out of […]
The Restructuring Agreement approved by the liquidation court last April “closed” on August 8, 2013 and cuts to over 1500 Executive Life annuitants went into effect immediately. The revised schedule of cuts posted on the GABC website revealed that most annuitants saw increases in their shortfalls of 3-4%. The final schedule is expected to be […]
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 […]
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 […]
