Bing Appointed NYLB Superintendent

New York Governor Andrew Cuomo's recent appointment of Jonathan Bing to serve as Special Deputy Superintendent of the New York Liquidation Bureau (NYLB) could prove a positive development for structured settlement stakeholders in the anticipated liquidation of Executive Life of New York (ELNY).

Bing, who was serving his fifth term in the New York State Assembly, assumed his new position just prior to the June 23, 2011 motion by the Superintendent of the New York Insurance Department to postpone the deadline for filing a proposed order and plan of liquidation for ELNY with the New York State Supreme Court of Nassau County from July 1, 2011 to August 10, 2011 "in order to present a comprehensive and consensual proposed Plan of Liquidation that maximizes the potential benefits for ELNY's structured settlement and other annuitants."

Created in 1909 by the New York State Legislature, the NYLB "carries out the responsibilities of the Superintendent of Insurance as Receiver, and acts on his behalf in the discharging of his statutorily defined duties to protect the interests of the policyholders and creditors of insurance companies that have been declared impaired or insolvent."

Prior to the collapse of First Executive Corporation in 1991, at which time ELNY entered rehabilitation under the supervision of the NYLB, ELNY sold an estimated 8,000 structured settlement annuities. To date, all related ELNY structured settlement payments have been paid in full. However, the most recent financial statements for ELNY (as of December 31. 2010) show assets of $905,945,200 compared with liabilities of $2,474,317,342 resulting in a negative surplus of $1,568,372,142. The 2007 announcement of "an agreement in principle", whereby various insurers and guarantee associations apparently had agreed to pay $650 to $750 million to fund future ELNY payments, has never materialized.

As the NYLB's Special Deputy Superintendent, Bing can be expected to play an important role in any ELNY liquidation. What are Bing's attitudes toward structured settlement recipients and persons with disabilities?

Bing's strong support for, and favorable attitude toward, persons with disabilities (and also therefore, at least potentially, structured settlement victims) are apparent from his responses to a 2008 Questionnaire when he was running for re-election to the New York State Assembly. The questionnaire was compiled and published by the 504 Democratic Club, "The First Democratic Club in the Country Focusing on Disabled Rights". Here are some of Bing's responses:

• "While in office, I have introduced legislation sponsored by 41 colleagues to expand the Disabled Rent Increase Exemption ... for rent regulated tenants and worked closely with the disability community on this issue."
• "This year [2008], I authored legislation ... to create licensing for vision rehabilitation therapists and orientation and mobility specialists."
• "I co-sponsored the law that phased in an increase to $29,000 in the income eligibility for the real property tax exemption for disabled property owners."
• "I have also sponsored legislation to create a New York State housing registry containing up-to-date information regarding accessible housing statewide for people with disabilities, and supported the law which created the Access to Home program to provide financial and technical resources to assist renters and property owners to make dwelling units accessible for low and moderate income persons with disabilities."
• "I was also a co-sponsor of "Timothy's Law," [designed to end health insurance discrimination by enacting parity in coverage for people with biologically-based psychiatric disabilities] which was a significant step to end our health insurance system's second-class treatment of individuals requiring mental health care."
• "In [my] capacity [as the New York Coordinator for the Federal Emergency Management Agency's Disaster Legal Services Program after 9/11], I supervised attorneys responding to disabled New Yorkers with questions concerning housing, employment, health and environment, and a host of other issues."
• "During the two-year process of writing [a substantial 1996 law journal article on the subject of the mentally retarded and capital punishment], I learned much about the plight of mentally retarded defendants in the criminal justice system."
• "In December 1990, I was hospitalized for emergency surgery to repair a detached retina in my left eye....The experience taught me to appreciate the difficulties that people with visual impairments or blindness must face."
• "The first person I hired in my political career was Micah Kellner, a person with a disability who was elected to the Assembly in 2007."
• "With regard to the DRIE legislation discussed above, I have brought together a coalition of advocates for the disabled - including the Coalition for the Homeless, Multiple Sclerosis Society, and the Center for the Independence of the Disabled -- to work to advance this measure as well as prevent bills that would cause harm to the disability community from moving forward in the Assembly."
• "I have supported legislation ... which has passed the Assembly on several occasions that would waive sovereign immunity for New York State for [Americans with Disabilities] violations."
• "Yes" in response to: "Would you oppose proposals which would negatively affect eligibility, benefits, coverage, and/or access to services for Medicaid beneficiaries and eliminate the systemic bias that leads to unwanted placement in nursing homes and other institutions?"
• I am a sponsor of ... legislation that would require the inclusion of [Post Traumatic Stress Disorder] among the list of biologically based mental illnesses that would be covered under Timothy`s Law. I was a sponsor of the 2006 law which ensured that treatment of autism was covered by health insurance."
• "Yes" in response to: "Do you support Medicaid Presumptive Eligibility legislation which would eliminate the standard 45 days coverage gap that blocks access to treatment?"
• "I am a sponsor of ... legislation that would add low-income disabled persons to the list of those eligible for [Elderly Pharmaceutical Insurance Coverage] ."
• "I have also sponsored legislation ... that has passed the Assembly to create a statewide registry of accessible housing for people with disabilities."
• "Yes" in response to: "Do you favor incorporating [provisions Section 504 of the Rehabilitation Act of 1973 requiring housing developers to set aside a certain percentage of accessible units for persons with disabilities when federal funds are used for construction] into State law so that the Department of Housing and Community Renewal can be empowered to enforce these provisions?"
• "I support many efforts to ensure that those with disabilities have access to the voting booth. I am a sponsor of ... legislation which passed the Assembly that would require each New York State polling place to be accessible to physically disabled voters. I have also voted for [legislation] which would require that polling places, whenever practicable, be on a public transportation route, and ... which would provide that ballots be made available in Braille."
• "Yes" in response to: "Will you support a fully funded office of disability services on each SUNY and CUNY campus to assist students with disabilities in securing accommodations?"
• "I will work with schools in my District to ensure that students with disabilities have access to a quality education. I am a sponsor of A. 3496, the "Dignity for All Students Act," that would authorize the State Education Department to establish policies and procedures for affording all public school students an environment free of harassment and discrimination based on their disability."
• "I convinced the New York City Department of Transportation to build a driveway in front of a senior facility in the heart of the Second Avenue Subway construction zone in the East 90s so that the residents would have access to wheelchair-accessible transportation. I have also supported [legislation] to ensure that persons with disabilities have access to gasoline at service stations."
• "Yes" in response to: "Will you support Assembly Member Kellner's proposed bill requiring NYC to transition to a 100% accessible taxi fleet?"
• "Yes" in response to:"Do you support legislation requiring car services, and all shuttle services to purchase wheelchair accessible vehicles or otherwise ensure that they have the capacity to serve persons with disabilities?"

For complete and continuing S2KM reporting about Executive Life of New York, see S2KM's structured settlement wiki.