A judge is permitting an insolvent life insurance company, whose liabilities outpace its assets by $1.5 billion, to restructure in a plan that would result in full coverage for 85 percent of its policyholders and shortfalls for the remainder.
Acting Supreme Court Justice John Galasso in Nassau County (See Profile) approved the plan on April 16 to liquidate Executive Life Insurance Company of New York and create a new company over the objections of a group of policyholders who will experience shortfalls.
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