You may have received a structured settlement that was being paid byExecutive Life Insurance Company of New York(ELNY). We buy structured settlements from Executive Life Insurance Company of New York and the Guaranty Association Benefits Company.
Executive Life Insurance Company of New York was found to be insolvent by New York Courts in 2012, and you may not receive all of the benefits due to you under your structured settlement agreement. TheGuaranty Association Benefits Company(GABC), will now pay many of the structured settlements that were being paid by Executive Life Insurance Company of New York.
Guaranty Association Benefits Company is a newly created, not-for-profit insurance company owned by different state guaranty associations. State guarantee associations provide a safety net for annuity issuers, and may step in to pay structured settlement awards if the original annuity issuer goes out of business. Often times though, these state guarantee associations cannot pay the entire amount of what is owed by the annuity issuer that goes out of business.
Guaranty Association Benefits Company released a list of structured settlements that were being paid by Executive Life Insurance Company of New York that it would begin paying. However, not everyone’s structured settlement will be paid in full! Due to the insolvency of Executive Life Insurance Company of New York, some structured settlement payments were reduced from what was originally awarded.
At Catalina Structured Funding, we know that structured settlement are generally a safe, prudent way to resolve a lawsuit. That said, nothing is 100% secure and even a structured settlement designed with the best intentions can prove inconsistent with your current demands. CSF can be counted on to get you a free quote in a hassle free environment. Whether you are looking to sell an Executive Life Insurance Company of New York annuity or get cash for annuity/structured settlement now being paid by the Guaranty Association Benefits Company.
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