Executive Life Policyholder Group Forms: A group...

Executive Life Policyholder Group Forms: A group of pension plan administrators has organized to represent Executive Life Insurance Co. policyholders who purchased their policies through company-sponsored retirement plans. The organization, which calls itself GAPPA, for Group Annuity Participant Protection Assn., says it represents 250,000 policyholders who have $540 million at stake. A spokesman for the group said Executive customers who bought their policies through group contracts have been treated unfairly because they have been lumped together with those buying less-traditional insurance products. The group has also filed legal papers to press regulators into continuing regularly scheduled payments to the retirees that GAPPA represents.