The sun. [volume] (New York [N.Y.]) 1833-1916, 1861-08-31
The Insurance system Of Our state.

The Annual Report Of the Insurance Depart
ment at Albany for the year ending Dec. 8lst,
1860, has reached u.s. through the courtesy OF
Mr.. WILLIAM BARNES, Superintendent The
Report, which is in two volumes, details the
financial condition &C the Life and Fire 1nsur-
anco companies rs certified by the afidavi's Of
their oaicors, and verified by personal supcrvi-
sien Of the Department. ANY person can here
examine the nature and the value Of the secur-
ties held by each company.
Ninety-fve Joint Stock Fire Insurance Com
panies are now incorporated under the laws Of
this state---a number stated to be amply 5ufli-
Gent for the next ten years. OF these all but
FIVE are located in this city and Brooklyn. Flew
en- new companies were organized in 1859,
with capital Of s1 900 90; and two in 1860,
with capital Of s2jO, 600. Tho assets Of five
COMPANIES having been found insufficient, they
were dissolved on application to the Supreme
Cour-eycept one, the Worlds Safe Insurance
Companv. Of Troy, which is still in court. The
names Of the suspended companies are the Ev-
crc,t, llcndrick Hudson, Wall Street aud
Homestead, all Of this cty. The Artizan', In
aurancc company has voluntarily applied for
dissolution, having rc-insurcd it's risks AMI d.-
tributcd its effects among other companies.
The Insurance Con- pinics in other states arc
only permitted to do business in this state after
undergoing a rigid scrutiny by this Deplrt-
mont. The Charter OAK Insurance Company
Of Hartford, and the State Pre- Insurance Co. Of
New Haven having failed 10 report for 1860
Certificates Of Authority from the Department
are withheld. Two Pennsylvania Companies,
the Great Western insurance and Trust Co., and
the Quaker City Insura.r' Co., which we're re-
fused certificates last wear, have since failed
with the prospect VI heavy losses to tho
public.
A damaging statement !, made respecting Tie
condition Of the City Fr Insurance Co. o' New
Haven. The Superintendent hn, rc'u'cl to Re-
new the Certificate Of Authority to thi, CImrn-
nv until the transactions between the Company
and the stockholders arr clo,nl, anl the cnt,
capital Is paid up in cash or improved srcuritic.
With this decision the Director. have siyn.irI
their intention to comply Immediately.
Foreign Insurance Compm'c, are aho r.
uurrd 10 flo u statement Of their affair, with
the Department. and obtain Certificates Of
Authority for the transaction If business in hi,
state.
iIrE IN-unhNCE COMPANIES.
Two new Life Insurance Companies were on
gnuizcd in 1859, AMI three in 1850, with an
aggregate capital # sjOo,0oo. Tac life iu-u-
rance ,y',cm is only in it. infancy a, vet, hl'
a. the community grow in wealth AMI miclli-
rcncc H., benefits will be more fully appreciated.
The Importance Of cncouragn, th' wh.-c, n
invest their surplus earning, in provision for oil
age aud for the support Of widow ami orphan,
ha, been hut little understood Ihr value o
science in contributing TO tho wclr,r, o' hunm
. ity was never more fully cN"mplii'l than il
this application Of the laws e political cconom,
TO individual happiness, anil thrr, j, hut li"l
doubt that in this country " / h' developed T.
d it, utmost perfection the principle of life irsu
, rance, which pledge the prosperity Of all 70
e the welfare Of one, AMI thu unjt,s men in q sub
Fl, stantial bond Of brotherhood
o The report comment, with Just prilo ON III,
. fact that the government of New York Wi
!, the first that ever required specific AMI pulli
returns Of the condition Of Insurance Cpmpt
{. mics contrary to tn European il.,, that III
= affair Of such cooperation, w'r' con'lrnta
in their character, and not g. b. publicly di
IA ccsod Our state gov rnmrut proceed, on II
lust principle that the ,ou'r'u'ut b. Al
T. company of il, true condition is in i..lr
j. .u,Ii.iou, circumstance.
g.. Til, wi.c policy whi.h has raised our Il
lc .u,gucc and liankn; institutions to the lor
d. most place in the confidence orhltin'., comm
in mites throughout the world, is being rapid
n adopted 10y other states in the Union, and h
ne gius To lind favor in England auI other loroil
ra'on,.