Spellacy v. American Life Ins. Assn.

This is an action for a declaratory judgment and an injunction, brought by the insurance commissioner and the bank commissioner of this state to restrain the defendant, a domestic fraternal benefit society, from issuing to its members residing in Connecticut and seven other states, where it is duly licensed to operate, a proposed certificate, or policy, of insurance known as a variable endowment contract. The ease has been reserved upon an agreed statement of facts for advice upon certain questions. 1

The defendant was first incorporated by a special act of the General Assembly in 1899. It…