New York State Association of Life Underwriters v. Superintendent of Insurance of State of New York
Decision Date | 27 April 1972 |
Citation | 30 N.Y.2d 746,284 N.E.2d 157,333 N.Y.S.2d 173 |
Parties | , 284 N.E.2d 157 In the Matter of NEW YORK STATE ASSOCIATION OF LIFE UNDERWRITERS et al., Appellants, v. SUPERINTENDENT OF INSURANCE OF STATE OF NEW YORK et al., Respondents. |
Court | New York Court of Appeals Court of Appeals |
Appeal from the Supreme Court, Appellate Division, Third Department, 37 A.D.2d 304, 325 N.Y.S.2d 172.
Paul R. Taylor, Penn Yan, for petitioner-appellant, New York State Association of Insurance Agents, Inc.
Shearman & Sterling, New York City (Henry Harfield, Herman E. Compter, James B. Keenan, New York City, of counsel), for respondent, First National City Bank.
Mataraso & MacAffer, Albany (Matthew H. Mataraso, Albany, Fioravante G. Perrotta, F. Raine Remsburg, George W. Brandt, Jr., New York City, of counsel), for amici curiae Cuna Mutual Insurance Society and New York State Credit Union League, Inc.
Royall, Koegel & Wells, New York City, for amici curiae Cuna Mutual Insurance Society and New York State Credit Union League, Inc.
The Supreme Court, Albany County, Special Term, Edward S. Conway, J., entered judgment which directed Superintendent of Insurance to cease taking further action, except cancellation, as to his circular letter which amended prior circular letters by adding as a group to whom wholesale life insurance could be distributed upon a mass merchandising basis individual depositors holding interest-bearing savings account in a bank, and the Superintendent of Insurance appealed.
The Appellate Division reversed and leave to appeal was granted. The Appellate Division held that since a bank deposit was not a 'purchase' nor the relationship between a bank and a depositor such as would create a 'service', plan under which wholesale life insurance would be offered by insurer to individual depositors having interest bearing savings account in respondent bank, in amonts which depended upon age of depositor and the amount of quarterly interest credited to his account, and under which the respondent bank would deduct scheduled amount from the quarterly interest and remit it to insurer as quarterly premium, did not violate statute providing that no insurer shall directly or indirectly participate in any plan to offer or effect any kind of insurance inducement due, or interdependent with, the purchase of the public of, inter alia, services.
Order affirmed with costs, on the opinion at Appellate Division.
All concur.
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