The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-06-02
THE INSURANCE CONGRESS-.

later than usual yesterday morning, owing doubt.
less 10 the labor OF digestng the reclerche fare
with which they were RECALLED at Delmonico's on
Wednesday night The Convention was called to
order at hali.past eleven O'Clock by President
George W. Miller
DR.. ArKlsoS, OF Tennessee moved that discussion
be limited to 1--WE minutes hereafter, which was
adopted.
Mir. G. c. HISE, editor Of the Insurance Monitor,
10y invitation addressed the Convention as fol-
lows:-
risks. short term. annual and hong term?
There Is les, n,rcacy in 10 caieelton Of FIRE
ssreed cost Of iasnrlns the risk for Tie term
Gss su Ere If 'ss
s1sassn Of deserves re- 60 o wos ' . much e make
ona s srm worth
Il s 1s II. 's gear sASsss
much to H'qI insure in' YEAR wsrA MS. Who's :.
year. Nevertheless, sAori rsses, Is we cali them are
s @ Is es chan &
e ssI.s ! Tse s so nd S Ssene sn.ysy
y "a. Esy E higher The fses.
are as . hs IRE
the question OF ire Insurance reserves.
that me rates rrsmua. sssrssd ~ nc somaanes are
ns rs H. These IT, VAR IN ae.n 9Ss1s BE-
streets the efficiency of hi- departments lie supply Of
s
never been any mortality taes. maze W from me combined
not been deemed consruous By those hare classified
that e rs ana .nohf @ s ne
but ese no nsss,a s na We M DO
aaSy q rates sh.gd BY or ,s cc
purposes OF calculating reserves.
Sn aa e gIs a NJ e.. On ID S. @
las rseevea the endorsement OF many Of ,he LEST minds N
has TractSe II a I cent the pse as on
nnsSp,:sd rss hayns one year q less 70 rum and @ ~
a'e seqasy would o , aaiaaso cny y ssra gre .,
grsa. labor many Of me arse companics Issue from
1 70 esay aS, Ian r3'es Ter and asoIs
s ST me some ,a bs e no OF ne arc snort
s1ort risks on grain cotton pork Merchandise on the
house eon'r2sts which for three and ys n many
n,tancss Hence Only approximate ACCURACY in the ealou
The annual policies Issued prior JUL woul avc. when
The end Of the ear was rcscaoi where the are cal
july would have more than months rum but 1T is
nual policies year hencs that dity per
cent o. tn: oGDs s the proper liability Cor re-
s be, 3 are IN the same rue their average in cur
Receptions to these found In new company, or
ans s m9S BY mon
risks expire In the rs case the average uneSpred Tine
would be UGH less; ,hc amount required
Lon ee M Is aa w We're Settled one and
had teen prosecuted by company for i've years
way; but this business attracted more aui
more attention from the copsnes and has been steadily
the increase Tor number OF years thai the older
companies wou erhaps not be correct to PIT them upon
the periods for which they issred and Of
their eyprasions and ro rata calculations made upon them
The of calculations the of fifty per cent has
received IN gwen year and TIA, has been adapie!
that includes n i, oasis the prc
IN ns on unsxrred risks .hor business done w.ta the
dcnce than mathematical basis calculating reserves
s on 81 p rue my per mt %
there should be provso the by calc
aan he the best ms me In
the profes s. ms say ,orty,ye per cent ...,
books in which ali their business oai and agency writ
prsson: are oi each day in Se caren, year AM on long
so ess aay N The s pgVa eas
be reached bya requirement that all seond keep
ns each ya
reached muca nearer mathematical accuracy tan by ay
system now In vogue
DR.. LAMBERT President OF one OF the life compa-
MES, also addressed the convention on insurance
matters covering the subject or stocks, mortality
and valuations. In h. nsnring or lives and liking
the basis Of valuation lie maintained thar the science
OF lie aud the science OF mathematics should work
together 10 deermne how long the applicant for in
surahce Is likely TO i've ard what would be a fair
valuation.
DR.. ArKIsoN. OF Tennessee, offered the following
prelaced By complimentary remarks:-
hsns to the IRE ana marine and the lie insurance
lie. Of the city Of New Yosk go the cor aud hospitality
confidence which has been extended by them
as be 20 Gar removed lbs; uts confidence and respect
has become fully established, and We trust WI Be continued
II the iutuIe.
Mr. CALDWELL submitted minority report from
the Committee on Taxation re J aud Deposits. They
report
business Ia any other state that 10 which MAJ
anizet Shouts be ;sxed only the amount Of premiums
paid n such States AMI your committee OF the opinion
dfion departmental fees Recommended by major
ny which he minority also recommeniwould be am
INA. Ire and accident Insurance companies should be
Organized may proper itnposc additional
fees as may be necessary 70 secure the most
seyeral State departments.
hoy are organize whether they ALL
purely for tao several - ties 70 Sc'e,oe accord
expefen for thu Convention 70 MAKE any recomme nda-
OF deposit should be LETT entirely 10 ae States in which COM
psn.es are or.anzed, without Recommendation from the
'aes CAPITA q Do , less than SGoo may be fqret by
ana to require further or additional de-
Your committees would further report back and recon.
mend tho adoption Of the following ocered by
Resolved Tina, in ths practice of dviins among policy
holders mutual IRE insurspce company should take INTO
which ID. policy holder resides and thu, oeiucon for
holder residing IN State Which does not charge the ccm
parry with tax is premium receipts or IN other words
hgu be charged to imposed upon toe policy hoders
gliding in another state.
On motion, the question OF taxation was laid upon
tie table. Mr.. Skeels opposed all deposits either
uy fire OF lie companies. Mr. Miller advocated de-
t6sits by life COMPANIES, ana moved that that nor-
log 10 deposits be adopted. 4 MOTION 70 table M,
Mlller's motion was lost On division. Mr..
Caldwell declared that the matter or deposits
by companies IN States was one that should be LEFT
to each State and moved 10 substitute the minority
for the majority report 20 lar as relates to deposits
which was lost. Mr.. Skeels moved tnat the sum of
S200, 900 be inserted In the majority report instead
Of 100000. Mr Noyes thought the Increase would
tend TO cripple new companies wishing to organize
IN young states, and produce retaiiatory policy.
The amendment of Mr. sKee!S was lost, Nj. Skeels
alone yotlnq aye, an1 the Convention unanimously
adopted the report OF tue majority on the SUBJECT OF
deposits TINS report recommends That no deposits
he eXacted from companies outside tue state m
which incorporated, the deposit OF sl0o D0J Ivy ne
companies IN the State IL which they chartered
the requirement Of no deposit from American hre
ana marine companies but IT least 5000 by
foreign companies in the state VII re It's principal