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Life Health > Life Insurance

The Complete ELNY Saga

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In this month’s issue of National Underwriter Life and Health, we will present a special investigative project that examines the complete history of the Executive Life Insurance Company of New York insolvency. Long remembered as one of the life industry’s greatest fiascoes, the ELNY situation is nearing an unsatisfactory conclusion as hundreds, even thousands of payees are finding themselves suddenly cut short by an insolvency process allowed to ramble on for more than two decades, while those charged with safeguarding the public trust on this have wasted billion of dollars, conducted themselves in a questionable manner and betrayed the very fiduciary duty they were sworn to uphold.