HomeNewsCompaniesGovernanceFAQContactSearch
 
Search   
Executive Life Insurance Company
Estate Trust Officer: 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
Expand All Expand All    Collapse All Collapse All

October 31, 2002 - the Commissioner distributed approximately $72 Million to former ELIC policyholders and their subrogees. The monies distributed arose from the proceeds of litigation, principally against Drexel Burnham Lambert, Michael Milken and the former Directors, Officers and Accountants of ELIC. Included in the distribution were amounts held by the FEC Litigation Trust and certain class action proceeds.

Pursuant to the order of the Court, the population receiving proceeds from the class action litigation included not only ELIC policyholders which were in force on September 3, 1993 when the Rehabilitation Plan for ELIC closed, but also policyholders who surrendered their policies between January 22, 1990 and the conservation date of April 11, 1991, and policyholders who allowed their policies to lapse during the conservation period (April 11, 1991 to September 3, 1993) and paid a surrender charge upon surrender or lapse of their policies.

In accordance with the Court's orders, no checks were issued where the amount of the check would be less than $2.00.