An insurance and financial services holding company that donated shares of a failing subsidiary, along with checks for $20,000, to several charities did not technically break any state insurance laws, the state Commonwealth Court unanimously ruled.
A three-judge panel ruled that Kingsway Financial Services Inc. and its wholly-owned subsidiary Kingsway America Inc. did not violate either the GAA Amendments Act of 1990 or the Insurance Holding Companies Act by divesting its interest in the Walshire Assurance Company, the sole shareholder of financially distressed Lincoln General Insurance Co., to several charities.
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