American Security & Trust Co. v. Equitable Life Insurance

On Petitions for Rehearing *

WILKEY, Circuit Judge:

After consideration of the points raised by the petitions for rehearing, the court denies the petitions, affirms the original decision and opinion, and adds the following supplement to its original opinion.

I. Scope of Action by the Court

We must remember that it is not “a constitution we are expounding.” The questions here involve a regulatory licensing statute1 to which there are eight specific exemptions,2 carved out by Congress on three occasions.3 As pointed out in our original opinion (p. 167), the Congress has the power at any time to…