Ito v. Investors Equity Life Holding Company.

Dissenting Opinion by

POLLACK, J.

I. Introduction

Of fundamental importance in this case is the distinction between ownership of an insurer, represented by title to company stock, and ownership of the insurer’s assets, i.e. the insurer’s estate. Stock that represents ownership of an insurer is "not part of the insurer’s estate. The two letters central to this case, from Appellant Investors Equity Life Holding Company’s (IELHC) to the Hawaii Insurance Commissioner, appointed by the circuit court as liquidator (Liquidator), present only an assertion of title in Investors Equity Life Insurance…