Two proposals to buy Executive Life Insurance Co. were announced yesterday, one that includes specific treatment of granteed investment contracts and one that does not.

Broad Inc., a Los Angeles-based financial services firm, yesterday morning said it will submit to the California Insurance Commission a $5.5 billion offer to buy part of Executive Life Insurance Co.' assets and liabilities. The offer includes assuming GIC liabilities, but a spokeswoman for the company would not confirm that both the pension GIC and municipal GIC exposures are included in the offer.

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