Judge Orders Feds To Pay Up After Insurer Goes Belly-Up

January 27, 2020 by John Hilton

A federal appeals court recently ordered the United States to make good on a structured annuity the former Executive Life Insurance Company of New York (ELNY) was paying to a burn victim.

The U.S. Court of Appeals for the Federal Circuit ruling overturned a lower court decision in favor of the government in the lawsuit brought by the family of Trevor Langkamp.

The decision calls attention to the security of long-term annuity promises when an insurance company goes out of business. ELNY was liquidated in August 2013 by the New York superintendent of financial services.

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Originally Posted at InsuranceNewsNet on January 22, 2020 by John Hilton.