LIFE ASSURANCE CASE.
POLICYHOLDERS AND THE SURPLUS. AN IMPORTANT DECISION. By Telegraph. Association.Copyright. New York, May 4. The Appellate Court of the State of New York has decided that the policy* holders of the Equitable Life Assurance Society of the United States are entitled pro rata to a share of the society's entiro surplus, totalling £27,000,000 sterling. The decision also affects the Mutual Life Insurance Company of New York. It is expected the companies will appeal to tho Supreme Court against the do* cision. Sydney, May 5. Tho local manager of the Equitablo states that) the 27 millions is not the surplus of tho Equitable, but of the Equitable, the Mutual of New York, and the New York Life combined. Tho explanation appears to be that a policy-holder has applied to the Courts to compel the Equitable to toll him what his share of the surplus really is. Were the decision of the Court upheld each policy-holder could have his share fixed, but the companies consider the decision will be over-ruled on appeal.
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New Zealand Herald, Volume XXXVI, Issue 11056, 6 May 1899, Page 5
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173LIFE ASSURANCE CASE. New Zealand Herald, Volume XXXVI, Issue 11056, 6 May 1899, Page 5
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