Ludington Service Corp. v. Commissioner of Insurance

Plaintiff appeals from an order of the circuit court affirming a declaratory ruling of the Commissioner of Insurance. The commissioner ruled that the proposed plan submitted by plaintiff to purchase and operate an insurance agency would violate the Insurance Code and result in revocation of the agency’s license. We reverse.

Ludington Savings Bank (lsb) is a federally chartered savings and loan institution located in Ludington. It desires to purchase an existing insurance agency in Ludington through a wholly owned subsidiary, plaintiff Ludington Service Corporation. Plaintiff sought this…