Executive Life Insurance Company (Executive Life) was a California domiciled life insurance company that issued insurance contracts in Michigan. Executive Life Insurance Company was affiliated with, but different from, Executive Life Insurance Company of New York. In 1984, as a condition of licensure, the Michigan Insurance Department required Executive Life to establish and maintain a special deposit for the protection of Michigan policyholders in the event Executive Life suffered a financial downfall. On April 11, 1991, the Superior Court of the State of California for the County of Los Angeles issued an Order naming the California Insurance Commissioner as Conservator for Executive Life. On October 3, 1991, an Order was entered by the Michigan Circuit Court for the County of Ingham naming the Michigan Commissioner of Insurance as Ancillary Receiver and Liquidator for the purpose of liquidating the Michigan Special Deposit.
On April 28, 1999, the Michigan Circuit Court for the County of Ingham issued a Confirmation Order Approving the Ancillary Receiver’s Plan for Distributing the Special Deposit. The centerpiece of the plan was an assumption reinsurance agreement with Continental Assurance Company and Valley Forge Life Insurance Company to transfer virtually all of the Michigan Executive Life policies. The Michigan Ancillary Receivership continued to process and pay claims of Michigan policyholders as part of the overall administration of the Michigan Executive Life block of business until June 30, 1999. On June 30, 1999, the Assumption Reinsurance Agreement with Valley Forge Life Insurance Company and Continental Assurance Company, subsidiaries of CNA Insurance Companies, was completed. As such, effective July 1, 1999, Valley Forge Life Insurance Company and Continental Assurance Company assumed the liability of the former Michigan block of Executive Life. The Ancillary Receivership was closed in 2003.
Contact information for Michigan policyholders of Executive Life contracts covered by the Michigan Special Deposit:
Please note: Non-Michigan policyholders of Executive Life Insurance Company were subject to a different resolution plan than the Michigan Ancillary Receiver’s Plan.