Maryland Halts Executive Sales
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BALTIMORE — Two troubled insurance subsidiaries of Los Angeles-based First Executive Corp. have been ordered to stop selling or renewing policies in Maryland.
Maryland Insurance Commissioner John A. Donaho said Thursday that he issued the order against Executive Life Insurance of Inglewood, Calif., and Executive Life Insurance of New York.
Executive Life of California was put under conservatorship by the California insurance commissioner on April 11. Its sister operation in New York was seized by New York regulators on April 16.
The California subsidiary had $731 million in life insurance policies in force in Maryland at the end of last year. During 1990 the company paid $12.8 million in claims and collected $7.1 million in life insurance premiums in Maryland, Donaho said.
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