- 79 - with the necessary forms upon which the shippers could declare excess value. The package pickup record was used by petitioner to bill shippers for the EVC's sold. Petitioner received and deposited EVC income in its corporate accounts. Thus, assuming that the Shippers Interest Program was insurance, petitioner sold or solicited the putative insurance in 1984. Petitioner also received, reviewed, defended, and paid claims. By selling the Shippers Interest policy, collecting the premiums, and adjusting claims without the appropriate licenses, petitioner would seemingly have been in violation of State statutes prohibiting the sale, collection of premium, and adjustment of claims related to the NUF insurance policy. It strains credulity to believe that petitioner attempted to avoid the requirements of State statutes by restructuring its excess value activity in a manner that arguably caused petitioner to remain in violation of State statutes.38 Had such a restructuring occurred to avoid violating State law, we believe that a large successful corporation such as 37(...continued) (C) collecting any premium, membership fee, assessment or other consideration for any policy or contract of insurance; 38Indeed, on the question of whether petitioner's EVC activity constitutes "insurance", petitioner fails to make any meaningful distinction between the promise to "insure" the first $100 of value in return for a shipping fee, which petitioner continued after Jan. 1, 1984, and the excess value activity.Page: Previous 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 Next
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