First Executive Won’t Write Policies in N.J.:...

First Executive Won’t Write Policies in N.J.: Beleaguered First Executive Corp. said it has agreed not to write new insurance policies in New Jersey after state insurance regulators had demanded a $500-million deposit from the company as security. First Executive, parent of the Executive Life insurance companies in California and New York, said the action was voluntary. It also said it was “confident” that New Jersey regulators will find its operating units “financially capable of meeting all obligations to policyholders of all states.” The announcement did not indicate how long it might be before First Executive could resume writing policies in the state.