The New York herald., 1871-10-19
NAYIcgkL INSURANCE CONVENTION
First Days Proceedings Report Of the Commit
tee on Rate Of Interest. Rate Of Nor
tslity and Net Valuations

Al halfpast ten o'clock yesterday the National
Insurance Convention was organized at 156 Broad
way. There were present the President, Mr.. George
W. Miller, Superintendent OF Insurance Department.
Albany, N. y; the Vice President; Mr.. Lleweyn
Breeze. Secretary OF State Madison, MS; the Sec
reary, Henry S. Olcott, Counsellor, No. Z Bceknan
street, New York. The delegates were as iollows:-
Messra. W. S. Winter, special delegate, Alabama;
G. l.. Keels, California; George s. Miller, Con-
necticut; Willlam h. Harvey, Actuary OF Insurance
Department. Illinois; w. W. Caldwell, Deputy Au-
di.or Indiana; John Russell, Auditor OF State,
Iowa; Gasayus w. Smith, Insurance Commissioner,
Kentucky; Richard Gaines, special delegate Louisi-
ana; Albert W. Paine. Insurance Commissioner,
Name; Samuel w. Row, Commissioner or Insurance,
Michigan; w. b. Straite Minnesota; Milton Il. Ba-
con, Mississippi; Augustus +. harvey, Actuary OF
Insurance Department., Missouri; John Gillespie,
Auditor OF State Nebraska; G. W. Beiknap, Cover
norS Secretary, Nevada; Oliver Plllsbury, In
surancc Commissioner, New Hampshire; Henry
G. Kelsey. Secretary OF State, New Jersey;
A. ". French, special delegate, North Carolina;
Joel W. Spencer, Insurance Commissioner, Rhode
Island; II. Park Feckcr, Tennessee; J. r. Eccles0n,
Alternate for the Auditor General, Pennsylvania;
Edward NJ. Alpriend, Virginia; Llewelyn Breeze,
secretary OF State, Wisconsin; A. r. Shepherd,
Vice President OF tile Public Works, District OF Co
lumbla, ana MI. OlCOtt, secretary.
MT. u. W. MILLER, III taxing the chair, said that
II was not his in enClon 10 make any formal speech
the opening OF This ConvcntiOn but represent.
ing the State Oi New York 1t might be proper for
him TO give welcome To the delegates, and TO ex-
press nope that The advantages which attended
inc meeting OF The last Convention may be intensi-
tied aud increased On this occasion. MIR. Miller then
alluded TO his visit u Europe. lie said he was IN
London lEngland) when one Of the largest and old
est Insurance companies was compelled to suspend
business. He saw the workings OF thar company.
and hc had no hesitation Ia saying tnat slml ar
lany. In referring " the chicago fire he SAID that
1t was very gratifying to find tnat so large
and promptly paid il was dllcult a. this time S to
say what percentage would be paid, but i'll HIS hum-
bic Judgment ninety per ceat OF the loss OF the New
lork companies wOnld be ultimately paid. Ihls was
sufficient Indication OF the stability and integrity
OF these institutions. In referring TO tue egs ativo
action tDat was needed he sad tnat the great want
IN This country was better system Of construction
ia buildings. lie euogiZed the mode iu which
houses were built In Europe and SAID that despite
tie enteayors 10 hrc PARIS, the ilrcs burned lnen-
lc,ves out before they consumed Que block To effect
inns public opinlon must be aroused TO tns question
and he mad no doubt that improved construction
would speedily follow.
Mr.. q. II. FiNcB, OF North Carolina presented his
Credentials and said that he was Instructed py
Governor Caudwel TO state that the Governor was
Thoroughly III accord with the objects ol the Con.
Mr.. OLcoTT, the Secretary, read several letters
from gentlemen VINO were expected to De present
all OF whom expressed their sympathy Win the
Convention.
General SMITH of Kentucky. presented yolami.
nous printed report Oh the COMMITTEE on ''rate OF
interest, rate OF mortality and net Valuations
winch Is summarized in the following RECOMMENDED
tons or the cO.nmlttee:--
We respectfully recommend that Convention approye
the American experenee table of mortality and four
Ss designated % By law sac as c P"s' oa f
calculating net premiums and net values of life insurance
hnd on he Of In es se
s ee tsaseq o m il @ on an n % %
asset. equal e ,ae value oi rocy on 'ha:
ercst designated above THIS excludes from the
wv report ha surrender sharse docs no. pertain to ne.
mercia HE insurance the ordinary
caat,ons of net values ana that surrender charge is
o s for % s !" the
noss SO ar a. net net rs sasna9Ta , % G can 70 the SUR
asis'arsSs ,asodase a"s'%y "a III hs ass
% Ssas re-
Of ,hs ys,aon. made y any Other state department On
formed and recognized principles aaa legal bas
as a ea h n s @ @ q ana 81 d 3 re
State depamcn. only 90 the state under whose laws tho
ay povdei via T hs coa
psy ssa % turnsa e ,ho Of o:asr s'tes cer
department setting forh mo exiting value Of ali iis
y. .ss s, i aGs%:s
sats N which 4 have been transas business during
not rays Soa .he eee,c Of
We that the power reserved to the prncral
Insurance officer OF each state eramlc, TO he
eS wa @ ss IN Il.
|sagmIa s};a ssa;o n22a y y:si ~ the interests OF
committee desire ha be understood VIC not ask
Of the respective States pass ny laws abross,ns io erms
Of existing legal contracts for fnranca We have had ia
niied. ,USrAyUs ". sdIrii.l c,,,.
OLIVER PlLLsBURY,{ committee.
The reading OF this report occupied until two
O'Clock, when, on motion, 1t was decided TO consider
his Intention 10 read q paper In reference TO the
subject matter OF this report today at tue session OF
the Convention.
II was decidcd that tho future meetings OF The
Convention should be from ten 10 tnrec each day
The convention adjourned at thgee O'Clock.
aoes~Coa,aicuaat,e Iijcrtlity I. the
thirspa sufferers.
MASSACHUSETTS, INSURANCE DspARrHESr
Boston, Oct. IL, 1871.
The appalling calamity nc Chicago very properly
commands even more than national consideration
and sympathy In addition loss OF le loss OF pro-
porty and Injury TO business In Its Immediate
locality. The sudden annihnatoa OF many millions
Of Insurance aud surplus necessarily imposes un-
paralleled misfortune and financial embarrassment,
not only upon largo number OF insurance com
panics doing business in Massachusetts but upon
thousands OF families ana individuals throughout,
the country largely or wholly dependent upon their
Income nom INSURANCE Investments. In response,
therefore, to frequent and anxious inquiry relative
u governmental position ana purpose In this un-
preccdcnted emergency, and with the hope OF re-
storing confidence among the insured, tue Massa-
chGset:3 Insurance Department. III the exercise Oi
broau ami generous view OF ITS ollcial respolsi-
butv, VIII freely extend the utmost Deraliiy wncn
duty and equity may permit IN aiding companies 10
adjis. t'er losses, repair or increase their capital
and IN DINER WAYS 10 secure their financial reinstac-
nlcpi wherever practicable and pussibic.
JULIUS ]. CLARKE, Insurance Commissioned.