About GABC

Restructuring Plan

GABC is an essential element of the Restructuring Plan. GABC was formed by the affected guaranty associations to assume and run off the restructured annuity liabilities of ELNY. The benefits to be paid by GABC are funded by a combination of guaranty association contributions, voluntary contributions from several life insurance companies, and the assets remaining in the ELNY estate when the company was placed into liquidation by the New York Receivership Court. These funds are used to pay benefits to all remaining ELNY payees and certificate holders as those benefits have been restructured by the Receivership Court pursuant to the Restructuring Plan (and to cover the costs of administering the claims).

Click here for a copy of the restructuring plan.