Business of Insurance
Mr. RUBINSTEIN. I refer the chairman to the case of Gordon v.
United States Department of the Treasury, which is reported at 846 Federal Reporter 2nd, page 272, in which the priority issue was 31 U.S.C. section 3718. The Gordon case is more fully reported at the
District Court level at 668 Federal Supplement 483, where the court goes into some detail of the statute, but cites other case law in the area, including what is called the Royal Drug case by the United States Supreme Court, the issue being what is the business
And the position being taken by these agencies is that the liqui dation of an insurance company is not the business of insurance.
1988/9/14-15 - Insurance Company Failures. Hearings Before the Subcommittee on Oversight and Investigations of the Committee on Energy and Commerce