Guaranty Association Benefits Company (GABC) began making reduced benefits payments
Guaranty Association Benefits Company (GABC) began making reduced benefits payments on November 18, 2013. GABC, a not-for-profit insurance company created as a result of the Executive Life Insurance Company of New York (ELNY) liquidation, became responsible for making payments to payees and beneficiaries as of August 2013.
The payments and other information can be viewed in the Final Liquidation Date Schedule 1.15 on the company’s website using your contract number.
Some payees are eligible for enhanced payments through the ELNY Hardship Fund. Hardship Fund Representative should be contacting applicants in regards their application status. Questions about Hardship Fund awards should be addressed to the Hardship Fund: Toll-free information line at 888-809-2254 or www.elnyhardshipfund.com.
Other payees have been contacted by the owner of their ELNY contract and told that the owner intends to make up any reduction in benefits under the Restructuring Agreement. These payees should have been contacted sometime after the August 2013 liquidation. Any questions concerning these payments should be addressed to the owner.
GABC annuity payments can be transferred and such transfers are regulated by the applicable Structured Settlement Protection Act. If you are interested in obtaining a free no obligation quote give CBC Settlement Funding a call today at 877-386-3377. We can explain all your options including only selling a portion of your payments.