On December 4, 2019, the Superior Court of the State of California, County of Los Angeles, Central District approved the Commissioner's application for a final distribution of approximately $80 million to occur on or about July 1, 2020 and to close the Executive Life Insurance Company Estate.
Aurora, the administrator of the Opt In contracts will receive and distribute 66.1% of the funds for the benefit of Opt In contract holders. The Conservation and Liquidation Office as administrators of the Opt Out Trust will receive 33.9% of the funds to distribute to Opt Out contract holders.
Opt In contract holders should contact Aurora with any questions about their distribution at (800) 265-2652
Opt Out contract holders will receive a pre-distribution mailing in January 2020. All contract holders must complete, sign and return the form no later than April 30, 2020 in order to receive their share of the distribution. Any undistributed funds and uncashed checks will be escheated to the owner of record at their state's unclaimed property division.
FREQUENTLY ASKED QUESTIONS
Can you refresh my memory regarding the Executive Life Insurance Company litigation?
The Insurance Commissioner of the State of California, on behalf of policyholders of Executive Life Insurance Company, filed a complaint against certain parties in 1999 for fraud related to the purchase of Aurora National Life Assurance Company (the Altus litigation). In 2005, the Insurance Commissioner received $700 million in settlement proceeds related to this case, which was distributed in 2006-2010. Meanwhile the Commissioner continued to pursue his complaint against the remaining defendant. In 2015, a settlement was reached with the last remaining defendant in the 16-year-old lawsuit and a distribution was made in late 2016 of a portion of those proceeds.
Am I entitled to a part of the final distribution of settlement proceeds occurring in 2020?
If you were an Executive Life Insurance Company policyholder on September 3, 1993 you may be entitled to a portion of the settlement. The amount to which you may be entitled is subject to a number of factors. We do not disclose individual distribution amounts for security reasons.
Is this the final distribution?
Yes, the final distribution will occur on or about July 1, 2020. After that time, the Executive Life estate will close. Be sure to complete, sign and return the form you will receive in January 2020 no later than April 30, 2020 to ensure you receive your allocated share of the distribution.
How much money do I get?
It is impossible to determine how much any eligible contract holder will receive until all calculations are made. It is our practice not to disclose individual check amounts, even when known, for security reasons. Please do not call with questions about individual check amounts.
If you still have questions you may call our message line at (415) 676-2179
