Goodpastor Etc. v. Southern Ins. Agency, Inc.

Opinion of the Court by

Judge Sims

Affirming.

The appellant and defendant below, Hon. Sherman Goodpaster, Director of Insurance of Kentucky (hereinafter referred to as the Director), promulgated two rules applicable to fire insurance: (1) That no resident insurance agent’s license would be issued to an employee of a finance company or of a building and loan company ; (2) that no corporation, a majority of whose stock is owned by non-residents, would be issued such license. The Southern Insurance Agency, a Kentucky corporation, brought this declaratory judgment action in the Franklin Circuit…