The New York herald., 1870-12-18
I N 8 q n AN o x.
Important, to Insurers and Insur.
ance Companies.
Tho Affairs Of the Great Western Mutual Life
Insurance Company in the Courts-Applica-
ton to the Attorney General-Judgs
Cardozo'1 Order : Superinton-
dent Miller's Report

very interesting and important though almost
rusty, II no. obsolete requirement or law has been
taken up, and, for the first time In many years. put
To It's legitimate use and application. A petition
has been presented TO the Supreme Court behalf
OF the insurers IN the Great Western Mutual Life In
surance Company for the issuance or order by
the Court upon the company 10 show cause why the
business OF said company should not be closed and
the company dissolved. 1t may for the nforma-
ton Of the general readers OF tho HERALD be
here remarked that there su even In
our practical days companies who do business
upon the principle or the universal, insurance and
| assurance system OF Mr.. Tlgg Montague, ana that
there are to-day living victims OF the unblushng
assurance OF the representatives OF the said Mr..
I1gg Montague who too late fnd out that they havo
been perhaps Tor years paying into which,
| like the lon's council chamber, had many visitors
thereto, hut returns thererom In THIS case tho
Insurers Ia the company apply to the court for an
order TO compel the company To show cause why the
business OF the company should not be closed ana
said company restrained from exercising any OF the
corporate powers franchises Of said company,
ana from recovering, collecting dlsposing OF any
money, property effects OWING or held by SAID
company.
In compliance with the petition above set forth
through the Attorney General, the state Supern.
report on the general status and financial condition
OF the company, and upon his report able counsel,
In the person OF Mr.. Il. Il. Meade, presented the
same to the then presiding Judge OF the Supreme
Court, Judge oardozo who after proper considera-
ton OF tho matters set forth In the petition, ap
pointed Mr.. Francis NJ Bxoy q receiver, with the
powers usual IN such casss Ito take possession OF
and hold all the property things aud assets Of SAID
company and 10 receive and collect all
premiums which due may become due
| upon policies issued by sau company.n
the interest attaching this lies in the fact
that It Is the first action taken against insurance
company IN accordance with the provisions and re-
| quremen;s OF chapter 466 OF the Laws OF 1853, sec
ton twenty four and may either prove a caution TO
other paper itemp companies not 10 20 too far In
tho Tgg Montague business or set Insurers right as
10 the steps 10 ne taken ia such made and pro-
vided. Tue interests of tho insurers In the present
instance well secured in the hands OF Mr.. Miller
| Superintendent OF the State Insurance Department,
| ana Mr.. Il. X. Meade, representing the Attorney
| General.
| In uie Matter or 1,e Great Western Mutual Lie
Insurance. CoD.pany.-Upon petition and on mo
Attorney General let the Great Western Mutual Life
| Insurance Company located Ia the city of New
this court at special term thereof held before
me at the Court House, IN the city OF New York, on
the 10Th day Of December, instant at hafpast ninc
O'Clock Ia the forenoon, or as soon thereafter as
counsel can be heard, why the business OF said COM
pany should not be closed aud said company dts
solved. And II is hereby further ordered that In the
meantime and until The further order OF This court
the SAID the Great Western Mutual Lie Insurance
Company and all lis officers, directors, agents. EN-
ployes OF every manner and nature whatsoever,
he and they hereby enjoihed and restrained from
exercising any OF the corporate powers or fran
chises OF said company, and from receiving collect.
| ing or dsposing OF any moneys, property or Effects
until Tue further order OF this court Fraacs NJ. Blk.
! ny, ESQ.,, on fling bond with this court, TO be ap.
proved Dy justice thcrc1f IN the sum oI live thou
sand dollars with one or more sure,ies conditioned
Tor the faithful performance Of lis duties, be aud be
such cases 70 take possession oi and bold all tho
property, things ana assets OF said The Great West
ern Mutual Life Insurance Company, ana also TO re-
ceiye and collect all premiums VIII Oh due may
become due upon policies issued by said company.
ALBERT CARDoz0, New YORK supreme Court
SUfREME CoUhr-Cttg ana county ~ Neto \ Ork.-
IN nc Mater or NE G,edt Western M,steal Lte Lssar
ayce company
TO THE SUPREME CoURT:-The petition Of the
Attorney General Of the state OF New York on
behalf OF the people oi the said StaEe respectfully
showeih
That in accordance with the provisions and re-
quirenents Of chapter 465 Of tbe laws o 1885, secon
"a "a ana IN ,ne amenaenis .Gsreto, tie superinten
following communication TO your pe,itoncr:--
sUPEEISTgSDESr MlLLER's REPORT.
INSURANCE DEPAEraEHr,l
ALBANY. Dec. 10, 1870
MARSHALL b. CHAhPiAiN, Attorney General State of
Having recently made q personal examination
into the Affairs the Great Western Lie Insurance.
Company OF the CITY and State OF New York, it
appears 10 me- as the result or said examination,
that the assets OF said company are insufficient
relnsure It's outstanding RISKS; IT'S capital appears
he entirely absorbed and there seems 10 be an ex-
or liabilities exclusive OF capital stock liability.
| ever assets, OF over $4,000 In pursuance oi the
| statute in stcn case made aud provided / hereby
communicate said fact TO YOU for YOUR action In the
! premises. Annexed hereto you VIII ind report OF
my said examination, with schedule u The assets
GEORGE w. MILLER, superintendent.
WHY THE BUSINESS OF TIE COMPANY SHOULD NOT
| BE CLOSED.
That, upon the receipt OF such communication, It
becomes The duty OF your petitioner 10 apply 10 the
| Supreme Court for an order requiring such coni-
paDy to show cause why the business Of such com.
pany should not be closed and the said company
dissolved.
Wherefore, upon the foregoing communication OF
the said superintendent and the report therein
specified ard which Is on file In The Insurance De-
, paftment ut Albany a copy oil winch report, except
the schedules and other papers thereto attached, Is
hereto annexed, and which several papers to be
taken as part OF this application yonr petitioner
prays that such order may be granted.
MARSHALL B. CuAMPLAiN, Attorney General.
WHAT MR.. MILLER FOUND.
I, George Miller, superintendent OF The Insurance
! Department or the State OF New York, having ex
ame1 personally into the affairs OF the Great West
crn Life Insurance Company Of New York, do report
that said company was duy organized As life in.
surance company in the state OF New York, on the
30tL day OF December 1865, with a capital ol
$1l5,000 thai sad examination was made between
the 1st and 18th days OF December, 1870 and that
find That the entire liabilities OF said company exceed
Its entire assets-aDout $4,000.
The annexed schedules report as true statements
|
GEORGE W. MILLER.
/ GREAT WESTERN L,pE
| INSURANCE C0MrAsY.
| Assets.
Cash .......,............... SSo nj
United staes oonds.. l075UC
Eoans on STOCK. 6.iQ1
Premium notes. 121t<]
Loans policies b3s33
Deferred premiums bi27c
Interest accrued noies $500
Due from agents. 297s0
Oice premiums 70is
Personal property (oaoe furniture, ,ac)......... 77yl
Franklin fre Insurance CumpAny..-..-. gDs
Continental Life Insurance Company. &,
Nasbingi Life Insurance Conp any............ S5s
Guardian IAic insuiance Com "a