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March 27, 1993|From Times Staff and Wire Reports

New Plan for Executive Life Within Two Weeks: Insurance Commissioner John Garamendi said he plans to submit within about two weeks a modified rehabilitation plan for bankrupt Executive Life Insurance Co. Garamendi suffered a setback earlier this week when a state appeals court rejected major portions of his original plan, under which the Los Angeles-based insurer would be taken over by a French investor group. The appeals court upheld some of the objections of investors in municipal bonds backed by Executive Life guaranteed investment contracts, or "muni-GICs." Garamendi said he would work "quickly and in close cooperation with all interested groups" to resolve the remaining differences before submitting his plan.

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