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February 17, 2005 at 07:00 PM
NU Online News Service, Feb. 17, 2005, 4:44 p.m. EST
A policyholder group says a proposed $600 million Executive Life Insurance Company settlement is too small.[@@]
The Executive Life Action Network, Los Angeles, a group that represents some of the policyholders affected by the 1991 failure of the life insurer, is asking state Sen. Jackie Speier, D-Hillsborough, Calif., chair of the state Senate Insurance Committee, to review the proposed settlement.
The group says the same California insurance regulators who negotiated the settlement have estimated that the collapse of Executive Life cost policyholders about $4.5 billion. Even the $600 million settlement seems to include only $225 million in “new money” on top of what already has been paid, the group says.
