New-York tribune., 1871-05-05
THE KNICKERBOCKER LIFE INSURANCE
COMPANY.
ITS sOLYENCY CERTIFIED BY TIE STATE SUPER
INTENDENT OF INSURANCE.

ITS sOLyENCY CERTIFIED BY THE STATE SUPER
INTENDENT OF INSURANCE.
Pursuant to the authority vested in me 10y
law and in accordance with an intention expressed in
my annual report Of 1870 TO the Legislature OF this state
have made and caused to be made certain examlna-
tOns the affairs and conditions OF several OF the In
srance Companies doing business in this State In the
month OF November, 1870 examination Of the books,
accounts assets and general condition OF the Knicker-
booker Life Insurance Company OF New-YOrk, was IN
sttuted. That examination has Just been completed,
and although in the annual report referred TO- was dis
tncy announced that it need not be considered as an
imputaton upon the standing OF any company that il is
under examinations" still, il is claimed that an effort
has made the fact OF the protraeted nyest
CATION in this case to the disadvantage Of the Company
deem il due to the Company, and also TO the public TO
make a report of the result of such examination Ihe
examination not made in consequence of any spe-
cihc charges against the Company or its management
but in accordance with The general intention above re-
The Kniekerbocker organized in 1854 upon capt
slow since 1863 however its business had rapidly in
creased, until, as appears by the annual statement OF
tho condition Of the Company, December 81 1863, II Lad
outstanding 22O78 policies insurng the of SC63
439, with aggregate assets OF SG6SO96G, and aggrc-
eompanies oreanized Under the laws of New
York which reported larger amount OF business done
or more assets The business Of the Company done
on the note plHn and consequently quite large pO
ton OF its assets consisted Of premium notes It had
been nmated that note companies were quite careless
regard the accuracy of the statement OF assets and
that frequently included among the assets
which were, IN fact, given for premiums upon policies
not in force, and hence of no value The nc<erbocer
being leading note Company, II was thought best 10
make, at early date practicable, thorough m
vestgatOn OF all its aairs with view TO settling this
and other questions at least So far as that Company was
concerned.
The examination made has been most extensive and
exhaustive All the notes, amounting IN the aggregate
TO over % 900 I'm number have been separately examined
a full list made and compared with the entries In the
books, and they have without exception been found TO
be notes given upon policies in force. All the other as
sets and accounts OF the Company nave also been sub
ected TO the closest scrutiny and quite large amounts
standing upon the books against agents have been dsa
lowed from which the Company VIII no doubt be aDle
ultimately 10 realize but which OF uncertain
value prevent their being allowed IN my estimate
of the condition of the Company. NOTWITHSTANDING the
been subjected however, am happy 10 be able 10 state
that they amounted the first day OF January 1911 TO
the of S,0z0973 So while the Liabilities, lnoind
ing reserve fund and capital stock, amounted 10
Si,sfi,g96 2G, leaving surplus or assets over al
liabilities. OF $175,977 59 This surplus, however, would
be increased to SOG62 "a by including the amounts dis
pany be valid and available assets, thus showing the
Company be entirely solvent and entitled Ia the con
fdence Of its pOoyhOlders and the public. ~ affords
much pleasure also, to he able to state that the Com
pany has adopted the policy OF, rapidly as possible
abandoning the mote system and eectiug assurances
upon the allcash basis and that, with this and oher
improved methods of business adopted, and the eNten
sSe business already established, the Company mas
every prospect OF continued success.
Complaints have been made against this as wen as
other Companies OF want OF fairness ana Hperaluy
toward policy holders, but far the facts appear
from my investigations find that the knickerDoSker
has hOn0rably and promptly met aud discharged al c
policies since its organization amounting TO S2eSsly 20,
beside dividends paid To policy hsders, amounting 10
S995i2 80. In view OF all the facts disclosed ieel war
confidence. GEORGE ". MILLER,
Supt. Insurance Department state OF New lulA'
Insurance Department, Ii6dny' y. H. Aprh ~ lS'L