Albany Times Union (Albany, NY) March 17, 1993 Byline: JAMES DENN Business writer The state Insurance Department on Tuesday completed a major part of its plan to protect policyholders threatened by the financial problems of Executive Life Insurance Co. of New York.
As part of the agreement, 72,000 Executive Life policyholders and nearly $1.5 billion in assets were transferred to Metropolitan Life Insurance Co.
The action means that almost 50,000 Executive Life annuity holders and about 23,000 life insurance policyholders now become Met Life policyholders. About 1,500 annuity holders and nearly 3,000 life insurance holders opted out of the plan to become Met Life members. They will be repaid over three years.
“We are pleased to bring this effort to a successful conclusion with policyholders getting 100 cents on the dollar and going to Met Life,” said Superintendent of Insurance Salvatore R. Curiale. “We believe we have done a solid job for the policyholders under difficult circumstances.” Under the plan, approximately 18,000 single-premium annuity holders who receive regular monthly payments through structured settlement awards and pension close-outs will continue to be paid by Executive Life according to provisions of a separate administrative contract with Met Life. metlifedentalnow.net met life dental
While Executive Life can no longer write life insurance, it is still responsible for these debts, along with the Insurance Department. In order to guarantee payments, the department has set aside $1.6 billion of Executive Life’s assets to pay the claims – $100 million of which comes from Met Life as payment for the assets and policyholders.
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