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MATTER OF PEOPLE (INT'L WORKERS ORDER)

305 N.Y. 258 (1953)

In the Matter of The People of the State of New York, by Alfred J. Bohlinger, as Superintendent of Insurance of The State of New York, Respondent. International Workers Order, Inc., Appellant; Herman A. Seligson et al., for International Workers Order Policyholders Protective Committee, Interveners, Appellants.

Court of Appeals of the State of New York.

Decided April 23, 1953

Attorney(s) appearing for the Case

Osmond K. Fraenkel and Arthur Kinoy for appellant.

Milton H. Friedman, Thomas Russell Jones and Robert Silk for interveners-appellants.

Paul W. Williams, Special Counsel (James B. Henry, Jr., of counsel), for petitioner-respondent.

LEWIS, CONWAY, DESMOND, DYE, FULD and FROESSEL, JJ., concur; LOUGHRAN, Ch. J., deceased.

Per Curiam.

As we read section 511 (e) of the Insurance Law, the term "hazardous", contrary to the assertion of the Superintendent of Insurance, encompasses only dangers financial in nature. In our view, however, the record supports the conclusion that further operation of the I. W. O. would prove "hazardous" in a financial sense.

Be that as it may, though, there can...

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