Executive Life Insurance Company
- Executive Life Insurance Company
Executive Life Insurance Company (ELIC) was once the largest life insurance company in California. Its financial problems and subsequent insolvency in 1991 [ [http://www.nolhga.com/companies/public/main.cfm?NAICCode=63010 Executive Life Insurance Company] , Insolvencies and Impairments, NOLHGA website] shocked its policyholders and the financial world.
In 2003, Credit Lyonnais and others agreed to pay $771 million in settlements resulting from false statements to bank regulators in connection with the acquisition of junk bonds and the insurance business of the failed Executive Life Insurance Company of California. [ [http://www.fbi.gov/dojpressrel/pressrel03/credit121803.htm CREDIT LYONNAIS AND OTHERS TO PLEAD GUILTY AND PAY $771 MILLION IN EXECUTIVE LIFE AFFAIR] , US Department of Justice press release, December 18, 2003]
References
External links
* [http://www.insurancejournal.com/news/international/2005/02/16/51527.htm Insurance Journal]
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