The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-05-08
WILLIAM s. HASTE & soS,
General Agents for Carolinas.

Pursuant 70 the authority vested IN me oy
law, and in accordance with an intention ex-
pressed in my annual report Of 1870 to the
Legislature of this State, nave made, and
caused to be made, certain examinations into
the affairs and condition Of several of the In
surance Companies doing business in this
State.
In the month OF November, an examination
of the books, accounts assets and general con-
dition of the KN1cKERBoCKER LIFE INSURANCE
COMPANY of New York was instituted. That
examination has just been completed, and al-
though in the annual report referred to it was
distinctly announced that ''it need not be con-
sidered as an imputa:ion upon the standing of
any company that it is under examination"
still as it is claimed that an effort has been
made to use the fact of the nrotracted investi-
CATION in this case to the disadvantage of the
Company, deem it due to the Company and
also to the public, to make report of the re-
sult of such examination.
The examination was not made In conse'
quence OF any specific charges against the
company or its management, but in accord
ance With the general intention above referred
to.
The KN1cEERBooKER vas organized in 1858,
upon a capital Of 100000, and for the first ten
yearsits progress was slow. Since 1863, how
ever, its business had FdpluIy rrcr easeu, unuI,
as appears by the annual statement Of the con-
dItion of the company, December 81, 1860, 1t
had outstanding 22,O7s policies, insuring the
sum of s66,3ss,4s9, with aggregate assets OF
s6,Gso 965, and aggregate liabilities Of s5,-
s6o,701
There were but three companies organized
under the laws of New York which reported
larger amount of business done or more assets.
The,buslness of the company was done on the
..notep plan, and consequently quite large
portion Of Its assets consisted OF premium
notes.
It had been intlmated that note companies
were quite careless In regard to the accuracy
OF the statement of assets, and that notes were
frequently included among the assets which
were, in fact, given for premiums upon poll
cles not in force, and hence of no value.
The KNIcxERBocKER, being q leading note
company, it was thought best to make, at as
early date as practicable, thorough investi-
cation of oil its affairs, with view to settling
this and other questions, at least so for as that
company was concerned.
The examination made has been most ex-
tensive and exhaustive. All the notes,
amounting In the aggregate to over $4,000 In
number, have been separately examined,
full list made and compared with the entries
In the books, and they have, without excep'
ton, been found to be notes given upon poll
cies in force. All the other assets and nc
counts of the company have also been subject
ed to the closest scrutiny, anu quite large
amounts standing upon the books against
agents have been disalIowed, from which the
company will no doubt be able ultimately to
realize. but which arc Of so uneertaln value
as to prevent their being allowed in my esti-
mate of the condition OF the company.
Notwithstanding The thorough sitting to ,ohich
the assets of the company haze been subjected,
ho,oerer, I am happy to be able to state that
taey amounted on the first day OF January, 1871,
to the sum of 7,O2O,9 ,972 IS, ,ohile the liabilities,
including reserue fund and capital stock,
amounted to s6,s44, ,9o6 &c, leaving surplus of
assets ouer all liabilities Of sl75,977 So. This
surplus, holceuer could be Increased to $780,
6G2 81 by including tie amounts dtsalloWed as
abore stated, ,chich are claimed by the company
to- be valid and arailable assets, thus shoDang
The company TO be entirely soluent and entitled
to the confidence Of its policyholders and the
public.
1t affords me much pleasure, also. to be able
to slate that the company has adopted Tue
policy of, as rapidly as possible, abandoning
upon the all-cash basis, and that with this anu
other improved methods OF business auoptea'
and the extensive business already estaolshed,
the company has every prospect Of continued
success.
Complaints have been made against this as
we'll as other companies. of q. want OF fairness
and liberaiity toward policy but 50 lar
as the facts appear, from my investigation,
find that the KnickerboCher has honorab!y ana
uron,ptyy met and discharged all legitimate
claims, the gross sum paid for slch claims
upon policies since its organization amounting
to s2,ssI, $40 sc, besides dividends paid to
poHcy-holders amounting to s9s5,424 s..
In view of all the facts disclosed, / feel war
ranted in saying that the company is entitled
10 public confidence.
GEORGE W. MILLER,
Superintendent Insurance Department,
State Of New York.