Another Plan For Executive Life

California Insurance Commissioner John Garamendi is in talks to sell the insurance operation of Executive Life Insurance to Pacific Mutual Life Insurance in Newport Beach, Calif., sources close to the discussions say. The two-week-old negotiations with Pacific Mutual come after a recent court ruling struck down Garamendi's original plan to sell the failed Executive Life. Garamendi publicly says he hopes to salvage that deal, which is with Mutuelle Assurance Artisinale de France and a subsidiary of France's Credit Lyonnais.