Legal Opinion
People v. American Steam-Boiler Insurance
New York Supreme Court
Decided May 17, 1895Published
Appeal from special term, New York county. Proceeding for the dissolution of the American Steam-Boiler Insurance Company of New York City. From an order requiring the superintendent of insurance to pay certain moneys to the receiver, the insurance department appeals.
1Opinion of the CourtFollett, J.
The American Steam-Boiler Insurance Company was incorporated, pursuant to chapter 463, Laws 1853, with an authorized and paid-up capital of $200,000. By the sixth section of this statute, as amended by chapter 551, Laws 1853, insurance corporations were required to deposit with the comptroller of this state securities of a certain value to be held by him, pursuant to this provision of said section:
“The comptroller shall hold such stocks or securities as security for policy holders in said companies; but, so long as any company so depositing shall continue solvent, may permit such company to…
Also in this document: Concurrence.
2Cases cited1 opinion
- People v. American Steam-Boiler InsuranceNew York Supreme Court · 1894