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December 17, 2004 at 07:00 PM
A policyholder group is asking California regulators for more documentation of policyholder losses resulting from the collapse of Executive Life Insurance Company.[@@]
The group, the Executive Life Action Network, Los Angeles, also is rejecting statements by regulators that most of the 330,000 affected policyholders have been made whole.
Credit Lyonnais, a bank owned by the French government, owned Executive Life in 1991, when the California life insurer failed. California laws in effect at the time prohibited foreign governments from owning California insurance companies.
Federal prosecutors have negotiated a settlement with Credit Lyonnais and the French government, and California Insurance Commissioner John Garamendi says his civil suit against the Executive Life defendants should go to trial in February 2005.
