New-York tribune., 1870-09-24
STATE INSURANCE DEPARTMENT.

STATE INSURANCE DEPARTMENT.
ABSTRACT OF THE sUPERNTENDENT's REPORT
FOR 1810-PART l., FIRE AND MARINE INSUR-
ANCE.
The Insurance Department of the State of
New-Yor was organized Jan. l. 1850. From that time
until February of the present year the duties of supern
tendent were discharged by the Hon. William Barnes, who
prepared ten annual reports containing vast amount
Of valuable statistical information The present Super
nendeut, the Hon. George w. Miller, makes due recog-
milton of the important services Of his able and aborous
predecessor, and credits largely to his efficient admins
tration Of the Department long under his charge the
present heahfu and prosperous general condition Of the
companies subjected his supervision and the whole
public confidence which exists in regard to them
The accession of the present superintendent to his
official position recent, at the date of this report
that he expresses some didence in dealing with the
topics presented for his consideration The evidences Of
his labor comprehensvoness of view and aptness in
seizng the more important features of the subject and
svstematzing the vCluminOus business, are never
thelcss abundant in the document lately published with
his signature, which is the Eleventh Annual Report of
the Superintendent Of the State Insurance Department.
covering the year 1862 and in numerous particulars the
months of the year 1870 The present volume Is
Part L. relating TO fire and marine insurance companies
Part H. relating especially to life Insurance. has not yet
been received.
The Superintendent announces that while he has no
disposition to undcrvalue the varied and useful norua
tion contained in the carefully prepared statements of
the several companies and will not neglect their fgaeS
he will hereafter give especial attention to facts
The statements of companies, their face generally
show prosperous condition. hut that they sometimes
need careful sitting shown in the Of the Baltic
Insurance Company whose statements Of its con-
dition caused it 10 be rated above many companies
Of undoubted sOvency and worth, while at the
time it was actually in drdculo mOrts The superin
aotfg
are in the MAN, honestly and truly made, and that he
may confidently look TO the insurance themselves
for hearty cooperation in testing the correctness and
value of the formal statements annually made. The
first object OF his supervision will be to afford the fullest
possible protection to the great insuring public.
There now doing business in this state and report
ing to the Department 26l insurance companies. OF
these 1893 are fire. re-marne and marine, jolntstock
and mutual. The remaining 6s life companies. OF
the FIRE and marine companies, 23 are organized under
the laws of this State Ga from other States, and
from foreign countries From the ls Of January 1862 to
the lst of April 1870 Il companies from other states ana
from Europe have been admitted 10 transact business
in this state, after an examination OF ter adrs III Is
noticeable fact that, while life companies have during
the last l9w & yc5r fo ter Stats are Still seek
ing admission here but few fire companies have been
organized under our laws. The number OF New-f0rk
state onstock fire companies is this year only six more
1860 and four less than in 1863 The figures are rs
follows; jan l. 1850 81; 1865 lO'; lssO, iO', But
tOn the increasing demand for insurance ana inc ac
in strength and competed successfully WIN tnose from
other states ~. A., -,., , -, .,,o N,r-
York ioDt-stock fire companies January /, lsGO
S2OOO7 OO 1885, s2s6O707G lS'0 $2s 232 The aggre
doing business in this state was, January l. 1850 sl2o
3l5 1865 s12S22s75; 1870 S22 o30 The total capital OF
doing business here was, January 1850 s525S525 lsoo
Sil 945 1870 $511ScO2 The aggregate income over
losses and expenses OF the companies Of this and Other
States was for the year ending January l. loGO s644ilS
1scs e. sS4 o55 1S70 $40 724123
The business of the Companies of this State for the
year 1902 shown by the percentage OF losses TO pre-
the Companies from other States. The percentage OF
losses premiums received by Companies was
1880 while that Of Companies of other States was 67l6
The average percentage for both is 1891, which
is considerably below the average OF PRIOR years
ance business The table of Impairmens of Capital
affords another evidence Of the favorable result OF last
years business II shows decrease IN me to,aI amount
of impairment of the capital OF Newfork state C0npa
MES within the year S201 the number OF Companies
impaired being reduced IRON Dlhe 10 Ve anu tlT PCT
centage from 1922 to Az. The percentage OF total i'm
pairment OF Companies from otnSr olaes Is IGuGet t
IRON 1912 to lOo, the total amount Delhg less Jhan 'la
OF last year 10y SjS4S IL is hoped that success W not
be productive of careeSsness TecesSDoS but that
| true conservatism may carry the Companies safely
through this year the beginning Of which caused apre-
| hensiODs that it would he a trying one.
! That foreign Companies enjoy some advantages over
home Companies is admitted and the next legislature is
expected to provide by lawso far as practicable, at
! least-that al shall be placed upon terms OF equalliy
The Governor is commended for vetong number oil ~
of different Companies and Associations, evidently de-
signed 10 evade the provisions OF the General Insurance
laws. The General Insurance laws have been so ire
quenty amended, and are still 80 imperfect, that a
thorough revision OF them is needed. Tle sueTintend
should by all means, be vested with powers ade-
qudte to prevent unauthorized Companies from transact
ing business in this State and 10 enforce statutory penal
| ties against them.
The report contains some tables which are noticeable
of special interest and value Among them are com
pete gister of all the insurance companies now trans
acting business in the State, giving amount OF capital
date of organization location, with their Presidents ana
Secretaries; table showing the aggregate amount OF
cash premiums received by all the companies list OF state
officers in the United States vested with supervisory
powers insurance companies table showing the
net assets total cash income amount paid for Osses eA-
pense and dividends and various percentages or the
same OF all the companies transactng business III ths
state 1862 table showing the capital, and amount, ana
percentage Of surplus held for the protection OF pOc
holders by the American jointstoek fire and fremarne
insurance companies transactng business IN ths state
ON the 3lst of December The body OF the report
consists OF full abstracts compiled from the annual slate
Of all the insurance companies, showing theT con-
! ditOn on the 3lst of December 1863.