Accident victims and pensioners with annuities from the bankrupt Executive Life Insurance Company of New York will continue receiving payments under a plan worked out with property-casualty and life insurance companies, New York officials said.
The arrangement was announced by New York Gov. Eliot Spitzer and State Insurance Superintendent Eric Dinallo. They said the agreement covers nearly 11,000 persons.
ELNY, which went bankrupt in 1991, was facing a significant deficit under the supervision of Mr. Dinallo and the New York Liquidation Bureau, an independent organization.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
