NOLHGA Statement on Executive Life of New York Matter

HERNDON, VA  - December 4, 2007 --  The National Organization of Life & Health Insurance Guaranty Associations (NOLHGA)  coordinates the efforts of the state guaranty associations that are playing a central role in the  resolution of the ongoing and complex Executive Life Insurance Company of New York (ELNY) matter. 

NOLHGA President Peter G. Gallanis made the following statement regarding the ELNY situation:

"NOLHGA and all of our member Guaranty Associations appreciate the efforts of Gov. Spitzer and the New York Liquidation Bureau to address the difficult and long-standing Executive Life Insurance Company of New York matter. NOLHGA’s member guaranty associations and the insurance companies that belong to them will be key participants in the protection of individuals dependent upon ELNY.

"While much work remains ahead for all parties, significant progress has been made, and NOLHGA will  continue to work in good faith with all stakeholders to develop a plan that will ensure that policyholders will receive the greatest levels of protection that can be provided them under law.

"The mission of protecting policyholders and providing a nationwide safety net for life insurance and annuity benefits is an obligation that NOLHGA and our member state guaranty associations take very seriously – one that we have fulfilled by protecting more than 2.2 million policyholders and providing more than $4.4 billion in direct coverage benefits over the years."

About NOLHGA:  The National Organization of Life & Health Insurance Guaranty Associations (NOLHGA) is a voluntary association made up of the life and health insurance guaranty associations of all 50 states, the District of Columbia and Puerto Rico.  State guaranty associations provide coverage (up to the limits set forth in  state law) for resident policyholders of insurers licensed to do business in their states. NOLHGA assists its member associations in quickly and cost-effectively providing coverage to policyholders in the event of a multi-state life or health insurer insolvency. http://www.nolhga.com/.

Contact:

Nick Manetto
202.312.7499
[email protected]