AN INSURANCE COMPANY CASE.

Lyttelton Times, Volume CI, Issue 11884, 6 May 1899, Page 8

AN INSURANCE COMPANY CASE.

. IMPORTANT decision. United Press Association—By Electric Telegraph —Copyright. ' NEW YORK, May 4. The Appellate Court of the State of New ■York has decided that policyholders in the Equitable Life Assurance Society of the . United States are entitled, pro rata, to a ahare of the Society’s entire surplus, totalling twenty-seven millions sterling. The 'decision also affects the Mutual Life Insurance Company, of New York. It is expeeled'that the companies will appeal to the Supreme Court against the decision. ■ SYDNEY, May 5. The local manager of the Equitable InmntncQ Company states that the twentyseven millions to which reference is made in the cable message from New York are not tto surplus of the Equitable, but of the Equitable, the Mutual of New York, and New York Life combined. The explanation appears to be thqt a policy-holder has applied to the Courts to compel the EquifjHw to tell him what his share of the surphzs really is. Were the decision of the ‘ Court upheld- each policy-holder could have his share fixed, but the companies consider < *w-.- the decision will be overruled on ap-