New York Savings Bank v. Joseph

Savings banks having life insurance departments issuing mutual policies under article 10-A of the Insurance Law, were regarded as mutual companies within the coverage of the Insurance Law. (Matter of Columbian Protective Assn. v. McGoldrick, 292 N. Y. 171 , 174.) The subsequent translation of article 10-A from the Insurance Law to become article VI-A of the Banking Law did not alter their character. Such a department of a savings bank partakes of the nature of a mutual life insurance company for the purpose of determining the applicability of the municipal gross receipts law. Therefore, the determination is unanimously confirmed, with $20 costs and disbursements to the respondents. Present — Dore, J. P., Cohn, Callahan, Van Voorhis and Breitel, JJ. [See post, pp. 864, 882.]