An insurance holding company concerned about a failing subsidiary has apparently avoided Pennsylvania state insurance regulation by donating 5% of the stock of the insurer and a $20,000 check to each of 20 charities. The Pennsylvania Commonwealth Court has dismissed the Insurance Department’s case against the holding company, Kingsway Financial Services, on the ground that the insurance law did not give the Department jurisdiction to stop its divestiture of the stock of Lincoln General, a Pennsylvania insurance company. In a concurring opinion, Judge Dan Pellegrini described the transaction this way: “Faced with the prospect of Lincoln’s deteriorating financial condition and, apparently...