"Whoever applied banking laws to insurance companies did not have a clear understanding of how insurance companies work or were just trying to cut corners."
Hank&co did have clear understanding. The nefarious plan was hatched with clear understanding. Calabria was part of the team and may be he is the one who should be held responsible for misusing banking laws to regulate non-banking companies.
Most lawmakers did not read or did not have good understanding of HERA. They did not understand that banking laws are being used to regulate non-banking companies.
Surprisingly Lower courts or even SCOTUS have not asked a single question on using banking laws to regulate non-banking companies or violation of basic legal principle that laws should be appropriate for type of business or industry.
Clearly most basic US/State constitutional rights of corporate FnF and its stakeholders have been violated with HERA. Attorneys for the plaintiff may be able to explain more on this question.
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