New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-05-25
CONVENTION OF STATE INSURANCE OFFICERS


The National Convention of State officers
having charge Of the supervision OF insurance compa
MES held its first meeting, yesterday afternoon, at the
rooms of the New-York Board Of Fire Underwriters
The Convention called by the Hon. George W Miller
Superintendent OF the New-York state Insurance De-
partmcn for the discussion OF defects in existing meth
ods of SUPERVISION and the adoption of uniform rega
lions and enforce the solyency OF insurance
companies and the entire protec ton OF insurance policy
Chairman and Henry s. Alcott Secretary. The roll was
then called and the following delegates rom 10 states
California Christopher s. Illinois, George " B9lerhof and
Wan b. Harvey Auditors oGee Insurance De.sIlae9' @sna w.
K.nncry Gustavu " Smith, Superintendent Of Iarrsncei Mne
6S w. plS e T 9.aaS' ard e. A. Wis cdE han
H. Row, Coz missioner OF llsui 9s'i ,uiv
Sapeanlan Insurance; N,lska augustus A lleyey, Aeiatr
Fishery IH,arsaee taamone. Nesrsey eny G ks,ey See
See Recruitment Ye,Ycrk PeaSsyyanl j. NJ Fo 10: j. p
IarTand Aui.toreuer Ponasylyana Rhode Island Joel NJ
a5e Appointment Wisconsin, Leselea Breeze Secretary Of STATE
Prrspe9i OF S-fresdent George w. Miller EewYolk;
President Leselen Breeze, Wisconsin Secretary H. Aeoii
Mr Miller on taking the chair thanked tic Convention
for the honor they had bestowed upOn him in selecting
him 10 preside over their deliberations.
He then went on to give an exhaustive account OF IN
suranoe Ia this and OinGr eouhtIe5' INC tfl hl1 ~
surance company, saln ne was oIgahlo III e 1Lt'c ol
Pennsylvania In lsl2 but 1t was not until 20 years ago
f Tuo ~ her. 6urlng the last len or twelve
years its development mas been uuly wonder
ful. We nave AT lhis unc tir't'tl nun
Der N insurance companies than Great Britain, and in
sure a larger amount. While in Great Britain there
are companies venerable with age IL must not be forgot
ten that those which have had ful lives and inglotes
ends are numbered by hundreds. The Dement'S OF lIe
assurance manifest There are 40 companies IN
England which have since their organization paid TO
claimants about SGO0OO0OOO The amount paid by other
companies would least double that amount. Who can
say how many families have from tins source derived
the which have brought them to our shores
Notwithstanding the immense sum which has been re-
ceiyed and disbursed by life companies, We have the
startling fact In the history of British life Insurance That
within the past SC some 200 companies nave gone
out of existence. The question comes Il there any
danger OF a similar experience here The principal
causes OF the failures seem 10 have BEEN
l. Too great facilities offered for organizing compa
MES.
2 Fraudulent designs in their inception.
8. Incompetence, extravaganza and dishonesty In
their management.
A. Lastly and mainly, the want of any Government
check supervision 10 either prevent or suppress the
above named evils.
Properly harnonzed duly perfected and reasonable
and enlightened uniformity established between the
States and there is why every State should
have its insurance bureau. or the matters 10 he
affected by legislation it would seem that might
fitably considers:
l. The question Of the possibility of the adoption Of
uniform standard system OF computing the reserve
policy liabilities Of the life. fire, and marine COM
panies.
The subject OF deposits to be made by companies in
the States.
3. Taxation.
4. Investments.
g. Dividends particularly in life companies. and upon
capital stock when portion Of the capital is required to
make up the reserve.
What be considered assets, particularly in life
companies
The convention adjourned soon after 10 meet at noon
to-day.