New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-05-26
TIE NATIONAL INSURANCE CONTENTION.

SECOND DAY-IMPoRTANT SUGGESTIONS
The National Insurance Convention resumed
its session yesterday, in the rooms Of the NeWierA
Hoard of Underwriters, President Miller In the chair
Benjamin NOyes Commissioner of Insurance from Con-
necticut. enrolled his name delegate. henry "
Kelsey Secretary of State of New-Jersey submitted as
rules for the Convention: l. The regular rses OF all
legislative bodies. 2. That the Convention should meet
az II o'clock 8. No member to speak more than 20
minutes any subject Each State to be entitled to
one vote.
Mr. Winston, President OF the Mutual Life Insurance
Company and Chairman OF n Committee appointed at
meeting Of Life Insurnce Companies held May DO called
attention in particular the following points Of primary
importance:
First: Uniformity in the forms OF annual reports and
Other requirements made by the different state Depart
ments OF Insurance.
SeoondTEo adoption Of the same basis, principles and
sy in the valuation Of policies and computation OF
reserves by different state Departments where such
valuation, and computations are 10 be- Iuane.
Third: The acceptance by each State Department or
tie valuations made by any other State Department IN
which lie companies incOrpOIated, when properly
Performed on sound aud recognized principles anu
Fourth: Tic lists OF policies and securities in detail
required in the annual statements to lie mace 70 One
state Department only and the certificate OF the tOtai
amount Ct such policies AID amount and value OF sac
assets from said Department where made to be deemed
sufficient in all other State Departments.
DC made in the state only IN which the company IN
corporated II there required and the certificate Of snch
whore made, TO be accepted by all other State Depart
ments.
in each State t. be required by it to accept legal service
ia behalf OF company. thereby avoiding great possible
Ssoenh Taxation. II not practicable to have II
tircy removed from Le Insurance, TO be uade uniform
and reasonable in the different states. TO be limited
TO the collection Of fees TO sustain the several state In
surance Departments, and not complicated and 0p-
George r. Hope President Of the Continental Fire In
Company, and Chairman OF Committee OF fiTe
rn.gr frDFu
insisted on the paramount Importance OF security ~ re
insurance. When bank fans 10 one feels IL b1t mos
comparatively well able to bear II; but when the ner
chants property is destroyed lie Is reduced 10 Deg.ry
if no is not insured and paid the amount Last year e
amount insured with Tie companies reporting 10 the
New-YOrk Insurance Department was Ss0,GnOc, ana
the amounts paid out were S23,sOloC whatever t aA
imposed Ere insurance would be eyentualy paid
by the CZcnstheir providence was thus taxed instead
OF beng fo'tered II company II 10 be aoe 10 NEE,
De scgrcgat ed, but under its immediate control:
Stl another matter said hc, which, II due regard Is had
10 tie interest OF tie community seeking insurance,
should occupy the attention Of the members OF thus Con
yfuou b1th here ana within TIC II own states, is that
tie enormous practical untruhs stated to property
in the public advertisements ahd circulars OF
insurance companies, ty announcing frequently on the
amount their assets and sometimes calling TINS all
capital. Sometimes a modest amount OF claims against
these assets is admitted as losses unsettled or dvldeh9s
unpaid; but rare indeed, that mention Is made
OF the amount Of unearIcd premiums or 81 Ptfpsual
premiums. or Cf liability under any KIND OF oOgaioh;
Illustrations the gro deception commonly contained
IN suCn t ISesend instances where Rund-
reds Of thou auds o. dollars, o! indefinite millions OF
dollars OF assets were claimed, the such illustrd
lions would be REGARDED iuyidous, aud II l.
therefore omitted. Beside this, the business OF
the Convention Is Father WIN regard 10 gen
cral principles than to isolated cases, and II
appears the Committee that the interests OF the puDc
demand that by legal regulation compiiies pc lt-
quircd to present 10 the puhc not only nothS tht IS
untrue also al that is true respecting thc conAi-
ton 4 company does not grow stronger by the mere
accumulation OF funds which belong ana must uiIlLldty
be paid b Is creditors. nor l. company poSre5tu Oh
MANY millions of assets, buc which owes for claims III
curred and Tor Obligations assumed three-Ouths or nine
fputls uf whole amount. Strong as rs "a company
win far fewer assets Of wc'but one-quarer may bo
demanded by any one except IT'S own btOchiioll ~
business at once This subject may be one
Of little importance with regard to lie IN
surance eogpais hIt ,,1 Tdia regard eICes.ie e
losses, uir1ns % Per cent or more OF al q company
hO.s makes Il oI vial importance 10 know what CLAIMS
liabilities exist 81 Responsiveness OF every chfdcer
part or TIE whole oi It's business Ii reference to tue
Iaymtut uf losses IL claimed that as general RUE
he COMPANIES paid much more ldE was justly que 20
pulicyhOldcr, who frequently mace exaggerated stare
rec g.ion That inc Irst duty OF the Convention "as
Tie T. rort was signed bv George W. Hope Of the Con
tucnta EIrc Insurance Company, Carlisle Norwood or
Henry a. Oakley OF the Howard, T. W. Eeecke Ol tue
North America, ana l.. c. WALTON, secretary OF the Cit
iLeus Company. , 49,. g.. H..
were appointed TIE President belhS HAIe a t"o@'e''
momDcr Of elcu: ~ 80, ~.
m ..r.t Ias ce Curlu eNesr KELSEY. ko#, and Harvey
2 On ssts ngeatllalMe,. Payne Wooiori AID Webb
O. ca valuation tie OF Mortality anu Relusuance--nesss
o. and eposs-bess-s Breese Spencer and CcvelL
5 ,,nis Expenses aud appointment Of Atome! A-Aes'r'
King Snlcs aaI At,aison.
D. aneoay-e2 rceal Laws, &c-Aessrs Ske' Aasl aud