Executive Life Insurance Failure

The subcommittee heard testimony on the failure of the Executive Life Insurance Company, the largest life insurance company to date to… read more

The subcommittee heard testimony on the failure of the Executive Life Insurance Company, the largest life insurance company to date to suffer financial collapse. Mr. Garamendi documented the growth and collapse of the life insurance company, which relied on investments in high yield junk bonds to finance the high yields on its products. Executive Life had invested $6.4 billion in the junk bond market, 60 percent of its assets. Following the collapse of the junk bond market, and the subsequent collapse of Executive Life Insurance Company, 200,000 policy holders in Executive Life are unsure of their insurance coverage. Mr. Garamendi said some or all Executive Life Insurance policy holders may have to take a loss if the company can be saved. The committee examined the regulatory policies that failed in the collapse of the Executive Life Insurance Company, the methods being used to attempt to restructure the company, and methods that may prevent similar collapses in the future.

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Executive Life Insurance Failure

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Program ID:
18081-1
Category:
House Committee
Format:
House Committee
Location:
Washington, District of Columbia, United States
First Aired:
May 23, 1991
Last Aired:
May 26, 1991

Airing Details

  • May 23, 1991 | 6:58am EDT | C-SPAN 2
  • May 24, 1991 | 9:30am EDT | C-SPAN 1
  • May 25, 1991 | 4:15am EDT | C-SPAN 1
  • May 25, 1991 | 8:45pm EDT | C-SPAN 2
  • May 26, 1991 | 5:52am EDT | C-SPAN 1
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