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INSURANCE COMM. v. NEW SOUTH LIFE INS. CO.

20666

270 S.C. 612 (1978)

244 S.E.2d 289

The INSURANCE COMMISSION of South Carolina through John W. Lindsay, Chief Insurance Commissioner and John W. Lindsay as Rehabilitator of New South Life Insurance Company, Appellants, v. NEW SOUTH LIFE INSURANCE COMPANY, the South Carolina Life & Health Insurance Guaranty Association, Lester Bates, Sr.. Shareholder and Chairman of the Board of New South Life Insurance Company, Lester Bates, Jr., President and Shareholder of New South Life Insurance Company, Edward K. Pritchard, Jr., Executor and Trustee of the Estate of Edward K. Pritchard, Shareholder of New South Life Insurance Company, and Certain Public Shareholders Represented by Andrew Berry, Esquire, Respondents, and New South Life Insurance Company, through John W. Lindsay, Chief Insurance Commissioner of South Carolina and Rehabilitator for New South Life Insurance Company, Appellant.

Supreme Court of South Carolina.

April 18, 1978.

Attorney(s) appearing for the Case

Victor S. Evans, Deputy Atty. Gen., A. Camden Lewis, Asst. Atty. Gen., and H. Kelley Jones, Gen. Counsel, Columbia, for appellants.

C. Heyward Belser, of Belser, Baker, Belser, Barwick & Toal, and E. McLeod Singletary, of McNair, Konduros, Corley, Singletary & Dibble, Columbia, for respondent New South Life Ins. Co.

David W. Robinson, Columbia, for respondent Certain Non-Management Directors.

Lincoln C. Jenkins, Jr., Columbia, for respondents Policy-holders.

Terrell L. Glenn, Columbia, for respondents Lester Bates, Sr. and Lester Bates, Jr.

Edward K. Pritchard, Jr., Charleston, Executor and Trustee of the Estate of Edward K. Pritchard, Shareholder of New South Life Ins. Co.

Andrew Berry, Orangeburg, for respondents Certain Public Shareholders.

Charles W. Knowlton and George S. King, Jr., Columbia, for respondent S.C. Life & Health Guaranty Association.

April 18, 1978.

Per Curiam:

In this appeal the appellants indicated above contest the correctness of the circuit judge's order in a declaratory judgment action seeking to have the court declare the status and responsibility of Chief Insurance Commissioner John W. Lindsay as rehabilitator of New South Insurance Company. The agreed statement of facts, as appears in the transcript, is as follows:

STATEMENT

"The Insurance Commission of...

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