ELNY Liquidation - 3

The New York Superintendent of Financial Services filed Schedule 1.15 for the proposed Executive Life of New York (ELNY) Restructuring Agreement with the Supreme Court of Nassau County New York on November 7, 2011. Following the Schedule 1.15 filing, the New York Liquidation Bureau (NYLB), acting as ELNY's Receiver, is required to send informational notices to each ELNY annuity payee and publish weekly notices in the New York Times and the Wall Street Journal.

Although the names of the annuity owners and payees are redacted, Schedule 1.15 lists all of ELNY's current annuities with individual contract identification numbers plus additional information including the proposed "uncovered amount" (shortfall) and "total percentage of contract protected" assuming contributions from state life and health insurance guaranty associations and certain supplemental enhancements.

ELNY Schedule 1.15 Highlights

• Schedule 1.15 lists extensive information for 9694 ELNY annuities of which:
  • 4168 are structured settlement annuities (SSAs).
  • 571 are single premium immediate annuities (SPIAs).
  • 4955 are pension annuities.
• Schedule1.15 indicates shortfalls ("uncovered amounts") will occur for the following annuities even assuming state guaranty association contributions and enhancements:
  • 1459 SSAs.
  • 31 SPIAs.
  • 12 pension annuities.
• For the 1459 Schedule 1.15 SSAs with anticipated shortfalls:
  • 156 SSAs are estimated to have been factored. Note: reliable industry sources have informed S2KM the actual number of current ELNY SSAs previously factored is considerably higher.
  • 1100 SSAs have "uncovered amounts" in excess of $100,000 each on a present value (PV) basis including
  • 237 SSAs which have "uncovered amounts" in excess of $1,000,000 PV each including
  • 17 SSAs which have "uncovered amounts" in excess of $5,000,000 PV each.
  • The largest ELNY SSA has an "uncovered amount" of $25,692,377 PV.
• According to Schedule 1.15, the total percentage of each ELNY SSA contract value "protected" by ELNY's remaining assets, state guaranty fund payments plus additional enhancements varies from 34 percent to 100 percent depending upon the individual contract.

For additional information about the ELNY liquidation including an Executive Life timeline, see the structured settlement wiki.