The New York herald., 1871-10-21
NATIONAL INSURANCE CONVENTION
Third Days Preoeedings- Important Diseuzioa
on tho Rate II Interest and Life Insu-
ranoe Risks-Speschss By Actu-
aries and Visitors


The above Convention met again yesterday, anG
the Committee on Permanent Organization reported
through Mr.. Albert W. Paine. OF Maine. The con.
stltutOn OF the Convention was submitted. 1t was
decided that the Convention should consist OF mem
bers from the persons having charge Of insurance
matters In the several States and Territories ~
pointed by the Governor thereof. On motion OF Nj.
Reynolds, OF Alabama It resolved 20 accept the
report and lay 1t on the table for future discusslon
The PRESIDENT nominated Messrs. Clarke, or Mas.
sachusetts William E. Harvey and Henry G. Kelsey
as Committee on valuation OF InsOlvent Companies.
THE CONSTITUTION.
Ftrst-The Convention shall be composed OF tho
several officers having charge OF insurance depart
meats Ia the states and Territories and DiStrCs OF
| Columbia Where none exist the Governor has the
right to appoint . member. and any member may
| act by proxy appoint q substitute.
Its officers shall consist OF President Vice Presi-
dent. Secretary and Executive Committee OF three.
| OF which the President snail be Chairman.
w9e nae annual meeting SHAH be held on the third
President ceases to bc member the vice Presdent
| takes his place and becomes member OF the Exec
| utive Committee, aud when both cease to be mem
bers the next order OF the Executive Committee
| becomes It's Chairman, the remaining member or
am memters m having all the p powers OF the COMMITTEES
GERS are to be chosen by ballot at the annual meet
| Ing.
| preceding the above constitution, which recon-
mended . permanent organization on the basis tnss
each State and Territory snail be requested sup
port the same by deiraying the expenses Of their
| delegates to the annual Convention every year. was
read and adopted as the sense OF the Convention.
ON motion OF MIR. PAINE 1t was resolved that the
| consultation offered should ne laid the table,
printed and distributed to the members for peruSa
ana consideration before final action.
On motion OF Mr.. GAINEs, Of Louisiana, Il was re.
/, solved that all the standIng commit ees be In
struced TO report ON Monday next, except that on
reports Of the Committees on Rate OF Interest.
Rate oil Mortality, Net Valuations, &C., was taken
Mr.. HARVEY onered the following, which were
adopted:-
mums received all unexpired should 10 charged
ana s'a s ON % cen:
year or less to run and r Of the premiums on ire
liability Or rsserss r p.oyaed ha. the az:
should rapidly practicable accumulate an extra reserve
that mated Sy law reeommendea that diridess
hs M % ss Go. p u e Ss
II the sso % II ~ r.
q & r the 5. s
and the
! known.
| Ing resolution IN relation to life insurance.
TIL S s, h" M ar Sum q the asset: Of
%sds .s. q sssiaa u:
and contingencies COMPANY
policy Z. s ~ IL
liabilities, calculated by the net method and tho legal
| Mr.. HARVEY also moved that Mr.. Hewitt editor sS
the Insurance ChrOncte, ne heard by the Committee.
A number OF amendments were subsequently
offered IN favor OF four and halr and SIX per cent
men VINO were visitors to the Convention Should
have the privilege OF the noor.
Mr.. HEWITT addressed the Convention In favor Of
the four and o half per cont rate.
Mr. RUGGLEs recommended the adoption OF the
half Der cent Interest per snnnm az the data now
proper TO be designated by law In each OF the States
~ the basis for calculating net premium and mes
Mr.. CLARKE or Massachusetts, said that at this
stage OF proceedings he was not prepared TO fully
state his views. He came TO the Convention open
TO conviction and strongly In favor OF the practice
OF his own State. From all that he had heard and
read he had failed to discover any reason to justify
any departure IRON the standard Of his own STATE
II the American experience mortality stand.
loose a wsrs from wSps SSSpsea was % known to ' be
safe basis TO an uncertain, mmatured
universal sentiment is in favor OF the standard
which they had. The companies OF that State were
unit In this regard. He believed It was to q large
extent so IN Connecticut He had no doubt that
other companies further West would take the same
gronnd Although he was satisfied that the severity
OF the Massachusetts caused several OF tho
companies TO suffer YET he saw nothing to Justify q
time ne wished 10 state that il he heard any thug
TO change his opinion he would be glad to do SO.
wnich would enable companies who could sustaiR
| themselves upon four aud hall per cent reserve.
Mr.. MASON. OF the Massachusetts Mutual OF
| Springfield, was OF opinion that four per cent
OF interest large rate could be safely
given, because 1t likely that in the progress OF
| the years In civilized communities four per Cens
| would be rs much would ever De obtaInabic Az
to the mortality table, he was OF au opinion that tho
actuaries' table the most desirable TO be adopted
because Il was based on larger experience.
Mr.. BRYANT, Actuary Of the New York State Insur-
ance Company, was not IN position 10 give Opin-
Ion 10 the maximum rate Of interest. That should
be sought nom the business and financial OF the
country. The difference paid between the tour per
cent and ak per cent interest is paid for no other
a n m fatl n INT 4
should, he thought, be reserved for that purpose.
Mr. MORGAN, President Of the North American Lille
| Insurance Company, said that a taeory has been
started that Tue vitality OF the American citizen
since the war OF the rebellion has been greatly I'M
paired, and that nervous diseases and the mortality
| thcrefrom nad greatly increased He thought that
was OF sufficient importance to authorize the ap.
| pointmont 0f medical committee. lie believed
that the STANDARD of American health now was net
| equal 10 the ordinary vitality among adults, and
this noccssItated cafsfu attention 10 tho mortality
table. II clear that IL tbs duty 0f Insurance
companies L0 demand u large reserve. Mr. Morgan
closed by offering iuftlef remarks upon Mr. Iiarvcys
resolution.
The Convention then adjourned until th,s morn