Betts v. Connecticut Indemnity Ass'n
Supreme Court of Connecticut
Petition by the Insurance Commissioner, under General Statutes, § 2869, for the appointment of a receiver and the annulment of the charter of the defendant company; brought in August, 1898, before a judge of the Supreme Court of Errors (the Superior Court not being in session) and heard in September, 1898, upon issues closed on an answer and supplemental answer.
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Petition by the Insurance Commissioner, under General Statutes, § 2869, for the appointment of a receiver and the annulment of the charter of the defendant company; brought in August, 1898, before a judge of the Supreme Court of Errors (the Superior Court not being in session) and heard in September, 1898, upon issues closed on an answer and supplemental answer. The latter was filed by permission of the judge, after the cause had been partly heard, and alleged that since the institution of the proceedings the company had settled the principal part of the overdue claims against it, the…
1Opinion of the CourtBaldwin, J.
The defendant’s charter (10 Special Laws, 616) refers (§ 1) to its object as “ assessment insurance in case of death or otherwise, payments for which may be collected annually or otherwise as agreed,” and gives it power (§ 2) to “ issue policies and certificates of membership.” It was also provided (§ 8) that it “ shall have a working capital ” of not exceeding $250,000, and “ may commence business under this charter when fifty thousand dollars shall have been subscribed for and paid in to said working capital, which shall be in lieu of a reserve.” The same section declares that if at any…
2Cases cited3 opinions
- Norwalk Street Railway Company's AppealSupreme Court of Connecticut · 1897
- Chicago Mutual Life Indemnity Ass'n v. HuntIllinois Supreme Court · 1889
- Lehman v. ClarkIllinois Supreme Court · 1898
3Cited by1 opinion
- New Haven Trust Co., Receiver v. DohertySupreme Court of Connecticut · 1902