Topic: Life Insurance & Annuities

Spitzer, NYLB Announce Proposed Resolution of Projected Shortfall in Executive Life Insurance Company of New York Rehabilitation

Dec 6, 2007 | , , |

Executive Life Insurance Company of New York (ELNY) was placed into rehabilitation in 1991 after affiliated companies became insolvent and concerns about its future solvency arose.  The rehabilitation plan adopted in 1992 involved the transfer of much of ELNY’s business to another carrier; however, ELNY in rehabilitation retained substantial assets and continued payment on certain annuities, with the bulk of the payout going to structured settlement annuitants that had received long-term and/or lifetime annuities as settlements in personal injury lawsuits. 

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Connecticut Proposes to Adopt Military Sales Practices Regulation

Nov 14, 2007 | , , |

Thomas R. Sullivan, Insurance Commissioner of Connecticut, recently published notice of intent to adopt a regulation concerning military sales practices to provide uniform standards through which active duty service members of the United States Armed Forces are protected from dishonest and predatory practices in the sale of individual life insurance and annuity products. 

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Eleventh Circuit Bars Life Insurance Actions Due to Prior Class Action Settlement

Jul 27, 2007 | |

In Adams v. Southern Farm Bureau Life Insurance, No. 98-00020-CV-CDL-4 (July 25, 2007), the Eleventh Circuit Court of Appeals affirmed the district court’s opinion that res judicata barred appellants’ claims, owing to the settlement of an earlier consumer class action against Southern Farm Bureau Life Insurance Company (“Southern Farm”). 

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