Executive Life Insurance Company (California)

CA Commissioner Files Declaration of Compliance in ELIC Case

On August 3, 2022, the California Insurance Commissioner filed a pleading with the ELIC Conservation Court entitled Declaration of Compliance, together with an attached request that the ELIC receivership case be dismissed with prejudice. The pleading was filed pursuant to the Conservation Court’s prior order, dated December 4, 2019, which provided for the closing of the ELIC estate once certain actions were completed by the Commissioner. The Declaration of Compliance filing confirms that all such actions have been completed, and the estate may now be closed pursuant to the December 2019 Order. No further actions are anticipated in the ELIC receivership case, other than possibly an order of the Conservation Court granting the request for dismissal of the case with prejudice.

Notwithstanding the closing of the ELIC estate, certain guaranty associations continue to have obligations to make annual installment bill payments (on or about April 30 of each year) to Aurora National Life Assurance Company under Articles 22 and 23 of the ELIC Enhancement Agreement.

Task Force Chair - Art Dummer;   Staff Contact - Bill O'Sullivan

Ernie Porter, First NOLHGA Chair, Passes Away

Ernest Reed (Ernie) Porter, who served as the first Chair of the NOLHGA Board of Directors from 1984–1985 and was instrumental in the formation of NOLHGA, passed away on July 20, 2022. He was 96. His obituary can be found here.

Reed was CEO of Unigard Olympic Life Insurance Company during his tenure on the NOLHGA Board (he also served as NOLHGA’s Treasurer for two one-year terms). In his career in the insurance industry, he served as CEO of two other life insurance companies. He was a Fellow of the Life Management Institute (FLMI) and a member of the American Academy of Actuaries (MAAA). Before entering the insurance industry, he enlisted in the Naval Air Corps in 1944 at the age of 17 and later went on to complete his B.S. degree in Mathematics at Miami University in Ohio.

NOLHGA expresses our deepest sympathies to Ernie’s family and friends.

  Staff Contact - Sean McKenna