Insurance Commissioner Wants Approval Of $200M Settlement With Foreign Bank

Mealey's (July 30, 2015, 7:27 AM EDT) -- LOS ANGELES — California’s insurance commission asked a California court on July 9 to approve a $200 million settlement on behalf of an insolvent insurer with a foreign-owned bank (Insurance Commissioner of the State of California v. Executive Life Insurance Company, No. BS 006912, Calif. Super., Los Angeles Co.).

(Application available. Document #10-150724-009X.)

The insurance commissioner of the State of California was appointed as the conservator of Executive Life Insurance Co. (ELIC) by the Los Angeles County Superior Court on April 11, 1991.

The current commissioner,...
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