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MTR. OF STEWART (CITIZENS CAS. CO.)

30 A.D.2d 293 (1968)

In the Matter of Richard E. Stewart, as Superintendent of Insurance of The State of New York, Respondent. Citizens Casualty Company of New York, Appellant; Coordinated Coverage Corp. et al., Intervenors-Appellants

Appellate Division of the Supreme Court of the State of New York, First Department.

July 2, 1968.

Attorney(s) appearing for the Case

Orrin G. Judd of counsel (Goldstein, Judd & Gurfein and Biaggi, Ehrlich & Lang, attorneys), for appellant.

Mark T. Walsh of counsel (Samuel A. Hirshowitz and Philip Weinberg with him on the brief; Louis J. Lefkowitz, Attorney-General), for respondent.

Henry H. Abrams of counsel (Aaron Greengold, Ralph A. Cascella and Alan Jay Martin with him on the brief; Greengold & Eckman and Henry H. Abrams, attorneys), for intervenors-appellants.

STEVENS, J. P., STEUER, TILZER and McGIVERN, JJ., concur in Per Curiam opinion; CAPOZZOLI, J., dissents in opinion.

Per Curiam.

This appeal is from an order entered May 20, 1968 which directed petitioner to take possession of the property and business of respondent-appellant Citizens Casualty Company (Citizens) for the purpose of rehabilitation. The report of the examiners from the Department of Insurance indicated that Citizens was insolvent based on the inadequacy of its loss reserves. As a result of certain information which...

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