The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-24
SUPREME COURT-CHAMBEaS
Interesting Insurance Case.
Before Judge Cardozo.

George Mooney cs. The British Commercial Lite
Insurance Company the British Nation Lire JnsUy-
0nce company, the European Assurance SOCIETY Gad
W,iliana Barnes, Superintendent or ne Insurance
Department. plaintiff alleges that he party
insured in policy issued by the first defendant, on
which there has yet been loss that the British
commercial mas been by act OF Parliament, he
Is informed and believes amagamatsd with the
European Assurance Society aud the British Nation
Life insurance Company; that proceedings in bank
ruptcy have been brought In an English court
against the European Assurance Society; that the
last mentioned society has sole interest Ia the pro
insured. and that the British Commercial is IL au
nsolvent condition.
appointing receiver OF the funds OF the British
Commercial and OF the premiums which were to
from paying out 0 any OF u' the 'O nn9s ' NOW
under their control, also enoining the
defendant Barnes, from paying out any OF the FUNDS
IN his hands as insurance superintendent A mo
ton is now made that the recevership be continued
and be extended 60 the funds in the hands OF the
Insurance Department at Albany, and thar the ~.
ceiver should reinsure existing policies pay Losses
and wind up the concerns OF the company.
have not as Is esmed IN sS ACTON gu"
Mr.. Tracey on behalf Of the company, offered to
spulate that the present action was discontinued
the company would Immediately pay the present
value OF the policy to tae palntin or reinsure her
husband IN New York company TO be selected by
him, besides paying ha costs.
Mr. Barnes superintendent OF the Insurance ne.
partment at Albany appeared BY the AtIorney
General, who was represented BY Judge Porter, az
counsel.
Mr. Rapallo represented several policy holders
who have not appeared In the action, but are op-
posed 10 the present motion.
Mr. Stlckney represented one policy for $40 coo on
which proofs OF loss had actually been presented,
but payment Of which IL not yet due.
The other policy holders with the exception OF the
plaintiff, requested postponement, which was
denied.
Judge Porter objected on the part OF Mr.. Barnes
that there WAS no allegation even OF insolvency OF
any company other than on information and belief
that the allegation OF insolvency only applied to the
European Insurance Company, and not to the com
pany lnsuring the plaintiff, and that the plaintiff
had no actual claim a. yet, and had judgment
execution unsatls1ed against the company He also
took the point that whatever might be the position
OF the company itself and OF the fundr belonging 70
the company the fund In the hands OF the insurance
Superintendcnt was a fund belonging to the State in
MS hands as State ofCer, whose duties such
prescribed by statute: that the statute prescribed
tat the only way for reaching this fund was for the
insurance superintendent TO direct the Attorney
General TO commence proceedings IN the Supreme
Court ana obtain al order for the application OF
event. even If receiyership or the company shona
be granted by the Court, 1t could not by any posi-
bility, be extended 10 the fund belonging 70 me
state, and which was in the hands OF State oicia
IL was urged on behalf OF the policy holders that
very few OF them favored this application that the
company was perfectly solvent, and that most o,
the policy holders preferred to have the property OF
the company remain in the hands OF It's oicels and
the state fund remain IN the bands OF the state
officer.
Decision reserved.