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March 03, 2013

National Underwriter 2007 Article Placed ELNY blame on Previous Regulators "Kick The Can"

Monkey_cigar_lg_clr by John Darer CLU ChFC CSSC RSP CLTC

A contemporaenous observation...

"The Life Bureau says it is trying to come up with $600 million for the Executive Life of New York estate, to make sure the estate can continue to make full payments to annuity holders. Earlier Life Bureau administrations may have “significantly understated” the Executive Life of New York shortfall “by utilizing accounting methods that did not accurately reflect the estate’s financial condition,” officials write. Unless the estate gets a capital infusion, it may be able to make full payments for only 15 years, officials warn.--National Underwriter May 17, 2007.

Note the date of the National Underwriter article was 7 months before ELNY victim Eric Rabinowitz was paraded around as part of a cheerleading effort to add gloss to what proved to be an imaginary victory.

Monkey Business?

Posted at 08:23 AM in ELNY Liquidation News and Commentary, Executive Life Insurance Company of NY ("ELNY") |

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