Garamendi Wins New Support for Executive Life Plan: A group representing employers that purchased Executive Life Insurance Co. annuities for their retirees has endorsed Insurance Commissioner John Garamendi’s revised plan for rehabilitating the failed insurance giant. CoCare, whose members have about $1 billion in claims against Executive Life, said in a statement that it supports the modified plan and urges other policyholders to do likewise. Garamendi is trying to garner support for the revised plan to sell Executive Life to a French insurance group. His earlier version was rejected by a state appeals court as unfair to some policyholders.
From Times Staff and Wire Reports