Covenant mutual liquidating trust
- Administration Division; Computer Systems Support; Consumer Affairs Division; Financial Regulation Division; Legal Division; Licensing Division; Life and Health Division; Market Conduct Division; Property and Casualty Division It is the mission of the Insurance Department to protect Connecticut consumers by administering and enforcing insurance laws.The agency accomplishes this goal by ensuring the financial reliability and responsibility of all regulated entities.Promptly after the issuance of the Liquidation Order, the CSC Liquidator mailed notice of the Liquidation Order to all known creditors of CSC, together with a copy of a proof of claim and directions to file with the Liquidator any and all claims against CSC on or before November 15, 2002.Covenant Mutual Insurance Company - The Insurance Commissioner was appointed Rehabilitator of Covenant Mutual Insurance Company ("Covenant") on March 1, 1993.
First Connecticut Life Insurance Company - The Insurance Commissioner was appointed Rehabilitator of First Connecticut Life Insurance Company (FCLIC) by the Connecticut Superior Court on April 2, 1996.
That view seems to me to be supported by the authority of New London and Brazilian Bank v Brocklebank. Now, in my opinion the rule against perpetuity has no application whatever to personal contracts.
That was a case in which trustees bought shares in a company whose articles provided “that the company should have a first and paramount charge on the shares of any shareholder for all moneys owing to the company from him alone or jointly with any other person, and that when a share was held by more persons than one the company should have a like lien and charge thereon in respect of all moneys so owing to them from all or any of the holders thereof alone or jointly with any other person.” One of the trustees was a partner in a firm which afterwards went into liquidation, at a time at which it owed the company a debt which had arisen long after the registration of the shares in the names of the trustees. If authority is necessary for that, the case of Witham v Vane A stronger instance of the unlimited extent of personal liability could hardly be cited; the Old East India Company in 1760, or thereabouts, entered into a covenant with the first Lord Clive, that in the event of the company ceasing to be the possessors of the Bengal territories they would repay to Lord Clive, his executors or administrators, a sum of about eight lacs of rupees, which had been transferred to them for certain particular purposes.
The contract contained in the articles of association is one of the original incidents of the share.
A share is not a sum of money settled in the way suggested, but is an interest measured by a sum of money and made up of various rights contained in the contract, including the right to a sum of money of a more or less amount. said: Then it is said that this is contrary to the rule against perpetuity.