INSURANCE

California Supreme Court Upholds Executive Life Plan: The court declined to review objections to the state reorganization of failed Executive Life Insurance Co., leaving mainly intact a plan under which most of the firm’s 350,000 policyholders would recover about 85% of their investments. Among the losers, however, are four municipalities that held Executive Life-backed investments but were denied a stake in the settlement. Hardest hit is Temecula Valley Unified School District, with potential losses of $25 million. The cities of Whittier, Simi Valley and St. Paul, Minn., together stand to lose another $15 million.