Darnell v. Equity Life Insurance Company's Receivers

Opinion op the Court by

Judge Hurt —

Reversing.

This action was instituted, in the Franklin circuit court, by the Insurance Commissioner, against the Equity Life Insurance Company, to enjoin it from-further transaction of business, and to secure the appointment of a receiver to take possession of the property and effects of the company and to wind up and settle its affairs. The grounds, relied upon for seeking the relief asked, were, that it was a domestic insurance com- ' pany; was insolvent; had exceeded its powers; failed to comply with the law; and that its, further, proceedings were…