INSURANCE

Executive Life Sale and Settlement Dates Set: The California Department of Insurance filed legal papers in Los Angeles to set the sale of Executive Life Insurance Co. of California into motion. The department previously announced a $3-billion deal to sell the Los Angeles-based company to a consortium led by a French insurer called MAAF. However, other companies were invited to top MAAF’s offer. The papers say other bidders must submit their proposals before Oct 11, 1991. Those with claims against the company have until 1993 to say so, according to the court filing. If all goes well, regulators say the sale of Executive Life could be complete by Oct. 25.