Executive Life Insurance Company, which was named Aurora National, was held primarily by Paris-headquartered holding company Groupe Artmis in 1994 but was later revealed to be controlled by Crdit Lyonnais according to an anonymous French whistleblower.
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. 
