Skinner v. Steele

HIGHERS, Judge.

This is an interlocutory appeal in a suit for damages arising out of the plaintiffs’ purchase of a single premium deferred annuity certificate (SPDA) from the defendants in August 1982. The plaintiffs have alleged that they purchased the SPDA in reliance upon the representations of the defendants, at a cost of $170,000. The annuity was issued by National Investors Life Insurance Company of Little Rock, Arkansas (NIL), a wholly owned subsidiary of Baldwin United Corporation. In July 1983, the plaintiffs received a letter from the insurance commissioner of the state of Arkansas,…