New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-05-27
THE NATIONAL INSURANCE CONVENTION.

THE NATIONAL INSURANCE CONVENTION.
SHIRD DAY-REPORT OF THE CHAMBER OF COM
MERCE-THE TEST OF SOLVENCY IN LIFE
INSURANCE.
The National Convention of State Insurance
Officers resum ID its session yesterday at the rooms OF
the Kew-Yurk Board OF Fire Underwriters. A. A. Low
In behalf Of the Chamber of Commerce, read an address,
eorrratulating the Convention on the auspices under
which they met There needs, he said TO be cont-
deuee in insurance societies and in their officers. and it
seeed 10 the Chamber emnently proper that the Con
yeution should meet in the commercial capital OF the
country 70 recommend such changes in the insurance
lave az would give the public confidence III insurance
compaues. He enumerated list Of extensive cOnnagra-
tons by fire which took place in this and neighboIing
cities aud said that il behoOved the public TO see that
The insurance companies had ample means TO meet
the demands which may be made upon them.
The Chamber advocated thorough eXaminat on
Of the accounts of each company by proper
authority The Chamber considered that no
eoicpauy should be allowed to carry fire insurance
business in any state when the capital of that company
g. locked I'D in other States II essential 10 the sue
cess of business men that the extent Of protection
afforded by the fire insurance companies established
here should with the magnitude of the
Interests involved that be involved ID loss 10y e
Tnerc needs 10 be "a confidence in the responsibility OF
these institutions, in tue ability and integrity OF Their
officers and Ia the good Judgment OF those VINO are APP
painted R the STATE to supervise and exert Jst c9nol
- this nv when consulting their own security
A eainst piIis by ire had regard TO the experience
ft Tic trusts committed to their TO the charac
ter q the Directors, and to the amount OF money
Embarked and the results attending its Use from
10 year. The Chanbar believes in the wisdom Of that
LEGAL reqUirepent winch demands deposit OF certain
{sjess i'm the United States with the Treasurer Con
,rip~ al tbc Sltc where the principal Office agency
~ -,rt ae,gp4ov is located The Chamber favols the
estabiissent 81 Insurance bureau III each OF the
states h. which fire companies lucOIpordted ny Othtr
state slt Doe nade report periodically. Inc utmost
that shouid be required ~ any company Wo1 DC .he
Investment 81 portion Of its 1uni III te goiuS Vi , e
STATE where the business transacted ~ was sum
GENTLY pail that deposit was 10 De Haue ID every
ATE where agency was csldDI,neu, IIo NH ne
eurb depositto be of Sny must correspond WIN ih
magnitude Of the busine irslisat{ ~ h tbe
larger companies was divItel III lntt way apv
different states OF "a. Union te abount m tterIv
where fr pa vnleuf of OF losses might pe ntIsy
insufficient ana the bankruptcy Of the company ' "'
untowsrd result.
HUnoTaiy eats were extended 30 ex-siate officers Of
A. Head Of thu National Roard OF Fire Underwriters
read cOmGiLn cation ia which be called attention TO
ne necessity o. introducing. uniform System O1 DlaIRs
Tor TIC an ual attachments a. companies AND predicted
that hfe Insurance computes gould eventually, as re-
cult Of teir agg ceted experience ascertain natural
10 regard q tteir busine certain dsEhe tables
eurlus Of companies reported at end % Che year
Vafg uch 70 cDate great E1nfusiOn In the public
mud ano teLQ % impair cOhdRce IN the uWh OF the
annual easements ghs ia consequence OF the lack
Of far an uniform system Of 4ianks, which caused
}. e. Batte,son Of tn Traveers Accident Iusyance
9mIay stated that uniformity Of public super sion
e. w. matter u annual reports shout be deemed ex
pedicut AID as ncces.y tor companies insuring against
aoe donts q, Tor an other companies. Thf
esiy existed Tor correct vfnatIOn OF their policies as
existed u fegaTJ any Othe, class OF insurance policies
JltJ indulge uie hope that me day ls not far distant
wien contracts Of insurance Will be- regarded ia the
t.e IgAt a. al other classes O commercial contracts
~. Harvey Of Illinois offered tee following which was
idyIteG
Pod Tha' TIE practice Of dvpg, t. surpus eng i policy
i ,t ~ l Life Insurance Company 1Ould take ifsy con1efa
% ,r il ls'i a premium iy ne ASte in wtei he policy
80 st sr t1 lluctSn ior taI fWene shOaf be inside
t H a' ~ pole Holder residing stfe which does not
t ,'llaJ VI tsI I2n ~ premium receipts o. 80 other
49, u f9 ftrtssl O e eyed prriuns E state
-isT
thzdr Virgin, an honorary member from hassaeku- n
- Ichd iapcr On The Test OF SUllency in L!e iV
~. Att1I Insolvency on inability 10 pay pres
aNtDt va. lie t1ld fact that spoke for itself The
&c ~ VI ultimate sOiycncy will depend upon the aceu
80 - y'sti saloHs IN the past IN regard 10 all the
49, nhllA may aHCct II. Valuations should not omit
:. ttul.Die which pertains % the subject. Con
@sN~"s t'Ahts Dc Let valuation which pAEDosoIY