INSURANCE

Status Affirmed for Certain Exec Life Holders: An appeals court has affirmed that holders of Executive Life Insurance Co.’s $2 billion in municipal guaranteed investment contracts--Muni GICs--are entitled to the same pay-back as insurance policyholders and owners of other products issued by the failed insurance company. The action Monday by the 2nd District Court of Appeal upheld a ruling last year by a Superior Court judge. It is a setback for state Insurance Commissioner John Garamendi, who wanted the Muni GIC holders--mainly institutional investors--given lower priority in the Exec Life reorganization. A spokesman said Garamendi would decide later whether to appeal the 55-page ruling.