Executive Life Insurance Company, which was named Aurora National, was under Paris-headquartered holding company Groupe Artmis in 1994 but was discovered to have been bought by Crdit Lyonnais.
Because banks were prohibited under the GlassSteagall Act from owning insurance companies, Credit Lyonnais organized an investor group to buy the insurance company operations, with the new company named Aurora National Life Assurance Co. Majority control of Aurora National was sold to Groupe Artemis in 1994. In July 1998, an anonymous French whistle-blower told the California Insurance Department that Credit Lyonnais was the real buyer of the insurance company and controlled it through secret agreements. Headquartered in Paris, France, Groupe Artemis was founded by Francois Pinault in 1992 as a family investment vehicle. Groupe Artemis is a holding company with a portfolio of investments in fashion, wine, luxury, art, tourism, publishing, sports, food, and technology. 
