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ITO v. INVESTORS EQUITY LIFE HOLDING CO.

No. SCAP-10-0000131.

346 P.3d 118 (2015)

135 Haw. 49

Gordon ITO, Insurance Commissioner of the State of Hawai`i, Petitioner-Appellee, v. INVESTORS EQUITY LIFE HOLDING COMPANY, a Delaware Corporation, Appellant, and Hawaii Life and Disability Insurance Guaranty Association, Appellee, and Investors Equity Life Insurance Company of Hawaii, Ltd., a Hawai`i Corporation, Respondent.

Supreme Court of Hawai`i.

February 27, 2015.

Attorney(s) appearing for the Case

James J. Bickerton and Nadine Y. Ando, Honolulu, for appellant.

William C. McCorriston and John Y. Yamano, Honolulu, for appellee Gordon Ito, Insurance Commissioner of the State of Hawai`i.

David J. Reber, and Lindalee K. Farm, Honolulu, and Franklin D. O'Loughlin, pro have vice and Cindy C. Oliver, pro hac vice, for appellee Hawaii Life and Disability Insurance Guaranty Association.

NAKAYAMA, Acting C.J., Circuit Judge NACINO, in place of RECKTENWALD, C.J., recused, Circuit Judge TRADER, in place of McKENNA, J., Recused, and Circuit Judge LEE in place of WILSON, J., recused, with POLLACK, J. dissenting.

I. INTRODUCTION

Investors Equity Life Holding Company (IELHC) is the former parent company and sole shareholder of Investors Equity Life Insurance Company of Hawaii, Ltd. (IEL). In 1994 IEL was liquidated, thus creating the IEL estate. The State of Hawai`i Insurance Commissioner (Commissioner) was appointed...

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