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IDLE ASSETS, INC. v. ST. DEPT. OF INS.

No. AL-393.

424 So.2d 902 (1982)

IDLE ASSETS, INC., an Indiana Corporation, Appellant, v. STATE of Florida, DEPARTMENT OF INSURANCE, Appellee.

District Court of Appeal of Florida, First District.

Rehearing Denied January 19, 1983.

Attorney(s) appearing for the Case

Edward S. Jaffry and William L. Grossenbacher of Horne, Rhodes, Jaffry, Horne & Carrouth, Tallahassee, for appellant.

Gabriel Mazzeo, Dept. of Ins., Tallahassee, for appellee.

J. Robert McClure, Jr., and David S. Dee of Carlton, Fields, Ward, Emmanuel, Smith & Cutler, Tallahassee, as amicus curiae for Florida Ass'n of Life Underwriters.

THOMPSON, Judge.

Idle Assets, Inc. appeals from a declaratory statement of the Insurance Commissioner finding its investment plan to be in violation of §§ 626.112(1), .051, Fla. Stat., and administrative rules governing the insurance business. We affirm.

Idle Assets, Inc. offers a plan through which owners of small whole life insurance policies can profit from the investment of the accrued cash value of their policies in certificates of deposit ...

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