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.

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 Type†: 1-Year
  • Response Date: January 2009

California State Auditor's Assessment of Status: Fully Implemented


All Recommendations in 2005-115.2

†Response Type refers to the interval in which the auditee is providing the State Auditor with their status in implementing recommendations made in an audit report. Auditees must submit a response regarding their progress in implementing recommendations from our reports at three intervals from the release of the report: 60 days, six months, and one year or subsequent to one year.

*Agency responses received after June 2013 are posted verbatim.


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