by John Darer® CLU ChFC MSSC RSP CLTC
" Insurance Beneficiaries Say New York is Cheating" says the headline in today's Courthouse News . This statement of Greenwich attorney Eddie Stone sums up one initial objective of the shortfall victims, which is to block the granting of judicial immunity to the New York Superintendent, which immunity protects him from answering for the mismanagement of ELNY:
"The most vile part is asking the judge to grant them judicial immunity," Stone said. "I suspect from the data we had that something is not right. They made a $1 billion dollar adjustment to their reserve in 2006, based on a change in assumptions that they could have made in 1992."
Courthouse News Service is a nationwide news service for lawyers and the news media. Based in Pasadena, California, Courthouse News focuses on civil litigation, from the date of filing through the appellate level. Unlike other Internet-based publishers that simply aggregate information prepared by other content providers, Courthouse News states that it publishes its own original news content prepared by its staff of reporters and editors based across the country
ELNY is Executive Life Insurance Company of New York, an insurance company that is in the throes of a liquidation hearing. ELNY was placed in rehabilitation in April 1991 after getting inebriated on junk bonds in the 1980s.