New-York tribune., 1870-02-08
ASSEMBLY COMMITTEE on INSURANCE

An adjourned meeting Of the Special Com
appointed by the Assembly to investigate the az
The various life insurance companies this city
was held yesterday at the Office OF the Corporation Coun
sci. Mr. Dennis BuEns Chairman of the Committee. pre-
siding The object OF the Committee 20 ascertain by
the examination OF officers of the various companies and
other Interested persons whether any additional legisla
ton IA needed upon ths subject at this time.
Mr.. shepard Homans, Actuary OF the Mutual Life In
surancs Company, was first examinsd He explained
the method Of business pursued by his Company. and
defined his own position and duties. At the
request of tho Committee. he engaged 10 pre-
pare asd furnish statement OF the amounts
of money pad so the President, viee-Presdent,
Secretary and Actuory OF the Company during the past
ten years whether salaries bonuses dividends in
their capacity OF policy holders, and showing also how
these amounts had been charged. He stated that the
| Belts Lucius ROSinson and Henry f. Davies. These
gentlemen paid any regular salaries but are paid
Tor their legal services Whenever rendered Mr Homans
agreed furnish statement Of the amounts paid by
the Company daring the last ten years on account OF
counsel fees and the persons to whom they had been
paid He bad not the control OF the proxies
by 1 Pnsy holders ,S prssast to he gsd
president had control of them The policy holders
numbered on the ist Of last JSaaaIy g about ysGsS
ling. and paying tive agents q the Company IL had been
increased by having general agency in this city The
Conpsnys expenses had increased during the hst few
years III it, existence but during the last four five
years they had been diminishing. He reuemberod one
incident connected .tn tae administration 0t ths Com,
NnRn ne rchttu. mr' NnHlOn, Ihtt ffeslent
the Company. had had large policy OF Insurance. his
hle whlrh The Company had purchased OF him during
his lifetime. but which they paid upon his death the
Denehs vi his children Notwithstanding IL had been
| feitod He Was OF the opinion that thsse things
should not be DONE except In very exceptional
Tho Company does not loan money To individuals aud
never makes loans except upen bonds aud mortgages
Soupncs there are large cash surpluses hand, which
always posted Ia banks and trust companies and
upon interest. Thgse deposits made by tho Pres-
dent Mr. HOmans believed that no additional legisla
ton needed present. that the composition between
rival companies Afforded sufficient safe guards for the
policy hoers, and that special legislation will be found
| ~ tranIIsol the business OF life insurance.
Isaac \. Lloyd. the chief boOkkeeper OF tho Mutual
I LILO Insurance Company was next examined. Ho en-
gagged To furnish lat of the deposts OF surplus funds
mentioned by Mr. Honlans and tho Amounts OF interest
received. Mr.. Lloyd furnished other information
OF no general interest and rho Comnteo adjourned sn,
iect to the cali of tho CHAIR.
Previous to the commencement OF the inyestiga'i iot
Mr. McCuIdy Niet.Pnsdent OF the Mutual Iifo In
suraneo Company Of NSw.Iork, accompanied by, MI
John h. Dovln as counsel for tho Company req deset
pernsaOD appear boiore tho Committee aud present
petition which request was granted MI hcCaIdy incl
read 10 tho Committee tho foLpwine t.,,,<.
dsafEsHS. .-1hs pn1tfagned epieseAaivesn o. ~ nul.
and Trust Toe City ot New York re,psennS Iquss' ns
To 'sog your orah body which the ssn q sad sgs
a he the snbsel Of aveugston may m opea 70 we
taa sach scspsas iAV bs rspressalslh h "a"'s" =