A coalition of municipal bond dealers on Thursday will file a court statement seeking to establish that holders of municipal guaranteed investment contracts issued by Executive Life Insurance Co. should receive the same treatment as all other policyholders.

The dealers -- First Boston Corp.; Morgan Stanley & Co.; Howard, Weill, Labouisse, Freiderichs Inc.; Rauscher Peirce Refsnes Inc.; Morgan, Keegan & Co.; and Rotan Mosle Inc. -- argue that legal and the California Insurance Code support the notion that municipal GICs are insurance policies and thus deserve the same financial compensation as life insurance policy holders and pension GIC holders.

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