Report 2005-115.2 Recommendation 3 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 #3 To: Insurance, Department of
In order to ensure that the financial information reported by the CLO is accurate, the commissioner should continue the practice of auditing the ELIC estate and any trusts that remain open on a periodic basis as recently implemented by the current chief financial officer.
1-Year Agency Response
Finance?s reviews for the year ended December 31, 2007, and December 31, 2008, have been completed and are available on the CLO?s Web site. The CLO will continue the practice of having Finance auditors review the ELIC estate and grantor trusts. (See 2010-406 p. 57)
- Response Date: January 2009
California State Auditor's Assessment of 1-Year Status: Fully Implemented
Agency responses received after June 2013 are posted verbatim.