Daily Democrat and news. [volume] (Davenport, Iowa) 1859-1864, 1860-05-12
From tho New York Insurance Monitor.
Official Hints to the l.. 4 l.. Insmranc(
Company.

From tho New York Insurance Monitor.
Official Hints to the l.. 4 l.. Insurance
Company.
We have often complained Of the
manifest unfairness OF the Legislative
discrimination against American Insur.
ance Companies, which our State stat
utes recognize. 1t is gratifying to know
that the superintendent feels the Unjust
ice of this miscbievous and disgracefnl
partiality. "It is an act of simple just
ice to our own companies, and to the
companies from other States, who com.
ply with our laws, that authorized un-
derwriters, whether responsible or ire
sponsble, Of nigh or low standing in So
ciety, should be forced to comply with
our statutes, or discontinue the trsnsac
ton of their business. The dignity OF
the State, and the best interests of our
citizens, as experience may sooner or
later demonstrate, unite in the same de-
mand."
The L. & L. Company was estab-
lishcd by deed Of settlement, as ''The
Liverpool Fire and Life Insurance Com
pany." 1t was never registered under
the act of and 8. Wet. (l844), and
alleges that it was not corporation OF
quasi corporation; merely "general
partnership or ''association." In 1858
it refused to file statement of its af.
fairs, on this plea.
When prosecuted by the District At
torney of the City and County Of New
York, for violating the act Of 1853, the
company claimed that it was not sub.
ject to the penalties OF said act, but final
~ consented to deposit the security Of
100000, required by said act of Life
Companies, if the suit was discontinued.
AS q matter of courtesy the company
fled this year partial statement Of it's
fire business, but protested that it is not
a corporation and therefore not bound
to report! But its statement should be
complete, to be valid; should embrace
all assets and business, and not be limit
ed merely to the company's operations,
assets and business in the country.
The Superintendent very properly sug-
gests to the company that be does not
feel at liberty ito accept reports e.
gyatia."
The fire policies of this association,
are not signed by the company, but are
parol contracts underwritten by several
shareholders IN their individual charac-
tiers, by which they agree only that the
funds or property of the company shall
be subject and liable to way the assured,
the loss and damage that shall be sus-
tanned by fire, etc. The Superintendent
does not think that the shareholders ad-
init a persona! liability; aud therefore
recommends them to add a clause to
the policy, by which, in case loses can .
not be realized from the property of the
company, tho same will be paid by the
Directors or Proprietors signing the
policy. The association is neither in
corporated by Parliament, nor even reg.
istered under the act and Wet, yet
it assumes to write heavy risks, in every
principal port, to receive large sums for
premiums, and to refuse to file state
ments Of its affairs as required by the
statutes Of this and other States.
The Association, We hear, intends to
continue fire and life business in this
State, Notwithstanding the Superintend-
enrs refusal to grant it a certificate of
authority.
The Act Of 1914, which provides that
"No person, association, or company Of
persons, residing in any foreign country,
nor any person in behalf CT them, or any
Of them, shall directly or indirectly
make any contract Of insurance against
loss or injury BY fire, upon any house.
building, or goods, situate, or being in
thi: State" and providing for a penalty
Of 81 900 for each offence, is however
still in force, aud the superintendent
suggests to the L. d L. ssfolks'' that it
will mot By advisable Cor them ITO over
ride OF violate the laws of this State. IN
any respect, or under any circumstan-
90"