Favorable Decision for Executive Life Victim Trevor Langkamp

Trevor Langkamp was the recipient of one of the dreaded notices from the New York Liquidation Bureau in December, 2011 telling him that his annuity benefits from Executive Life Insurance Company of New York would be cut. The liquidation of Executive Life Insurance Company of New York (ELNY) was finalized in April, 2012 and despite […]

U.S. Escapes Liability for Executive Life Annuity

As the last of the Executive Life cases seem to be winding their way through the court system, the U.S. government escaped liability in Nutt et al v. United States, No. 14-CV-282, 2015 WL 3525191 (Fed. Cl. June 4, 2015)  for a contract it purchased in settlement of a wrongful death claim in 1983, where a […]

Stone to Speak at Society of Settlement Planners Annual Conference

Edward Stone will be a guest speaker at the Society of Settlement Planners 2015 Annual Conference in Las Vegas on March 30, 2015. Mr. Stone’s presentation will focus on the risks to settlement planners in the aftermath of the Executive Life Insurance Company of New York (ELNY) failed rehabilitation and eventual liquidation.

Once Again, “Don’t Put All Your Eggs in One Basket”

These issues keep coming up again, and again.  Are annuities safe?  Should you lock up all your money in one single annuity? As Dennis Beaver, columnist for the Hanford Sentinel, and a Bakersfield, California attorney told his readers in a recent column “determining if an annuity is right for you requires a careful financial analysis conducted […]

Stone Speaks at Society of Settlement Planners 2014 Annual Conference

Edward Stone spoke at the Society of Settlement Planners, 2014 Annual Conference in New Orleans on April 28th.  Mr. Stone’s presentation, “ELNY – Lessons Learned and the Impact Going Forward” was well received by those attending the conference.  For those settlement planners present who were not active in the industry over 20 years ago when […]

ELNY Hardship Fund Decisions to be Mailed

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 […]

“The ELNY Saga” at the National Association of Settlement Purchasers 2013 Annual Conference

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 […]

Gone, But Not Forgotten! the Remnants of ELNY

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 […]

ELNY Cuts Went Into Effect August 8, 2013

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 […]

TOO BIG TO FAIL? WILL THIS MAKE YOUR ANNUITY ANY SAFER?

Recently AIG, GE Capital and Prudential Financial disclosed that they are among the nonbank firms soon to be deemed systemically important financial institutions (SIFI), according to reports in the New York Times and The Economist.  This designation will come with higher capital requirements for these entities and may give consumers the false impression that SIFI’s […]