Term vs VUL

Where on this site does it say that Aurora made annuitants whole?

The LA Times has a slew of articles on Executive Life Insurance Co (ELIC) failing to make good:

"California regulators seized Executive Life [Calif.] ... In the aftermath, retirement payments to thousands of workers who never heard of Executive Life have been slashed by 30% beginning [May 1991]. Commissioner John Garamendi ordered Executive Life to cut all annuity payments ... to conserve the insurer's inadequate funds."

"For the ... people whose policies are worth more than $100,000 [the amount covered by Calif guaranty association], the eventual recovery on the non-guaranteed [by California] portion of their accounts will average 86%, Aurora and the Insurance Department have said. Shapiro [an insurance actuary] noted that ... the real number is more like 72%. "Executive Life" actually refers to at least two different companies - ELIC (above), and ELNY (Executive Life of NY). Present annuitants in ELNY did fare better. Quoting from their letter to policy holders, annuitants and contract holders, dated January 21, 1992, "Immediate annuities and structured settlement ... contracts would continue to be the obligations of ELNY and the Rehabilitator [not the successor insurer, MetLife]. ... Full benefit payments would continue without interruption."

But deferred fixed annuity holders of ELNY did not fare as well. If they wanted out (e.g. if they were past the early surrender period), they would be given their money in four equal payments, one per year, with no interest accruing. If they accepted a new policy with MetLife, then they faced a completely new surrender period.