Conservation and Liquidation Office

2007 Estates Annual Report
All Estates April 28, 2008 - The following report summarizes the activities of the Conservation & Liquidation Office (CLO), and displays Estates opened and closed during 2007 and Estates open at December 31, 2007. ... Read more...
Remaining Settlement Proceeds of Altus Litigation Funds Transferred to Aurora
Executive Life Insurance Company July 5, 2007 - Remaining Settlement Proceeds of Altus Litigation Funds were transferred to Aurora today for distribution to ELIC Opt-in policyholders in the fall 2007.
Judgment In Conformity With Final Arbitration Decision
Executive Life Insurance Company June 29, 2007 - Commissioner received judgment in conformity with final arbitration decision. ... Read more...
Notice Of Motion For An Order Approving Distribution Of Specified Altus Litigation Proceeds
Executive Life Insurance Company June 29, 2007 - Commissioner receives Order Granting Motion of Insurance Commissioner of the State of California for an Order Approving Distribution of Specified Altus Litigation Proceeds Consistent with Final Arbitration Decision. ... Read more...
Notice Of Hearing On Petition To Confirm Final Arbitration Decision
Executive Life Insurance Company June 1, 2007 - Commissioner files Notice of Hearing on Petition and Petition by Insurance Commissioner of the State of California to Confirm Final Arbitration Decision; Supporting Memorandum of Points and Authorities; [Proposed] Judgment. The court hearing is scheduled for June 29, 2007 Read more...
Notice Of Motion For An Order Approving Distribution Of Specified Altus Litigation Proceeds
Executive Life Insurance Company June 1, 2007 - Commissioner files Notice of Motion and Motion of Insurance Commissioner of the State of California for an Order Approving Distribution of Specified Altus Litigation Proceeds Consistent with Final Arbitration Decision, and Supporting Memorandum of Points and Authorities. The court hearing is scheduled for June 29, 2007 Read more...
Order Approving Interim And Early Distributions
PAULA Insurance Company May 31, 2007 - Court grants Commissioner's Order Approving an Interim Distribution of Assets to Approved Claimants and Early Access Distribution to Insurance Guaranty Associations. ... Read more...
Notice Of Hearing On Verified Application For Order Approving Interim And Early Distributions
PAULA Insurance Company April 16, 2007 - Commissioner files Verified Application of Insurance Commissioner for an Interim Distribution of Assets to Approved Claimants and Early Access Distribution to Insurance Guaranty Associations and Points and Authorities in Support Thereof. The court hearing will be held on May 31, 2007. ... Read more...
California Insurance Commissioner Steve Poizner Announces $443.5 Million Arbitration Award
Superior National Insurance Company March 2, 2007, Sacramento - California Insurance Commissioner Steve Poizner today announced the Department's Conservation and Liquidation Office (CLO) has won an arbitration award of $443,515,724 in favor of the five Superior National Insurance Companies in Liquidation. The arbitration award is against United States Life Insurance Company, a subsidiary of AIG, and subject to court review. Commissioner Poizner said he is pleased that the panel of arbitrators made the award, which must be approved by the courts. "These funds will go toward paying the claims of injured workers insured by the insolvent Superior National companies," said Poizner. "In the future, it will also benefit all California employers, who will pay less in premium surcharges." The arbitration arose from a dispute of a... Read more...
Insurance Commissioner John Garamendi Announces $295 Million in Additional Distributions to Executive Life Policyholders After Arbitrator's Decision Regarding Litigation Proceeds
Executive Life Insurance Company Ruling means that the proceeds, won through the Commissioner's litigation on behalf of Executive Life policyholders, will be distributed to claimants who "opted in" to a recovery plan associated with ELIC's successor, Aurora National Life Assurance Co. SACRAMENTO - Insurance Commissioner John Garamendi on Thursday announced that the Department of Insurance has won a dispute over the distribution of proceeds obtained through litigation on behalf of policyholders of the failed Executive Life Insurance Company (ELIC). The recent decision by an arbitrator means that former policyholders who "opted" to participate in the approved ELIC recovery plan will now share an additional $295 million. To date, the Department has collected approximately $730 million in proceeds from litigation filed... Read more...

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