Commissioner Wants To Distribute $110M To Insolvent Insurer’s Policyholders
Mealey's (July 15, 2016, 7:56 AM EDT) -- LOS ANGELES — California’s insurance commissioner asked one of the state’s courts on June 29 for approval of a $110 million interim distribution of certain settlement proceeds to an insolvent insurer’s policyholders (Insurance Commissioner of the State of California v. Executive Life Insurance Company, No. BS 006912, Calif. Super., Los Angeles Co.).
(Motion available. Document #10-160722-013M.)
The Los Angeles County Superior Court declared Executive Life Insurance Co. (ELIC) insolvent on April 11, 1991, and appointed California’s insurance commissioner as ELIC’s conservator. ELIC was later placed into...