Insurance Co. of North America v. Long

Indemnity Insurance Company of North America, a Pennsylvania corporation, and a subsidiary of complainant, appellant here, for many years prior to January 1, 1961, was licensed to engage in all forms of insurance business, other than life and annuities, in this state.

On July 5, 1960, Indemnity entered into an agreement of liquidation and re-insurance with complainant, Insurance Company of North America, in which complainant agreed to “assume, pay and fulfil all debts and obligations of the subsidiary, including all taxes assessed or to be assessed against the subsidiary,” and to re-insure all…