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Executive Life Insurance Company
Estate Manager: Willard Roberts
Email Address: elic@caclo.org, RobertsW@caclo.org
Telephone Number: (415) 676-5034
Conservation Date: 04/11/1991
Liquidation Date: 12/06/1991
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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.

ELIC FREQUENTLY ASKED QUESTIONS

  1. 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.

  2. 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.

  3. 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.

  4. 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


2020 FINAL DISTRIBUTION CERTIFICATION FORM FREQUENTLY ASKED QUESTIONS

  1. The contract owner you have in your records has passed away, what do I do?

    Because of the time constraints involved in this final distribution, we strongly recommend that, if it is possible for you to cash a check payable to the "Estate of" the deceased contract owner, you complete Section 1, provide a copy of the death certificate and return the signed form prior to the deadline. We will then make the check payable to the "Estate of" the deceased contract owner. If this does not work for you, in order to change the name, we require:

    a copy of the death certificate and
    a copy of the Letters Testamentary or an applicable Small Estate Affidavit or court order provided by the executor.

    The documents, as well as the completed Opt Out Trust Response Form, must be received at our office prior to April 30, 2020. If the documentation received is insufficient, we will not be able to process the name change and the funds will be escheated in the current name of the contract owner to the state's unclaimed property division. Please note we cannot issue more than one check per contract.

  2. I have a name change. What will you require from me?

    We strongly recommend that, if it is possible for you to cash a check under the name showing in this letter, you do not attempt to change your name for our records. If you cannot cash a check under the name shown, please review the following required documents. Scanned copies of documents are acceptable; be aware that you may need to provide the original documents if requested.

    For Divorce we require a copy of one of the following:

    Court-ordered Divorce Decree or Qualified Domestic Relations Order (QDRO)
    or Court-Approved Divorce Settlement.

    For Marriage:

    Copy of Marriage Certificate (does not need to be certified). Note: Provide all additional documents necessary to show the succession of name changes between the current contract name and the requested name change if there has been a divorce and remarriage.

    For other name changes:

    Court decree changing name.

  3. Can I scan the requested documents and email them to you?

    Please provide any required documents (copies acceptable) with your returned letter if possible. Otherwise, you can scan those documents and email to elic@caclo.org. Be sure to include in your email your contract number(s) and your name if sending via email. Be aware that you may need to provide the original documents if you are requested.

  4. Is this distribution subject to withholding? When will 1099s be mailed?

    It is considered a non-periodic distribution and if withholding is elected, 10% federal tax will be withheld from your gross amount as well as state tax if applicable. Tax withholding is required if we do not have your correct Social Security/Tax Identification number, or if the payment is being mailed to a contract owner with a mailing address outside the United States. 1099s will be mailed by January 31, 2021.

  5. Why did I get a letter for only one of my contracts? (or why did my sister/neighbor/friend who also Opted Out not get one)?

    This could be for one of two reasons:

    1. The estimated distribution amount for that contract is under $2.00. Any funds less than $2.00 will not be paid out due to processing cost constraints, OR
    2. There may be an address problem that needs to be cleared up. You may email elic@caclo.org or call (415) 676-2179 with your name and contract number. We will research this and call you back.

  6. I also have an Opt In policy will I be getting money from that?

    Yes. Aurora National Life Assurance Company will be distributing funds to Opt In policyholders at the same time, in early July. They will not be sending out a pre-distribution letter such as you received for your Opt Out contract. For further questions regarding your Opt In policy, contact Aurora at 1-800-265-2652.

  7. I missed the April 30, 2020 deadline. What do I do? What is escheatment?

    Unfortunately, we cannot process your letter after April 30, 2020. Escheatment is the process through which unclaimed assets are turned over to a state's unclaimed property division. Your distribution will be escheated for the benefit of the owner name as shown in the letter to your state's unclaimed property division. We expect this to take place by March 2021. To obtain escheated funds, please contact your state's unclaimed property division after that time for instructions on obtaining these funds.