THE ELNY HARDSHIP FUND, INC. (ELNY), A NON-PROFIT ORGANIZATION INCORPORATED IN NEW YORK, PROMOTES PUBLIC CONFIDENCE IN THE RELIABILITY AND STABILITY OF THE LIFE INSURANCE AND ANNUITY INDUSTRY AND TO HELP PRESERVE AND PROMOTE THE IMAGE AND REPUTATION OF THE INDUSTRY BY: (A) PROVIDING FOR THE DISCRETIONARY PAYMENT OF BENEFITS TO CERTAIN PAYEES, MANY OF WHOM MAY BE AGED, INFIRM, OR IMPOVERISHED, UNDER POLICIES ISSUED BY EXECUTIVE LIFE INSURANCE COMPANY OF NEW YORK (B) SUPPORTING RESEARCH AND STUDIES RELATING TO THE CAUSES OF AND REMEDIES FOR LIFE INSURANCE COMPANY INSOLVENCIES, AND PROMOTING THE IMPLEMENTATION OF STRUCTURAL CHANGES, TO BETTER PROTECT THE MOST VULNERABLE POLICY BENEFICIARIES AGAINST FINANCIAL DISTRESS IN THE EVENT OF FUTURE LIFE INSURANCE COMPANY INSOLVENCIES.