In Re the "Plan for Orderly Withdrawal From New Jersey" of Twin City Fire Insurance
Supreme Court of New Jersey
1Opinion of the Court
The opinion of the Court was delivered by
STEIN, J.
Twin City Fire Insurance Company (Twin City) challenges the constitutionality of the order issued by the Commissioner of Insurance (Commissioner) conditioning the termination of its authority to write insurance in New Jersey. Twin City objects primarily to two conditions: the so-called “forfeiture” condition, which requires that the separate corporations affiliated with Twin City as members of the ITT Hartford Group, Inc. (ITT Hartford) surrender their respective certificates of authority within five years and withdraw from the state; and the…
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