Caminetti v. Pac. Mut. Life Ins. Co. of Cal.

In 1936, the business and assets of the Pacific Mutual Life Insurance Company of California (hereafter called the “old company”) were taken over by the Insurance Commissioner of this state pursuant to statutory authority. (Ins. Code, §§ 1011 and 1013.) Thereafter, respondent Pacific Mutual Life Insurance Company (hereafter called the “new company”) was organized as part of a plan of rehabilitation of the old company by the commissioner who purchased its entire capital stock with assets of the old company. Pursuant to section 1043 of the Insurance Code, a “Rehabilitation and Reinsurance”…