by John Darer CLU ChFC CSSC RSP
The September 30, 2011 deadline for Life and Health Insurance Guaranty Associations to "ratify" the ELNY Restructuring Agreement has come and gone. The NSSTA, which has an ELNY Task Force, reported to its members that most associations that are expected to cover ELNY annuities, have confirmed that they will participate in the Restructuring Agreement, thus enabling the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA) and its consultants to be in a position to complete and file the initial version of the schedule to the Restructuring Agreement (Schedule 1.15) that will specify the treatment that individual annuities would receive by mid-October . Under the Order to Show Cause entered September 1, 2011, notice of ELNY's pending liquidation and the proposed Restructuring Agreement is to be sent to individual annuity payees and owners within 30 days after Schedule 1.15 is filed.
March 15, 2012, ironically the Ides of March, is the date for the hearing on entry of orders that would (among other measures) declare Executive Life Insurance Company of New York insolvent; convert the Executive Life Insurance Company of New York rehabilitation to liquidation; and approve the Agreement of Restructuring.
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