Entries by ginny

ELNY Announces Liquidation Date

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.   

Life Insurers Begin to Announce ELNY Assessments

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 […]

NBC’s Willard Shepard Interviews ELNY Shortfall Payees

An NBC reporter for a Miami affiliate, Willard Shepard, did an in-depth interview with two Executive Life (ELNY) annuitants, or shortfall payees that aired in South Florida on May 15th.  The investigative interview can be viewed online along with the companion article.   The interview highlights the many issues facing those annuitants whose benefits will […]

Executive Life (ELNY) Cuts to Begin in 3Q

LifeHealthPro has reported that the Executive Life (ELNY) liquidation is expected to be implemented in the third quarter of this year, and could be as early as August.  The article did not specify an effective date for the payment reductions, so those annuitants expecting cuts are still in the dark.  The looming cuts will cause […]

ELNY – Leave to Appeal Denied

Despite our best efforts, the New York Court of Appeals denied our motion for leave to appeal the Appellate Division decision and will not hear our case on the merits.   We expect that the Restructuring Plan will be signed shortly and benefit reductions will start soon after that.  As difficult as it may be to […]


2013 Annual NASP Conference

2013 Annual NASP Conference Eddie Stone will be speaking at the 2013 Annual NASP Conference being held in Las Vegas from November 5-8, 2013.  Conference registration began on April 15, 2013.  More information on the conference is available here.