New York Liquidation Bureau
Adrienne A. Harris
Superintendent of Financial Services as Receiver

Restructuring Agreement:
• Summary
• Agreement of Restructuring

Supporting Motion Papers:
• Verified Petition
  – Exhibit A
  – Exhibit B
  – Exhibit C
  – Exhibit D
  – Exhibit E

Contact Person(s):

General Information

Phone  (212) 341-6728


Executive Life Insurance Company of New York

Estate Profile:
Date of Rehabilitation: 04/23/1991
Date of Liquidation: 08/08/2013
Termination of Policies: None
Proof of Claim Filing Deadline: 12/08/2013
Dividend Distribution: None
Bar Date: None

Historical Information:

On April 19, 2012, the Supreme Court of the State of New York, Nassau County (“Receivership Court”) entered an Order finding Executive Life Insurance Company of New York (“ELNY”) to be insolvent and approved a Restructuring Agreement in connection with the liquidation and restructuring of ELNY.  By Order of the Receivership Court, the Superintendent of Financial Services of the State of New York, as Receiver, was directed to liquidate ELNY’s business and affairs in accordance with New York Insurance Law and in substantially the manner provided in the Restructuring Agreement.  The Liquidation Date of ELNY was the closing date of the Restructuring Agreement, which occurred on August 8, 2013.

Substantially all of ELNY’s remaining assets have been transferred to Guaranty Association Benefits Company (“GABC”), a newly created not-for-profit captive insurance company owned by the Participating Guaranty Associations that is referred to as “NEWCO” in the Restructuring Agreement.  Since the Liquidation Date, GABC has been responsible for managing such assets and making payments to contract owners, payees and beneficiaries.

Additional Information:

For further information about GABC or benefit payments from GABC to contract owners, payees and beneficiaries following the Liquidation Date, you may contact them directly at:

Guaranty Association Benefits Company
PO Box 1154
Jacksonville, IL 62651-1154

Phone: 800-421-8850
Fax: 803-333-2417