Company Overview

Executive Life Insurance Company of New York (ELNY), a New York domestic life insurer, was placed in rehabilitation in April 1991 by the Superintendent of Insurance. A plan of rehabilitation (the Rehab Plan) was approved by the New York court supervising the rehabilitation proceedings in 1992.

Pursuant to the Rehab Plan, in 1992 ELNY sold its surrenderable policies that had significant market value. The vast majority of the contracts (by liability amounts) remaining with ELNY comprised non-surrenderable annuities sold to fund structured settlement agreements (SSAs). ELNY also retained a block of pension closeout annuities. The installments owed on the annuities extend well into the future (many into the second half of the 21st century), and (as is typical of SSAs) the installment payments are not level, but rather irregular and targeted to key life events for the payees (e.g., college matriculation or retirement). Capital market developments of the late 1990s and through 2002 and later had a severe negative effect on the ELNY portfolio, and also (perhaps more significantly) on the value of the SSA liabilities.

LIQUIDATION

On April 16, 2012, the Supreme Court of the State of New York, Nassau County (“Receivership Court”) entered an Order finding ELNY to be insolvent and approved a Restructuring Agreement in connection with the liquidation of ELNY. By Order of the Receivership Court, the Superintendent of Financial Services of the State of New York, as Receiver, was directed to liquidate ELNY’s business and affairs in accordance with New York Insurance Law and in substantially the manner provided in the Restructuring Agreement. The Liquidation Date of ELNY was the closing date of the Restructuring Agreement, which occurred on August 8, 2013.

On the Liquidation Date, substantially all of ELNY’s remaining assets, guaranty association assessments and voluntary contributions from certain life insurance companies were transferred to Guaranty Association Benefits Company (“GABC”), a not-for- profit captive insurance company formed by the Participating Guaranty Associations that is referred to as “NEWCO” in the Restructuring Agreement. From the Liquidation Date through June 30, 2026, GABC was responsible for managing such assets and making benefit payments under ELNY annuities. From the Liquidation Date to June 30, 2026, GABC paid over $1.1 billion in benefits to former payees and certificate holders of ELNY.

Sale of GABC Annuities

GABC, NOLHGA and the affected guaranty associations agreed in the Restructuring Agreement to pursue the transfer of GABC’s annuity obligations to a third-party commercial life insurer on a periodic basis. GABC initiated a competitive bid process with multiple life insurers in 2024 to satisfy that obligation. The process resulted in the negotiation of an Assumption Reinsurance Agreement (the “ARA”) with Pacific Life Insurance Company and its subsidiary, Pacific Life & Annuity Company (together, “Pacific Life”). Under the ARA, Pacific Life agreed to assume GABC’s remaining annuity payment obligations with no change in annuity benefits payable under any GABC annuity.

The closing of the ARA was subject to a number of conditions, including approval from the Receivership Court. On April 20, 2026, the Receivership Court approved the ARA. On July 1, 2026, the transactions contemplated under the ARA closed and Pacific Life assumed all of GABC’s remaining annuity obligations. Pacific Life now has direct responsibility for the payment of all benefits and for all obligations under the GABC annuities it assumed.

For further information about GABC, please visit the GABC website at www.gabenefitsco.com.

For information about annuity benefits or to make a change permitted under your annuity, please contact Pacific Life at:

PO Box 4366

Clinton, IA 52733-4366

Phone: 800-421-8850

Fax: 803-333-2417

Company Details

NAIC Number: 61913

An NAIC number is a five-digit number assigned to every insurance company by the NAIC (National Association of Insurance Commissioners). Because each company has its own unique number, the NAIC number can be used to identify a particular company.

Domiciliary State: New York

The domiciliary state is the state in which an insurance company is incorporated or organized.

Rehabilitation Date: April 23, 1991

Liquidation Date: August 08, 2013