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Article: First Executive monitored daily by Calif. Dept.
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- March 26, 1990
- Author:
CopyrightCOPYRIGHT 1990 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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First Executive Monitored Daily By Calif. Dept.
An official at the California Department of Insurance, which is monitoring troubled First Executive Corp. on a day-to-day basis, said the financial stability of the company depends on policy surrenders falling at some point from current rates.
At the same time, Lorraine Johnson, senior staff counsel with the department, said the life insurer still has its license and can carry on the business for which it is licensed.
Fred Carr, chairman and CEO of Los Angeles-based First Executive, and Douglas F. Marcian, senior vice president for investments, are expected to testify April 3 before the California ...