INSURANCE

Executive Life Muni Bond Buyer Wins Claim: A. G. Edwards & Sons and a former salesman must pay $99,000 to an investor in $1.1 million worth of municipal bonds backed by failed Executive Life Insurance Co., an arbitration panel ruled. The Municipal Securities Rulemaking Board, a self-regulatory body supervised by the Securities and Exchange Commission, awarded the investor, Crawford Maxson, $79,000 from Edwards. Jamie Solow, the former Edwards salesman, must pay Maxson $20,000, including $5,000 in legal fees. Maxson had contended that Solow misrepresented the quality of Executive Life-backed bonds when Maxson purchased them in the spring of 1990. The bonds were insured by guaranteed investment contracts issued by Executive Life, the Los Angeles-based insurer that collapsed because of soured junk bond investments.