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Executive Life

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BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | May 10, 1991
Although they have been prohibited from selling new policie in Maryland, Executive Life Insurance of Inglewood, Calif., and its sister company in New York will continue to serve those holding their existing policies here.State Insurance Commissioner John A. Donaho has ordered the two companies, both subsidiaries of First Executive Corp. of Los Angeles, to stop selling or renewing policies in Maryland. The New York operation is called Executive Life of New York.At the end of last year, Executive Life of California had $731 million in life policies in Maryland and Executive Life of New York had $88 million.
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NEWS
By Jennifer Skalka and Jennifer Skalka,Sun reporter | January 26, 2007
Gov. Martin O'Malley said yesterday that he would sign a repeal of the death penalty if a bill reaches his desk, weighing in on the contentious issue hours after a coalition of legislators and activists renewed their push to strike Maryland's execution law from the books. "Now that it's salient, and we have to deal with it, I'm certainly not going to try to duck or hide. I would like to see us repeal the death penalty," O'Malley said during an interview in his State House office. "I think the dollars could go to better use and could be invested in things that actually save lives.
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BUSINESS
By New York Times News Service | December 4, 1991
LOS ANGELES -- The California insurance commissioner said yesterday that enough states belonging to the insurance industry's guaranty association have ratified an agreement to guarantee the group's participation in the bailout of the failed Executive Life Insurance Co.John Garamendi, the commissioner, said that the proposal had been ratified by members of the National Organization of Life and Health Guaranty Associations representing states with policyholders who...
NEWS
By BARBARA ROSE and BARBARA ROSE,CHICAGO TRIBUNE | October 12, 2005
On an ordinary workday, a father mowed his lawn with his sons. A mother belted out Billy Joel tunes on a grand piano. Another mother attended her children's sporting events. All of them were top executives who walked away from high-paying jobs at an age when many are just getting going - in their mid- to late 40s - to make new lives that suit them better. Members of a privileged minority, who can afford to stop working for pay, say their motivations for jumping off the fast track are as varied as their personalities.
BUSINESS
By Barbara Demick and Barbara Demick,Knight-Ridder News Service Tim Mullaney of The Sun's Business staff contributed to this article | July 28, 1991
NEW YORK -- In the insurance industry, A. M. Best Co. has long been as close to the Bible as it gets. Since 1906, consumers have turned to the company's reports as the final word on the solvency of their insurers.But A. M. Best is facing an unprecedented challenge to its credibility as a result of the failure in April of Executive Life Insurance Co. of California, which had received Best's highest rating until January 1990.The rating agency's misjudgment has left policyholders stunned, angry and litigious.
BUSINESS
By Los Angeles Times | June 13, 1991
WASHINGTON -- In an action that could affect millions of workers nationwide, the Department of Labor sued two California companies yesterday for allegedly improperly replacing employee pension plans with annuities sold by Executive Life Insurance Co.The suits, which mark the first time the government has challenged employers' actions in picking insurance companies, seeks to force the companies to make up any losses the workers may suffer because of the...
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | October 8, 1991
Kenneth W. Hines figured he had built himself a fortress of financial security.Over the years, the salesman of gift shop merchandise had salted away $30,000 in commissions. He had been disappointed once by the stock market, and wanted a haven for the money.The "single premium life" policy with Fidelity Bankers Life Insurance Co., an insurance company in Richmond, Va., seemed to have everything. It would earn about 8 percent annually, tax free. He could borrow against it with no requirement to pay it back and it had a death benefit of $70,000.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | July 23, 1991
NEW YORK -- Given that the role of insurance is to be around when all else fails, the problems facing these companies are causing concern among policyholders.Three major life insurers have collapsed in the past three months, and the ratings of six other major insurers were downgraded Friday by Moody's Investors Service, a rating agency.Standard & Poor's Corp. and Weiss Research, also rating agencies, say their operators have been deluged with thousands of telephone calls recently from distraught policyholders wondering if their policies are endangered.
BUSINESS
By New York Times | September 16, 1991
The nation's large life insurance companies have quietly begun exploring the establishment of a giant emergency fund that could provide short-term assistance to cash-strapped insurers.The fund, which would be financed by the companies themselves, would probably be modeled after the Federal Reserve's lending program for distressed banks.jTC As the Fed acts as a lender of last resort to banks whose cash is being depleted by depositor withdrawals, the insurance fund would be used to rescue insurers that are financially sound but unable to handle an onslaught of policyholders seeking refunds.
BUSINESS
By Eric N. Berg and Eric N. Berg,New York Times News Service HC | September 4, 1991
Nearly half the $200 billion Americans poured into 401(k) retirement savings plans in recent years is entrusted to life insurance companies. But corporate-benefit consultants and other financial experts say the troubles roiling that industry are making them increasingly anxious about the safety of some of these tax-deferred plans.More than $60 billion in 401(k) money invested with insurance companies will mature in the next two years. Though it is unlikely that all clients will demand their money at the same time, financial experts question the ability of some insurance companies to pay back the money invested with them.
BUSINESS
By New York Times News Service | December 4, 1991
LOS ANGELES -- The California insurance commissioner said yesterday that enough states belonging to the insurance industry's guaranty association have ratified an agreement to guarantee the group's participation in the bailout of the failed Executive Life Insurance Co.John Garamendi, the commissioner, said that the proposal had been ratified by members of the National Organization of Life and Health Guaranty Associations representing states with policyholders who...
BUSINESS
By Ross Hetrick and Ross Hetrick,Evening Sun Staff | October 8, 1991
Kenneth W. Hines figured he had built himself a fortress of financial security.Over the years, the salesman of gift shop merchandise had salted away $30,000 in commissions. He had been disappointed once by the stock market, and wanted a haven for the money.The "single premium life" policy with Fidelity Bankers Life Insurance Co., an insurance company in Richmond, Va., seemed to have everything. It would earn about 8 percent annually, tax free. He could borrow against it with no requirement to pay it back and it had a death benefit of $70,000.
BUSINESS
By New York Times | September 16, 1991
The nation's large life insurance companies have quietly begun exploring the establishment of a giant emergency fund that could provide short-term assistance to cash-strapped insurers.The fund, which would be financed by the companies themselves, would probably be modeled after the Federal Reserve's lending program for distressed banks.jTC As the Fed acts as a lender of last resort to banks whose cash is being depleted by depositor withdrawals, the insurance fund would be used to rescue insurers that are financially sound but unable to handle an onslaught of policyholders seeking refunds.
BUSINESS
By Eric N. Berg and Eric N. Berg,New York Times News Service HC | September 4, 1991
Nearly half the $200 billion Americans poured into 401(k) retirement savings plans in recent years is entrusted to life insurance companies. But corporate-benefit consultants and other financial experts say the troubles roiling that industry are making them increasingly anxious about the safety of some of these tax-deferred plans.More than $60 billion in 401(k) money invested with insurance companies will mature in the next two years. Though it is unlikely that all clients will demand their money at the same time, financial experts question the ability of some insurance companies to pay back the money invested with them.
BUSINESS
By New York Times | September 3, 1991
Nearly half the $200 billion that Americans poured into 401(k) retirement savings plans in recent years is entrusted to life insurance companies. But corporate-benefit consultants and other financial experts say the troubles in that industry are making them increasingly anxious about the safety of some of these tax-deferred plans.More than $60 billion in 401(k) money invested with insurance companies will mature in the next two years, and even though it is unlikely that all clients will demand their money at the same time, financial experts question the ability of some insurance companies to pay back the money invested with them.
BUSINESS
By Barbara Demick and Barbara Demick,Knight-Ridder News Service Tim Mullaney of The Sun's Business staff contributed to this article | July 28, 1991
NEW YORK -- In the insurance industry, A. M. Best Co. has long been as close to the Bible as it gets. Since 1906, consumers have turned to the company's reports as the final word on the solvency of their insurers.But A. M. Best is facing an unprecedented challenge to its credibility as a result of the failure in April of Executive Life Insurance Co. of California, which had received Best's highest rating until January 1990.The rating agency's misjudgment has left policyholders stunned, angry and litigious.
BUSINESS
By JANE BRYANT QUINN | April 28, 1991
New York--When the troubled Executive Life Insurance Co. toppled recently, you got your first look at what such a disaster means to policyholders. Their insurance-based savings have all been frozen. They cannot cash out their policies or borrow against them. Years may pass before they finally get full access to their money.For now, at least, the company will continue paying all life, health and annuity claims. Eventually, however, these policies will probably be restructured. Customers may get lower benefits or less cash than they'd counted on.What forced the hand of insurance regulators was the massive run on Executive Life policies by customers trying to get their money out. The question is whether this collapse will set off runs on some of the other low-rated insurance companies.
BUSINESS
By New York Times | September 3, 1991
Nearly half the $200 billion that Americans poured into 401(k) retirement savings plans in recent years is entrusted to life insurance companies. But corporate-benefit consultants and other financial experts say the troubles in that industry are making them increasingly anxious about the safety of some of these tax-deferred plans.More than $60 billion in 401(k) money invested with insurance companies will mature in the next two years, and even though it is unlikely that all clients will demand their money at the same time, financial experts question the ability of some insurance companies to pay back the money invested with them.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | July 23, 1991
NEW YORK -- Given that the role of insurance is to be around when all else fails, the problems facing these companies are causing concern among policyholders.Three major life insurers have collapsed in the past three months, and the ratings of six other major insurers were downgraded Friday by Moody's Investors Service, a rating agency.Standard & Poor's Corp. and Weiss Research, also rating agencies, say their operators have been deluged with thousands of telephone calls recently from distraught policyholders wondering if their policies are endangered.
BUSINESS
By Los Angeles Times | June 13, 1991
WASHINGTON -- In an action that could affect millions of workers nationwide, the Department of Labor sued two California companies yesterday for allegedly improperly replacing employee pension plans with annuities sold by Executive Life Insurance Co.The suits, which mark the first time the government has challenged employers' actions in picking insurance companies, seeks to force the companies to make up any losses the workers may suffer because of the...
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