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May 21, 2011

"Amazed At How Few People Knew About ELNY" Situation

by John Darer CLU ChFC CSSC RSP

A stunning lack of awareness of the Executive Life of New York shortfall punctuated a review from an attendee of the National Structured Settlement Trade Association and Society of Settlement Planners annual meetings held last week in La Jolla and Las Vegas respectively.

NSSTA held a session to inform those attending about the very serious ELNY shortfall (reportedly doubled since the end of 2007) which could potentially affect a significant number of structured settlement annuitants whose periodic payment plans were set up in the 1980s through early 1991. Executive Life of New York has been in rehabilitation since April 23, 1991.

While I can take personal comfort in the fact that I did not write any Executive Life of New York business, I am concerned about a lack of industry and public awareness.

Is something like this* in the future for some corners of the structured settlement industry? 

 

 

             

Watch the Executive Life of New York podcast with John Darer and Mark Wahstrom which discusses how the ELNY situation could affect structured settlement annuitants.

 *Note: none of those depicted in this spoof video, produced by a third party and posted on YouTube, are involved in Executive Life of New York, to the best of our knowledge. and the posting here is not intended to suggest in any way that they are.

 

Posted at 10:44 AM in Executive LIfe of New York, Executive Life of New York Shortfall, Executive Life Structured Settlements |

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