INSURANCE

Plan Announced for Failed Insurer: Nearly one year after New Jersey seized Mutual Benefit Life Insurance Co. in the nation’s worst insurance failure, state regulators and insurers announced a plan to rehabilitate it. The seven-year plan, announced by the state Insurance Department, a group of 25 other insurers and a consortium of state guaranty funds, covers policyholders and pension plan participants in the failed insurer. The agreement in principle requires state guaranty associations to cover full death, disability and retirement benefits for policyholders and tax-deferred annuity holders.