The Bond Investors Association yesterday reported that $3.1 billion of municipal debt either defaulted, went into technical default, or was deemed to be at significant risk of default during the first half of 1991.

About $2.1 billion of that sum came in the second quarter alone, largely because the association has already counted as defaulted all $1.85 billion of guaranteed investment contracts backed by Executive Life Insurance Co., which was seized by regulators in April and placed in conservatorship.

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