e485bpos

485BPOS 1 a18802e485bpos.htm SELECT ESTATE PRESERVER II/IV e485bpos

As filed with the Securities and Exchange Commission on March 20, 2006

Registration No 333-20355

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-6

SEC File No 811-5563


REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933		x

	Pre-Effective Amendment No.	o


	Post-Effective Amendment No. 26	x


	and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940		x


	Amendment No. 136	x

PACIFIC SELECT EXEC SEPARATE ACCOUNT OF
PACIFIC LIFE INSURANCE COMPANY

(Exact Name of Registrant)

PACIFIC LIFE INSURANCE COMPANY

(Name of Depositor)

700 Newport Center Drive
Newport Beach, California 92660
(Address of Depositor’s Principal Executive Offices) (Zip Code)

(949) 219-7286
(Depositor’s Telephone Number, including Area Code)

Charlene Grant
Assistant Vice President
Pacific Life Insurance Company
700 Newport Center Drive
Newport Beach, California 92660
(Name and address of agent for service)

Copies of all communications to:

Jeffrey S. Puretz, Esq.
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006-2401

It is proposed that this filing will become effective:

x immediately upon filing pursuant to paragraph (b)

o on __________________ pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on __________________, pursuant to paragraph (a)(1)

If appropriate, check the following box:

o This post-effective amendment designates a new date for a previously filed post-effective amendment.

Title of securities being registered: Interests in the Separate Account under Pacific Select Estate Preserver II Last Survivor Flexible Premium Variable Life Insurance Policies and Pacific Select Estate Preserver IV Last Survivor Flexible Premium Variable Life Insurance Policies.

Filing fee: None

PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION

(Included in Post-Effective Amendment No. 23 to the Registrant’s Registration Statement on Form N-6, Accession No. 0000892569-05-000309, as filed on April 28, 2005, and incorporated by reference herein.)

Supplement Dated March 20, 2006 to Prospectus Dated May 1, 2005 for

Pacific Select Exec, Pacific Select Choice, Pacific Select Exec II, Pacific Select Performer 500,

Pacific Select Accumulator and M’s Versatile Product Flexible Premium Variable Life Insurance

Policies, and Pacific Select Estate Preserver, Pacific Select Estate Preserver II, Pacific Select

Estate Preserver III, Pacific Select Estate Preserver IV, Pacific Select Estate Preserver V and M’s

Versatile Product-Survivorship Last Survivor Flexible Premium Variable Life Insurance Policies

and Pacific Select Estate Maximizer Modified Single Premium Life Insurance Policy

(each a “policy”) Issued by Pacific Life Insurance Company (“Pacific Life”)


You’ll find an explanation of what terms mean in your policy prospectus or in the prospectuses for the funds underlying the available investment options. For more complete information on the portfolios of Pacific Select Fund, including a discussion of each portfolio’s investment techniques and the risks associated with its investments, see the Pacific Select Fund’s prospectus. You should read the prospectus carefully.

This supplement must be preceded or accompanied by the applicable prospectus dated May 1, 2005. This supplement includes information previously added to the prospectus dated May 1, 2005 by supplements dated August 15, 2005, September 6, 2005 and December 12, 2005. Changes described in this supplement are effective immediately, unless otherwise noted.

Policy basics is changing		The following replaces the first paragraph of Timing of payments, forms and requests: Effective date: Once your policy is in force, the effective date of payments, forms and requests you send us is usually determined by the day and time we receive the item in proper form at the appropriate mailing address that appears on the back cover of this prospectus. Any application, premium payment, form, request or any other correspondence sent to any Pacific Life address other than to the mailing address appearing on the back cover, will not be deemed received in proper order and may result in a processing delay.

The Blue Chip portfolio has a new manager		Effective January 1, 2006, Loomis, Sayles & Company, L.P. became the portfolio manager of the Blue Chip portfolio.

The name of the Blue Chip portfolio has changed		Effective January 1, 2006, the Blue Chip variable investment option changed its name to Large-Cap Growth variable investment option. This new name reflects the change in name of the underlying portfolio of Pacific Select Fund. Throughout the prospectus or any supplement thereof, any reference to the Blue Chip portfolio, variable account or variable investment option is changed to refer to the Large-Cap Growth portfolio, variable account or variable investment option.

Substitution of the Equity Income portfolio Other terms of your policy will not change as a result of the substitution and reorganization transactions described in this supplement.		Effective April 28, 2006 (the “substitution date”), shares of the Equity Income portfolio will be automatically redeemed and shares of the American Funds Growth-Income portfolio will be purchased. At the same time, accumulation units of the Equity Income variable account will be automatically exchanged for accumulation units of equal value of the American Funds Growth-Income variable account. The Equity Income portfolio and corresponding Equity Income variable account will cease to exist. On the substitution date, unless you instruct us otherwise, any outstanding instruction you have on file with us that designates the Equity Income investment option will be deemed an instruction for the American Funds Growth-Income investment option. This includes, but is not limited to, instructions for net premium allocations, transfer instructions (including instructions under any automatic transfer, portfolio rebalancing and dollar cost averaging programs), and partial withdrawal and monthly deduction instructions.



		You need not take any action regarding the substitution. The exchange of the Equity Income variable account accumulation units for accumulation units of equal value of the American Funds Growth-Income variable account will occur automatically on the substitution date.
		If the substitution is postponed or terminated, the corresponding transfer of variable account assets for the substitution will also be postponed or terminated. We will notify you if either of these events occur.
		Starting March 29, 2006, you will have a 60 calendar day “free transfer” period. If you do not wish to participate in the substitution, you may transfer from: • the Equity Income investment option during the period between March 29, 2006 and the substitution date, or • the American Funds Growth-Income investment option during the period between the substitution date and May 28, 2006, if you received shares of the American Funds Growth-Income investment option in the substitution.
		Such a transfer, and any systematic transfers during the “free transfer” period, will not count towards: • the transfer limitations described in your policy prospectus, or • any transfer fees that may be assessed in the future. However, any investment option into which you make your transfer will be subject to the transfer limitations described in your prospectus. We do not currently assess transfer fees, but we reserve the right to do so, as stated in the prospectus.

Reorganization of the Financial Services and Aggressive Growth portfolios		Effective April 28, 2006 (the “reorganization date”), the following transactions (the “reorganization”) are scheduled to occur: • shares of the Financial Services portfolio will be transferred to the Large-Cap Value portfolio, and • shares of the Aggressive Growth portfolio will be transferred to the Mid-Cap Growth portfolio.
		At the same time that the reorganization occurs, accumulation units of the Financial Services variable account will automatically be transferred to the Large-Cap Value variable account in exchange for accumulation units of equal value of the Large-Cap Value variable account and accumulation units of the Aggressive Growth variable account will automatically be transferred to the Mid-Cap Growth variable account in exchange for accumulation units of equal value of the Mid-Cap Growth variable account.
		The Financial Services and Aggressive Growth portfolios and variable accounts will cease to exist.
		On the reorganization date, unless you instruct us otherwise, any outstanding instruction you have on file with us that designates: 1) the Financial Services investment option will be deemed an instruction for the Large-Cap Value investment option; and/or 2) the Aggressive Growth investment option will be deemed an instruction for the Mid-Cap Growth investment option.
		This includes, but is not limited to, instructions for net premium allocations, transfer instructions (including instructions under any automatic transfer, portfolio rebalancing and dollar cost averaging programs), and partial withdrawal and monthly deduction instructions.



		You need not take any action regarding the reorganization. The exchange of the Financial Services variable account accumulation units for accumulation units of equal value of the Large-Cap Value variable account and the exchange of Aggressive Growth variable account accumulation units for accumulation units of equal value of the Mid-Cap Growth variable account will occur automatically on the reorganization date.

		If the reorganization is postponed or terminated, the corresponding transfer of variable account assets for the reorganization will also be postponed or terminated. We will notify you if either of these events occur.

		Starting March 29, 2006, you will have a 60 calendar day “free transfer” period. If you do not wish to participate in the reorganization, you may transfer from: • the Financial Services and/or the Aggressive Growth Income investment option during the period between March 29, 2006 and the reorganization date, or • the Large-Cap Value and/or the Mid-Cap Growth investment option during the period between the reorganization date and May 28, 2006, if you received shares of the Large-Cap Value and/or the Mid-Cap Growth investment option in the substitution. Such a transfer, and any systematic transfers during the “free transfer” period, will not count towards: • the transfer limitations described in your policy prospectus, or • any transfer fees that may be assessed in the future.

		However, any investment option into which you make your transfer will be subject to the transfer limitations described in your prospectus.

		We do not currently assess transfer fees, but we reserve the right to do so, as stated in the prospectus.

The International Value portfolio will have a new manager		Effective May 1, 2006, Alliance Capital Management L.P. (AllianceBernstein) will be the portfolio manager of the International Value portfolio.

The following new variable Investment options will be available		Effective May 1, 2006, the following new variable investment options will be added: • International Small-Cap • Diversified Bond

		For more complete information on each of these underlying portfolios, including a discussion of the portfolio’s investment techniques, risks associated with its investments, charges and expenses, see the accompanying preliminary prospectus for the portfolios. No assurance can be given that a portfolio will achieve its investment objective. You should read the preliminary prospectus carefully. The information in the preliminary prospectus for the portfolios is not complete and may be changed. A registration statement for the shares of the portfolios has been filed with the SEC, and those shares may not be sold until that registration statement is effective. The preliminary prospectus is not an offer to sell the shares of the portfolios.

How premiums work: Allocating your premiums is changing		The following is added to Portfolio optimization: The models. Information concerning the portfolio optimization models that will become available on May 5, 2006 is described below. For more information regarding the portfolio optimization models currently available, see Appendix 1. You should review this information carefully before selecting or changing a model.


The current asset class exposure and portfolio optimization model allocations shown in the chart below may change over time, based on the periodic review of the models and reallocations which reflect updated recommendations.

Model A
Conservative

Model B
Moderate-Conservative

Model C
Moderate

Model D
Moderate-Aggressive

Model E
Aggressive

Investor Profile

You are looking for a relatively stable investment and do not tolerate short- term market swings.

Your focus is on keeping pace with inflation and you can tolerate a moderate level of risk.

You want the opportunity for long-term moderate growth.

You want an investment that is geared for growth and are willing to accept above average risk.

You are an aggressive investor and can tolerate short-term market swings.

Shorter Investment Time Horizon < --------------------------------------------------------------------------------- > Longer Investment Time Horizon

Investor Objective

Primarily preservation of capital

Moderate growth

Steady growth in asset values

Moderately high growth in asset values

High growth in asset values

Risk Characteristics

There may be some losses
in the values of the investment as asset values fluctuate.

There may be some losses
in the values of the investment from year to year.

There will probably be some losses in the values of the underlying investments from year to year.

Fluctuations in value should be less than those of the overall stock markets.

Some of these might be large, but the overall fluctuations in asset values should be less than those of the U.S. stock market.

Lower Risk < ------------------------------------------------------------------------------------- > Higher Risk

Asset Class Target Exposure






	Model A			Model B			Model C			Model D			Model E


Cash		10	%		6	%		1	%		2	%		2	%

Bonds		67			50			39			18			6

Domestic Stocks		17			32			42			56			61

International Stocks		6			12			18			24			31





Portfolio Optimization Model Target Allocations as of May 5, 2006

		Model A			Model B			Model C			Model D			Model E


	American Funds Growth-Income		—			—			3	%		5	%		8	%

	American Funds Growth		—			2	%		3			6			8

	International Small-Cap		—			—			2			3			3

	Diversified Research		2	%		4			4			4			4

	Short Duration Bond		23			12			8			2			—

	Growth LT		—			—			3			3			3

	Diversified Bond		6			5			3			2			—

	Mid-Cap Value		4			6			8			12			10

	Large-Cap Growth		—			5			5			4			4

	International Value		3			5			5			5			12

	International Large-Cap		2			6			8			13			13

	Equity Index		—			—			2			4			4

	Small-Cap Index		—			—			—			2			2

	Fasciano Small Equity		—			—			—			2			3

	Small-Cap Value		—			2			2			—			—

	Main Street Core		8			7			6			4			2

	Emerging Markets		—			—			3			4			4

	Managed Bond		17			14			11			3			—

	Inflation Managed		16			13			11			6			—

	Money Market		8			4			—			—			—

	High Yield Bond		5			4			2			—			—

	Large-Cap Value		4			5			5			6			6

	Comstock		2			4			4			4			4

	Mid-Cap Growth		—			2			2			3			3

	Real Estate		—			—			—			3			5

	VN Small-Cap Value		—			—			—			—			2



Less Volatile < ---------------------------------------------------------------- > More Volatile



Your investment options is changing		The following replaces information regarding the Blue Chip portfolio and the International portfolio in the chart appearing in Variable investment options:


Pacific Select Fund Portfolio	Investment Goal	The Portfolio’s Main Investments	Portfolio Manager
International Value	Long-term capital appreciation.	Equity securities of large non-U.S. equity companies believed to be undervalued.	Alliance Capital Management L.P.

Large-Cap Growth	Long-term growth of capital. (Current income is of secondary importance.)	Equity securities of large-capitalization growth companies.	Loomis, Sayles & Company, L.P.



		The following is added to chart appearing in Variable investment options:


Pacific Select Fund Portfolio	Investment Goal	The Portfolio’s Main Investments	Portfolio Manager
International Small-Cap	Long-term growth of capital.	Equity securities of non-U.S. companies with small market capitalizations.	Batterymarch Financial Management, Inc.

Diversified Bond	Maximize total return consistent with prudent investment management.	Fixed income securities of domestic and foreign issuers.	J.P. Morgan Investment Management, Inc.


Your investment options: Transferring among investment options and market-timing is amended		The following is added as the fifth bullet in the Transfers subsection: Transfers of accumulated value from the loan account into your investment options following a loan payment is excluded from the transfer limitations described in the prospectus.

		Transfers to or from a variable investment option cannot be made before the seventh calendar day following the last transfer to or from the same variable investment option. If the seventh calendar day is not a business day, then a transfer may not occur until the next business day. The day of the last transfer is not considered a calendar day for purposes of meeting this requirement. For example, if you make a transfer into the Diversified Research variable investment option on Monday, you may not make any transfers to or from that variable investment option before the following Monday. Transfers to or from the Money Market variable investment option are excluded from this limitation.

*Withdrawals, surrenders and loans: Taking out a loan* is revised		Paying off your loan is revised: You can pay off all or part of the loan any time while your policy is in force. Unless you tell us otherwise, we’ll generally transfer any loan payments you make proportionately to your investment options according to your most recent allocation instructions. We may, however, first transfer any loan payments you make to the fixed options, up to the amount originally transferred from the fixed options to the loan account. We’ll then transfer any excess amount to your variable investment options according to your most recent allocation instructions.

		You can make monthly loan payments using our electronic funds transfer plan. Here’s how it works: • You authorize us to withdraw a specified amount from your checking account each month by completing an electronic funds transfer form. Please contact us or your registered representative for a copy of this form. • You can choose any day between the 4^thand 28^thof the month for us to make the withdrawal. • Loan payments made by the electronic funds transfer plan must be at least $50.



*About Pacific Life* is changing		The following is added to *Distribution arrangements:* We may agree to reduce or waive some or all of the policy charges and/or credit additional amounts under our policies, for a policy sold to an eligible person. An eligible person meets criteria established by us, and may include current and retired officers, directors and employees of us and our affiliates, trustees of the Pacific Select Fund, trustees of Pacific Funds, and immediate family members of such persons. We will credit additional amounts to policies owned by eligible persons if such policies are purchased directly through PSD. Under such circumstances, eligible persons will not be afforded the benefit of services of any other broker/ dealer nor will commissions be payable to any broker/ dealer in connection with such purchases. Eligible persons must contact us directly with servicing questions, policy changes and other matters relating to their policies. The amount credited to policies owned by eligible persons will equal the reduction in expenses we enjoy by not incurring brokerage commissions in selling such policies, with the determination of the expense reduction and of such crediting being made in accordance with our administrative procedures. These credits will be added to an eligible person’s policy after the free look transfer date has occurred, or, if premiums are paid using the monthly electronic funds transfer plan, on the first policy anniversary.

		The following replaces *State regulation:* On September 1, 2005, Pacific Life redomesticated to Nebraska. We are subject to the laws of the state of Nebraska governing insurance companies and to regulations issued by the Commissioner of Insurance of Nebraska. In addition, we’re subject to the insurance laws and regulations of the other states and jurisdictions in which we’re licensed or may become licensed to operate.

		An annual statement in a prescribed form must be filed with the Commissioner of Insurance of Nebraska and with regulatory authorities of other states on or before March 1^stof each year. This statement covers our operations for the preceding year and our financial condition as of December 31^stof that year.

		Our affairs are subject to review and examination at any time by the Commissioner of Insurance or his agents, and subject to full examination of our operations at periodic intervals.

		The second paragraph of *Legal proceedings and legal matters* is replaced with: Legal matters concerning the issue and sale of the life insurance policies described in this prospectus, our organization and authority to issue the policies under Nebraska law, and the validity of the forms of the policies under Nebraska law, have been passed upon by our general counsel. Legal matters relating to federal securities laws and federal income tax laws have been passed upon by Dechert LLP.

APPENDIX 1

If you select a portfolio optimization model, until May 4, 2006, your net premium payments or accumulated value, as applicable, will be allocated to the investment options according to the model you select as indicated in the charge below. On May 5, 2006, we will automatically update your model to the portfolio optimization model allocations shown under How premiums work: Allocating your premiums in this supplement. However, if your policy was purchased through Smith Barney, now known as Citigroup Global Markets Inc., or through Citicorp Investment Services (Citicorp), you must contact your registered representative if you want to move to a new model after the annual analysis.

The current asset class exposure and portfolio optimization model allocations shown in the chart below may change over time, based on the periodic review of the models and reallocations which reflect updated recommendations.

Model A
Conservative

Model B
Moderate-Conservative

Model C
Moderate

Model D
Moderate-Aggressive

Model E
Aggressive

Investor Profile

You are looking for a relatively stable investment and require investments that generate some level of income.

Your focus is on keeping pace with inflation. Income generating investment and capital appreciation are desired.

You want the opportunity for long-term moderate growth.

You want an investment that is geared for growth and are willing to accept above average risk.

You are an aggressive investor and can tolerate short-term market swings.

Shorter Investment Time Horizon < --------------------------------------------------------------------------------- > Longer Investment Time Horizon

Investor Objective

Primarily preservation of capital

Moderate growth

Steady growth in asset values

Moderately high growth in asset values

High growth in asset values

Risk Characteristics

There may be some losses
in the values of the investment as asset values fluctuate.

There may be some losses
in the values of the investment from year to year.

There will probably be some losses in the values of the underlying investments from year to year.

Fluctuations in value should be less than those of the overall stock markets.

Some of these might be large, but the overall fluctuations in asset values should be less than those of the U.S. stock market.

Lower Risk < ------------------------------------------------------------------------------------- > Higher Risk

Asset Class Target Exposure






	Model A			Model B			Model C			Model D			Model E


Cash		13	%		6	%		3	%		3	%		2	%

Bonds		62			49			37			20			5

Domestic Stocks		20			34			44			59			70

International Stocks		5			11			16			18			23





Portfolio Optimization Model Target Allocations as of May 6, 2005

		Model A			Model B			Model C			Model D			Model E


	Large-Cap Growth		—			6	%		4	%		4	%		4	%

	American Funds Growth-Income		—			—			3			4			8

	American Funds Growth		—			—			3			6			10

	Diversified Research		3	%		4			4			3			3

	Short Duration Bond		24			16			7			4			—

	Growth LT		—			—			2			2			5

	Mid-Cap Value		4			7			8			12			7

	International Value		3			5			5			5			9

	International Large-Cap		3			8			10			13			15

	Equity Index		—			—			2			6			7

	Small-Cap Index		—			—			3			3			2

	Fasciano Small Equity		—			—			—			4			5

	Small-Cap Value		—			3			2			—			—

	Main Street Core		7			7			7			6			4

	Emerging Markets		—			—			4			4			4

	Managed Bond		19			16			14			6			—

	Inflation Managed		14			13			11			6			—

	Money Market		10			3			—			—			—

	High Yield Bond		6			4			3			—			—

	Large-Cap Value		4			5			5			6			7

	Comstock		3			3			3			3			3

	Real Estate		—			—			—			3			5

	VN Small-Cap Value		—			—			—			—			2



Less Volatile < ---------------------------------------------------------------- > More Volatile

PART C. OTHER INFORMATION

Item 27. Exhibits


(1)	(a)	Resolution of the Board of Directors of the Depositor dated November 22, 1989 and copies of the Memoranda concerning Pacific Select Exec Separate Account dated May 12, 1988 and January 26, 1993¹

	(b)	Resolution of the Board of Directors of Pacific Life Insurance Company authorizing conformity to the terms of the current Bylaws²

(2)	Inapplicable

(3)	(a)	Distribution Agreement Between Pacific Mutual Life Insurance Company and Pacific Equities Network¹

	(b)	Form of Selling Agreement Between Pacific Equities Network and Various Broker-Dealers¹

	(c)	Distribution Agreement Between Pacific Select Distributors, Inc. and T. Rowe Price Investment Services, Inc.¹³

(4)	(a)	Pacific Select Estate Preserver II Last Survivor Flexible Premium Variable Life Insurance Policy (Form 97-56)¹

	(b)	Accelerated Living Benefit Rider (Form R92-ABR)¹

	(c)	Policy Split Option Rider (Form R94-PSO)¹

	(d)	Last Survivor Added Protection Benefit Rider (Form R96–LSAPB)¹

	(e)	Individual Annual Renewable Term Rider (Form R96-ART)¹

	(f)	Enhanced Policy Split Option Rider (Form R96-EPSO)¹

	(g)	Fixed LT Account Endorsement³

	(h)	Pacific Select Estate Preserver IV Last Survivor Flexible Premium Variable Life Insurance Policy (Form 00-57)⁶

	(i)	Last Survivor Added Protection Benefit Rider (Form R00–LSAPB)⁶

	(j)	Estate Tax Repeal Rider⁷

(5)	Applications and General Questionnaire⁷

(6)	(a)	Articles of Incorporation of Pacific Life Insurance Company²

	(b)	Bylaws of Pacific Life Insurance Company²



	(c)	Restated Articles of Incorporation of Pacific Life Insurance Company¹⁶



	(d)	Pacific Life Insurance Company Bylaws As Amended Effective September 1, 2005¹⁶



(7)	Form of Reinsurance Contract¹⁰

(8)	(a)	Participation Agreement between Pacific Mutual Life Insurance Company and Pacific Select Fund⁴

	(b)	M Fund Inc. Participation Agreement with Pacific Mutual Life Insurance Company⁴

	(c)	Addendum to Participation Agreement between Pacific Life Insurance Company and Pacific Select Fund 8/14/00⁷

	(d)	Addendum to Participation Agreement between Pacific Life Insurance Company and Pacific Select Fund 12/22/00⁷

	(e)	Addendum to Participation Agreement with M Fund Inc. 8/7/00⁷

	(f)	Addendum to Participation Agreement between Pacific Life Insurance Company and Pacific Select Fund dated 1/1/02⁹

	(g)	Addendum to Participation Agreement with M Fund Inc. dated 12/11/01⁸

	(h)	Addendum to Participation Agreement with M Fund Inc. dated 1/2/02⁹

	(i)	M Fund Inc. Participation Agreement with Pacific Life Insurance Company¹¹

	(j)	Addenda to M Fund, Inc. Participation Agreement dated 9/22/03 and 1/15/04¹²

	(k)	Participation Agreement with Variable Insurance Products Fund, Variable Insurance Products Fund II and Variable Insurance Products Fund III¹³

	(l)	Service Contract with Fidelity Distributors Corporation¹³

	(m)	Participation Agreement with Merrill Lynch Variable Series Fund, Inc.¹⁴

	(n)	Administrative Services Agreement with FAM Distributors, Inc.¹³

	(o)	Participation Agreement with T. Rowe Price Equity Series, Inc.¹⁴

	(p)	Administrative Services Agreement with T. Rowe Price Associates, Inc.¹⁴

	(q)	Participation Agreement with VanEck Worldwide Insurance Trust¹⁴

	(r)	Service Agreement with Van Eck Securities Corporation¹³

	(s)	Participation Agreement between Pacific Life, PSD, American Funds Insurance Series, American Funds Distributor and Capital Research And Management Company ¹⁴

(9)	Inapplicable

(10)	Inapplicable

(11)	Form of Opinion and consent of legal officer of Pacific Life as to legality of Policies being registered⁵


(12)	Inapplicable

(13)	Inapplicable

(14)	(a)	Consent of Independent Registered Public Accounting Firm¹⁵

	(b)	Consent of Dechert LLP¹⁵

(15)	Inapplicable

(16)	Inapplicable

(17)	Memorandum Describing Issuance, Transfer, and Redemption Procedures¹

(18)	Powers of Attorney⁹

¹		Filed as part of the Registration Statement on Form S-6 EL24, filed via EDGAR on January 24, 1997, File No. 333-20355 Accession Number 0001017062-97-000074.

²		Filed as part of Post-Effective Amendment No. 2 to the Registration Statement on Form S-6 filed via EDGAR on April 24, 1998, File No. 333-20355, Accession Number 0001017062-98-000897.

³		Filed as part of Post-Effective Amendment No. 3 to the Registration Statement on Form S-6 filed via EDGAR on April 27, 1999, File No. 333- 20355, Accession Number 0001017062-99-000721.

⁴		Filed as part of Post-Effective Amendment No. 4 to the Registration Statement on Form S-6 filed via EDGAR on March 1, 2000, File No. 333- 20355, Accession Number 0001017062-00-000589.

⁵		Filed as part of Post-Effective Amendment No. 6 to the Registration Statement on Form S-6 filed via EDGAR on June 1, 2000, File No. 333- 20355, Accession Number 0001017062-00-001335.

⁶		Filed as part of Post-Effective Amendment No. 7 to the Registration Statement on Form S-6 filed via EDGAR on July 21, 2000, File No. 333- 20355, Accession Number 0001017062-00-001533.

⁷		Filed as part of Post-Effective Amendment No. 11 to the Registration Statement on Form S-6 filed via EDGAR on April 24, 2001, File No. 333-20355, Accession Number 0001017062-01-500068.

⁸		Filed as part of Post-Effective Amendment No. 12 to the Registration Statement on Form S-6 filed via EDGAR on December 26, 2001, File No. 333-20355, Accession Number 0001017062-01-500972.

⁹		Filed as part of Post-Effective Amendment No. 14 to the Registration Statement on Form S-6 filed via EDGAR on April 25, 2002, File No. 333-20355, Accession Number 0001017062-02-000856.

¹⁰		Filed as part of Post-Effective Amendment No. 15 to the Registration Statement on Form N-6 filed via EDGAR on February 14, 2003, File No. 333-20355, Accession Number 0001017062-03-000263.

¹¹		Filed as part of Post-Effective Amendment No. 18 to the Registration Statement on Form N-6 filed via EDGAR on April 29, 2003, File No. 333-20355, Accession Number 0001017062-03-000977.

¹²		Filed as part of Post-Effective Amendment No. 20 to the Registration Statement on Form N-6 filed via EDGAR on April 27, 2004, File No. 333-20355, Accession Number 0000892569-04-000537.

¹³		Filed as part of Post-Effective Amendment No. 22 to the Registration Statement on Form N-6 filed via EDGAR on February 10, 2005, File No. 333-20355, Accession Number 0000892569-05-000047.

¹⁴		Filed as part of Post-Effective Amendment No. 34 to the Registration Statement on Form N-6 filed via EDGAR on April 19, 2005, File No. 033-21754, Accession Number 0000892569-05-000254.

¹⁵		Filed as part of Post-Effective Amendment No. 23 to the Registration Statement on Form N-6 filed via EDGAR on April 28, 2005, File No. 333-20355, Accession Number 0000892569-05-00309.


¹⁶		Filed as part of Post-Effective Amendment No. 25 to the Registration Statement on Form N-6 filed via EDGAR on December 6, 2005, File No. 333-20355, Accession Number 0000892569-05-001152.

Item 28. Directors and Officers of Pacific Life


Name and Address		Positions and Offices with Pacific Life

Thomas C. Sutton		Director, Chairman of the Board, and Chief Executive Officer
Khanh T. Tran		Director, Executive Vice President and Chief Financial Officer
David R. Carmichael		Director, Senior Vice President and General Counsel
Audrey L. Milfs		Director, Vice President and Corporate Secretary
James T. Morris		Chief Operating Officer
Brian D. Klemens		Vice President and Treasurer
Edward R. Byrd		Vice President, Controller and Chief Accounting Officer

The address for each of the persons listed above is as follows:

700 Newport Center Drive
Newport Beach, California 92660

Item 29. Persons Controlled by or Under Common Control with Pacific Life Insurance Company (Pacific Life) or Pacific Select Exec Separate Account.

Pacific Life is a Nebraska Stock Life Insurance Company wholly-owned by Pacific LifeCorp (a Delaware Stock Holding Company), which is, in turn, 98% owned by Pacific Mutual Holding Company (a California Mutual Holding Company).

PACIFIC LIFE, SUBSIDIARIES & AFFILIATED ENTERPRISES
LEGAL STRUCTURE


	Jurisdiction of	Percentage of
	Incorporation or	Ownership by its
	Organization	Immediate Parent
Pacific Mutual Holding Company	California
Pacific LifeCorp^	Delaware	98
Pacific Life Insurance Company +	Nebraska	100
Pacific Life & Annuity Company	Arizona	100
Pacific Select Distributors, Inc.	California	100
Pacific Select Group, LLC	Delaware	100
Associated Financial Group, Inc.	California	100
Associated Planners Investment Advisory, Inc.	California	100
Associated Securities Corp.	California	100
M.L. Stern & Co., LLC	Delaware	100
Tower Asset Management, LLC	Delaware	100
Mutual Service Corporation	Michigan	100
Contemporary Financial Solutions, Inc.	Delaware	100
United Planners’ Group, Inc.	Arizona	100
United Planners’ Financial Services of America (1)	Arizona	See (1) below
UPFSA Insurance Agency of Arizona, Inc.	Arizona	100
United Planners Insurance Agency of Massachusetts, Inc.	Massachusetts	100
Waterstone Financial Group, Inc.	Illinois	100
Sorrento Pacific Financial, LLC	California	15
Pacific Select Group, LLC	Delaware	100
Pacific Asset Management LLC	Delaware	100
Carson-Pacific LLC	Delaware	40
Pacific Financial Products Inc.	Delaware	100
Allianz Global Investors of America, Inc. (2)	Delaware	See (2) below
Pacific TriGuard Partners LLC	Delaware	100
Confederation Life and Annuity Company	Georgia	100
Asset Management Finance Corporation	Delaware	43
AMF-ACM Finance LLC	Delaware	100
Pacific Mezzanine Associates L.L.C.	Delaware	67
Pacific Mezzanine Investors L.L.C.	Delaware	100
Grayhawk Golf Holdings LLC	Delaware	95
Grayhawk Golf L.L.C.	Arizona	100
Las Vegas Golf I, LLC	Delaware	100
Angel Park Golf LLC	Nevada	100
The Oaks Golf Club, LLC	Delaware	100
CW Atlanta LLC	Delaware	100
CityWalk Towers, LLC	Delaware	90
College Savings Bank	New Jersey	100
College Savings Trust	Montana	100
Pacific Asset Funding, LLC	Delaware	100
PL Trading Company, LLC	Delaware	100
Pacific Life Trade Services, Limited	Hong Kong	100
Pacific Life & Annuity Services, Inc.	Colorado	100
Pacific Alliance Reinsurance Ltd.	Bermuda	100


	Jurisdiction of	Percentage of
	Incorporation or	Ownership by its
	Organization	Immediate Parent
Aviation Capital Group Holding Corp.	Delaware	100
Aviation Capital Group Corp.	Delaware	100
ACG Acquisition Corporation V	Delaware	100
ACG Acquisition VI LLC	Nevada	50
ACG Acquisition VIII LLC	Delaware	34
ACG Acquisition XIV LLC	Delaware	20
ACG Acquisition XIX LLC	Delaware	20
ACG XIX Holding LLC	Delaware	100
Aviation Capital Group Trust (Statutory Trust)	Delaware	100
ACG Acquisition XV LLC	Delaware	100
ACG Acquisition XX LLC	Delaware	100
ACG Acquisition Ireland, Limited	Ireland	100
ACG Acquisition Labuan Ltd.	Labuan	100
ACG Acquisition XXI LLC	Delaware	100
ACG Acquisition 40 LLC	Delaware	100
ACG Acquisition 41 LLC	Delaware	100
ACG Trust 2004 -1 Holding LLC	Delaware	100
ACG Funding Trust 2004-1	Delaware	100
ACG Acquisition 42 LLC	Delaware	100
ACG Acquisition IX LLC	Delaware	33
ACG Trust II Holding LLC	Delaware	100
Aviation Capital Group Trust II (Statutory Trust)	Delaware	100
ACG Acquisition XXV LLC	Delaware	100
ACG Acquisition 37-38 LLCs	Delaware	100
ACG Acquisition Ireland II, Limited	Ireland	100
ACG Acquisition XXIX LLC	Delaware	100
ACG Acquisition XXX LLC	Delaware	100
ACG Acquisition 31 – 36 and 39 LLCs	Delaware	100
ACGFS LLC	Delaware	100
Boullioun Aviation Services Inc. #	Washington	100
Boullioun Aviation Services (International) Inc.	Washington	100
Boullioun Aircraft Holding Company, Inc.	Washington	100
Boullioun Portfolio Finance III LLC	Nevada	100
V2500 Statutory Trust	Connecticut	100
Boullioun Portfolio Finance IV LLC	Nevada	100
Rainier Aircraft Investment Notes Trust (Statutory Trust)	Delaware	100
Desert Rainier LLC	Nevada	100
Boullioun Aviation Services (Bermuda) Limited	Bermuda	100
Boullioun Aviation Services (Netherlands) BV	Netherlands	100
ACG III Holding LLC	Delaware	100
ACG Trust III	Delaware	100
Bellevue Aircraft Leasing Limited	Ireland	100
Rainier Aircraft Leasing (Ireland) Limited	Ireland	100
RAIN I LLC	Delaware	100
RAIN II LLC	Delaware	100
RAIN III LLC	Delaware	100
RAIN IV LLC	Delaware	100
RAIN V LLC	Delaware	100
RAIN VI LLC	Delaware	100
RAIN VII LLC	Delaware	100
RAIN VIII LLC	Delaware	100
ACG Acquisition 30271 LLC	Delaware	100
ACG Acquisition 30286 LLC	Delaware	100
ACG Acquisition 30744 LLC	Delaware	100
ACG Acquisition 30745 LLC	Delaware	100
ACG Acquisition 30293 LLC	Delaware	100
ACG Acquisition 1176 LLC	Delaware	100
0168 Statutory Trust	Connecticut	100
0179 Statutory Trust	Connecticut	100
ACG Funding 2005-1 Holding LLC	Delaware	100
ACG Funding Trust 2005-1	Delaware	100
(Statutory Trust)
BAHC (Bermuda) One Limited	Bermuda	100
ACG Acquisition Ireland III Limited	Ireland	100
Bellevue Coastal Leasing LLC	Washington	100
Northern Aircraft Leasing AS	Norway	100
29141 Statutory Trust	Connecticut	100
ACG Acquisition 30288 LLC	Delaware	100
ACG Acquisition 30743 LLC	Delaware	100
ACG Acquisition 30746 LLC	Delaware	100
ACG 2006-ECA LLC	Delaware	100
ACG Acquisition 2692 LLC	Delaware	100



#		means abbreviated structure



(1)		United Planners Group is the general partner and holds an approximately 45% general partnership interest.



(2)		Allianz-PacLife Partners LLC and Pacific Financial Products, Inc. own the Class E units.



^		Pacific Life ESOP owns 2%



+		Pacific Life owns a direct membership interest in Allianz-PacLife Partners LLC

Item 30. Indemnification

(a) The Distribution Agreement between Pacific Life and Pacific Select Distributors, Inc. (PSD) provides substantially as follows:

Pacific Life hereby agrees to indemnify and hold harmless PSD and its officers and directors, and employees for any expenses (including legal expenses), losses, claims, damages, or liabilities incurred by reason of any untrue or alleged untrue statement or representation of a material fact or any omission or alleged omission to state a material fact required to be stated to make other statements not misleading, if made in reliance on any prospectus, registration statement, post-effective amendment thereof, or sales materials supplied or approved by Pacific Life or the Separate Account. Pacific Life shall reimburse each such person for any legal or other expenses reasonably incurred in connection with investigating or defending any such loss, liability, damage, or claim. However, in no case shall Pacific Life be required to indemnify for any expenses, losses, claims, damages, or liabilities which have resulted from the willful misfeasance, bad faith, negligence, misconduct, or wrongful act of PSD.

PSD hereby agrees to indemnify and hold harmless Pacific Life, its officers, directors, and employees, and the Separate Account for any expenses, losses, claims, damages, or liabilities arising out of or based upon any of the following in connection with the offer or sale of the contracts: (1) except for such statements made in reliance on any prospectus, registration statement or sales material supplied or approved by Pacific Life or the Separate Account, any untrue or alleged untrue statement or representation is made; (2) any failure to deliver a currently effective prospectus; (3) the use of any unauthorized sales literature by any officer, employee or agent of PSD or Broker; (4) any willful misfeasance, bad faith, negligence, misconduct or wrongful act. PSD shall reimburse each such person for any legal or other expenses reasonably incurred in connection with investigating or defending any such loss, liability, damage, or claim.

(b) The Form of Selling Agreement between Pacific Life, Pacific Select Distributors, Inc. (PSD) and Various Broker-Dealers provides substantially as follows:

Pacific Life and PSD agree to indemnify and hold harmless Selling Broker-Dealer and General Agent, their officers, directors, agents and employees, against any and all losses, claims, damages or liabilities to which they may become subject under the 1933 Act, the 1934 Act, or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact or any omission or alleged omission to state a material fact required to be stated or necessary to make the statements made not misleading in the registration statement for the Contracts or for the shares of Pacific Select Fund (the “Fund”) filed pursuant to the 1933 Act, or any prospectus included as a part thereof, as from time to time amended and supplemented, or in any advertisement or sales literature approved in writing by Pacific Life and PSD pursuant to Section IV.E. of this Agreement.

Selling Broker-Dealer and General Agent agree to indemnify and hold harmless Pacific Life, the Fund and PSD, their officers, directors, agents and employees, against any and all losses, claims, damages or liabilities to which they may become subject under the 1933 Act, the 1934 Act or other federal or state statutory law or regulation, at common law or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: (a) any oral or written misrepresentation by Selling Broker-Dealer or General Agent or their officers, directors, employees or agents unless such misrepresentation is contained in the registration statement for the Contracts or Fund shares, any prospectus included as a part thereof, as from time to time amended and supplemented, or any advertisement or sales literature approved in writing by Pacific Life and PSD pursuant to Section IV.E. of this Agreement, (b) the failure of Selling Broker-Dealer or General Agent or their officers, directors, employees or agents to comply with any applicable provisions of this Agreement or (c) claims by Sub-agents or employees of General Agent or Selling Broker-Dealer for payments of compensation or remuneration of any type. Selling Broker-Dealer and General Agent will reimburse Pacific Life or PSD or any director, officer, agent or employee of either entity for any legal or other expenses reasonably incurred by Pacific Life, PSD, or such officer, director, agent or employee in connection with investigating or defending any such loss, claims, damages, liability or action. This indemnity agreement will be in addition to any liability which Broker-Dealer may otherwise have.

Item 31. Principal Underwriters

PSD (formerly Pacific Mutual Distributors, Inc.) also acts as principal underwriter for Pacific Select Separate Account of Pacific Life, Pacific Select Variable Annuity Separate Account of Pacific Life, Pacific Corinthian Variable Separate Account of Pacific Life, Separate Account A of Pacific Life, Separate Account B of Pacific Life, Pacific Select Exec Separate Account of PL&A, Separate Account A of PL&A and Pacific Select Fund.


Name		Positions and Offices with Underwriter

Peter S. Deering		Director & SVP, Strategic Growth
John L. Dixon		Director, President
Adrian S. Griggs		Director, VP, Chief Financial Officer
Gerald W. Robinson		Director, Chairman, Chief Executive Officer
Michael A. Bell		SVP
Dewey Bushaw		SVP
Robert C. Hsu		SVP, Chief Information Officer
Edward R. Byrd		VP
Martha A. Gates		VP
Thomas Gibbons		VP, Tax
Michael S. Graham		VP
M. Kathleen Hunter		VP
Brian D. Klemens		VP, Treasurer
Audrey L. Milfs		VP, Secretary
Alyce F. Peterson		VP
Gail L. Cobin		AVP
S. Kendrick Dunn		AVP, Compliance

The principal business address of each of the above individuals is c/o Pacific Life Insurance Company, 700 Newport Center Drive, Newport Beach, California 92660.

Compensation from the Registrant.


		(3)
	(2)	Compensation on
(1)	Net Underwriting	Events Occasioning	(4)	(5)
Name of	Discounts and	the Deduction of a	Brokerage	Other
Principal Underwriter	Commissions	Deferred Sales Load	Commissions	Compensation

PSD	N/A	N/A	N/A	N/A

Item 32. Location of Accounts and Records

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the rules under that section will be maintained by Pacific Life at 700 Newport Center Drive, Newport Beach, California 92660.

Item 33. Management Services

Not applicable

Item 34. Fee Representation

REPRESENTATION PURSUANT TO SECTION 26(e) OF THE INVESTMENT COMPANY ACT OF 1940: Pacific Life Insurance Company and Registrant represent that the fees and charges to be deducted under the Variable Life Insurance Policy described in the prospectus contained in this registration statement are, in the aggregate, reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed in connection with the Contract.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Pacific Select Exec Separate Account of Pacific Life Insurance Company, certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485 (b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 26 to the Registration Statement on Form N-6 to be signed on its behalf by the undersigned thereunto duly authorized, all in the City of Newport Beach, and State of California, on this 20th day of March, 2006.



		PACIFIC SELECT EXEC SEPARATE ACCOUNT (Registrant)

		By:		PACIFIC LIFE INSURANCE COMPANY
				(Depositor)

		By:

				Thomas C. Sutton* Chairman & Chief Executive Officer


By:		/s/ DAVID R. CARMICHAEL

		David R. Carmichael
		as attorney-in-fact

(Power of attorney is contained as Exhibit 9 in Post-Effective Amendment No. 14 to the Registration Statement on Form S-6 for the Pacific Select Exec Separate Account, File No. 333-20355, Accession No. 0001017062-02-000747, and incorporated by reference herein.)

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, Pacific Life Insurance Company certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485 (b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 26 to the Registration Statement to be signed on its behalf by the undersigned thereunto duly authorized, all in the City of Newport Beach, and State of California, on this 20th day of March, 2006.


		PACIFIC LIFE INSURANCE COMPANY
		(Registrant)
		By:

				Thomas C. Sutton* Chairman & Chief Executive Officer


By:		/s/ DAVID R. CARMICHAEL

		David R. Carmichael as attorney-in-fact

(Power of attorney is contained as Exhibit 9 in Post-Effective Amendment No. 14 to the Registration Statement on Form S-6 for the Pacific Select Exec Separate Account, File No. 333-14005, Accession No. 0001017062-02-000856, and incorporated by reference herein.)

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, this Post Effective Amendment No. 26 to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:


Name	Title	Date

Thomas C. Sutton*	Director, Chairman of the Board and Chief Executive Officer	, 2006

Khanh T. Tran*	Director, Executive Vice President and Chief Financial Officer	, 2006

David R. Carmichael*	Director, Senior Vice President and General Counsel	, 2006

Audrey L. Milfs*	Director, Vice President and Corporate Secretary	, 2006

James T. Morris*	Chief Operating Officer	, 2006

Edward Byrd*	Vice President, Controller and Chief Accounting Officer	, 2006

Brian D. Klemens*	Vice President and Treasurer	, 2006


By:	/s/ DAVID R. CARMICHAEL	March 20, 2006

	David R. Carmichael
	as attorney-in-fact

(Power of attorney is contained as Exhibit 9 in Post-Effective Amendment No. 14 to the Registration Statement on Form S-6 for the Pacific Select Exec Separate Account, File No. 333-14005, Accession No. 0001017062-02-000856, and incorporated by reference herein.)