Report 2005-115.2 Recommendation 2 Responses

Report 2005-115.2: Department of Insurance: Former Executive Life Insurance Company Policyholders Have Incurred Significant Economic Losses, and Distributions of Funds Have Been Inconsistently Monitored and Reported (Release Date: January 2008)

Recommendation #2 To: Insurance, Department of

In order to ensure that information is available to policyholders and other parties interested in the disposition of ELIC?s assets, the commissioner should, as soon as practical after the end of each year and upon the termination of any trust, complete a report that includes the assets and liabilities; the amount of all distributions, if any, made to the trust beneficiaries; and all transactions materially affecting the trust and estate.

Agency Response*

The CLO has placed summarized financial information along with a brief narrative of the ELIC estate and grantor trusts for the year ended December 31, 2007, and December 31, 2008, on its Web site. The CLO will continue to update this information after the end of each year. (See 2010-406 p. 57)

  • Response Type†: 1-Year
  • Response Date: January 2009

California State Auditor's Assessment of Status: Fully Implemented


All Recommendations in 2005-115.2

†Response Type refers to the interval in which the auditee is providing the State Auditor with their status in implementing recommendations made in an audit report. Auditees must submit a response regarding their progress in implementing recommendations from our reports at three intervals from the release of the report: 60 days, six months, and one year or subsequent to one year.

*Agency responses received after June 2013 are posted verbatim.


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