Board of Insurance Commissioners v. Allied Underwriters

LOONEY, Justice.

The Board of Insurance Commissioners of the State, joined by the receiver of Texas Mutual Reserve Life Insurance Company, of Tyler (organized under Ch. 7, Title 78, R.C.S., Vernon’s Ann.Civ.St. art. 4800 et seq.), sued the Allied Underwriters (organized under Ch. 20, Title 78, said statutes, Vernon’s Ann.Civ.St. art. 5024 et seq.) upon two of its fidelity bonds executed on behalf of J. M. May, President, and F. B. May, Secretary of the Insurance Company, as required by Art. 4804, said statutes. The period covered by the J. M. May bond began at twelve o’clock noon October 26,…