Executive Life Insurance Company of New York in Receivership
Last Updated: 05/02/2012
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Welcome
Executive Life Insurance Company of New York (“ELNY”) is a life insurance company that was established in New York City in 1935.  ELNY sold annuity contracts and other insurance policies across the United States. Many of the annuity contracts were issued to fund structured settlement agreements resolving physical injury claims, such as medical malpractice, product liability and workplace injury claims.  Payees under these annuity contracts may include injury claimants and members of their families.
In the early 1990s, ELNY began to experience a financial shortfall jeopardizing its ability to pay contract owners, payees and beneficiaries largely because of serious financial difficulties encountered by its California parent company. In 1991, the New York State Superintendent of Insurance (now known as the Superintendent of Financial Services) acted to protect ELNY contract owners, payees and beneficiaries by placing the company into what is known as rehabilitation, a process that is used to help restore financially impaired insurance companies to financial health. 
Under the rehabilitation process, the Superintendent was appointed by the New York State Supreme Court to act as the Receiver of ELNY (“Receiver”). This allowed the Superintendent to place ELNY into Receivership, enabling the company to continue to make payments to contract owners, payees and beneficiaries. While in Receivership, ELNY has been functioning under the direction of the New York Liquidation Bureau (“NYLB”), an entity that carries out the responsibilities of the Superintendent as Receiver and acts on the Superintendent’s behalf in discharging his statutory duties.  Furthermore, the NYLB is responsible for conducting the day-to-day affairs of insurance companies placed into rehabilitation or liquidation. While operating in Receivership, ELNY has continued to make 100% of all annuity payments to all of its annuity contract owners, payees and other beneficiaries.
The rehabilitation of ELNY has been negatively impacted by sustained periods of adverse economic conditions, including low interest rate environments and unfavorable equity markets. In addition, the stock market collapse of 2008 worsened ELNY’s already fragile financial condition. As a result of these adverse economic conditions, ELNY’s assets are no longer adequate to continue to support the payment of 100% of the benefits ELNY annuity contract owners and other payees and beneficiaries expect to receive into the future.
CURRENT STATUS
As of December 31, 2010, ELNY had $905,945,201 in admitted assets, and $2,474,317,343 in l