Municipal Bond Investors Assurance Corp. yesterday announced that David H. Elliott, president and chief operating officer, will take the additional title and responsibilities of chief executive officer of the municipal bond insurance firm as of Jan. 1, 1992.

Mr. Elliott has been with MBIA since its reorganization as a monoline insurance company in 1986. He succeeds William O. Bailey in the chief executive position. Mr. Bailey, meanwhile, will retain his role as chairman of MBIA's board of directors for a two-year period.

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