New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1870-07-02
GOV. HOFFMAN AND THE FOREIGN INSURANCE
AGENTS.

GOV. HOFFMAN AND THE FOREIGN INSURANCE
AGENTS.
To the Editor Of The Tribune.
SIR: The efforts of the agents of Foreign
Insurance Companies to induce Gov. Hoffman TO with
hold his signature from the bill introduced by the Super
intendent OF the Insurance Department, and almost
unanimously passed by the Legislature, and which
places restrictions upon these companies and provides
for an examination into the tTuthfunes OF their state
ens have successful The representations OF the
officers local companies and the arguments OF the
head OF the Insurance Department have proved unaya
ing with the Governor He seems 10 think Legislation
respecting these companies ia needed but is disposed TO
leave il to the agents OF the foreign companies TO decide
what that legislation shall be- The Governor will he
Older and perhaps wiser, before those gentlemen will
consent TO any legislation that tends TO disclose the
actual condition of their companies in any important
degree to circumscribe their operations. Any other
action on the part of the agents here would meet with
small sympathy from the heads OF the institutions they
In respect to this matter of supervision and publicity
the practice in Great Britain is radically different from
that OF this and other OF our states ana III rev things IS
this difference more marked than in regard TO the Ds
Is conducted IN TINS country geheraIy Will DS'ter
knowledge a nicer discrimination and with closer
nation on the globe and this distinction is marked
when compared with the conduct OF the business in
Great Britain than anywhere else. In the midst or
numerous and disastrous failures among the insurance
Companies of that country It's prominent underwriters
Government Mr. swintOn Boult, enterprisng under
writer there has published pamphlet embodying his
views in opposition to efforts made in Parliament To
secure exercising control over the Companies
Many years the experience OF the ocers OF our
more substantial and successful companies led them TO
the conclusion that safety to be found IN publicity
out of this conviction the Insurance Department
OF this state The Hon. VIM. Barnes It's head for ten
held that the insurance companies being created
by OF the State tho people OF the State were en-
titled 10 know whatever the companies knew concerning
Themselves which in any way affected their standing.
The effect OF this publicity combined with udcious legal
restriction upon the amount the company may insure
upon ingle risks has resulted In increasing the ability
OF the companies OF this country represented in this
Ftate more than tenfold.
Mr. Miller the present superintendent Of the Insurance
Department has taken important step further in the
same direction insisting that what the people OF this
state about their companies and those coming
from other States TO do business here, they shall also
know about companies from foreign countries having
agencies mere, and that these shall be subject 10 the
same restrictions which the local companies sub
jected.
Can any one doubt the correctness OF his position
TO which side Will ultimately triumph in such con-
Superintendent and the insurance companies
OF this country viii be too strong for the Governor and
the agents ~ foreign companies for the people will
prefer publicity 10 secrecy Judcious restriction to UNI
controlled license.
Foreign capital is welcome II il comes subject to just such
laws as those which companies cheerfuy invite
for their control and supervision. This bill may in
minor respects be defective but would have been
far II Gov Hoffman had signed the bill, and have
trusted the superintendent that he would
proper modification OF ts provisions.
to in his office from rendering
its provisions in any way different from that In which he
understands them. FAIR PLAY.
NetC- York, June22, 1870