Nationwide Life Insurance v. Superintendent of Insurance

Petitioner is an Ohio stock legal reserve life insurance company admitted in 1939 to do business in New York. In 1940 it was given a special permit by the Superintendent of Insurance to issue participating policies in New York (Insurance Law, § 216, subd. 6, par. [b]).

This statute requires that such a 11 special permit ’ ’ to issue participating policies shall be conditional on the company’s agreement, approved by its directors, that so long as there are outstanding participating policies held by New York residents “no profits on” such policies “shall inure to the benefit of the stockholders…