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

The questions before the Insurance Conven-
and Of such a character as to require longer
elaboration than was at first anticipated.
Upon many of them, therefore, 1t has been
determined to defer decided action until later
in the year. The present session will con-
tinue, 1t is understood, until Saturday. when
the Convention will adjourn to next October.
Meanwhile its members will have had time to
weigh carefully all the points which have been
brought out and which are fraught with con-
sequences so vital to the insurance interes.-an
interest of vast and growing magnitude,
already showing by the last returns of the
life companies an amount of policies in force
throughout the whole country Of over two
thousand million dollars.
If uniformity of action can be established
among the different States it will very materi-
ally lessen the demand upon the various insu-
rance companies for separate and special
returns, which are now required by each State,
and consequently great labor and attendant
expenses will be saved. The public naturally
ask for as much economy as possible in the
management of the business consistently with
its being properly conducted In this respect
we learn that our leading companies are not
behind those in Great Britain. At the same
time it must be remembered that the latter are
of much older date, and, of course, deriving
large revenues from accumulated funds and
old policies, on which the ratio Of expense is
trifing, are in better position to economic.
The Standard" of Great Britain, is now the
most important life insurance company in
Europe. Its new annual business is the
largest, and it is regarded as the model life
pairing this company with the Equitable Life
of the United States, which offers a proper
case for comparison, inasmuch as Its new
yearly transactions are the largest in this coun-
try, it is found that the expense of conducting
the business is in favor of the latter.
When the results of the Insurance Conven-
ton are known in Europe the insurance
interests there will be still more favor
ably impressed than at present with the
advantages Of the system adopted in the
United States in order to obtain security for
the assured with the least possible interference
in the affairs of the companies themselves 1t
will be observed that the great object is not to
frame new laws, but to bring to perfection
those that already exist and to make them
uniformly operative in every State Of the
Union in which the business of life insurance
Is carried on.
Should the objects sought by this Conven-
ton be attained 1t will materially strengthen
the belief of the public in the whole system
and in its permanent future stability The
establishment of governmental supervision.
about twelve years ago, was the signal for a
new and remarkable impetus to the business.
The evils occasioned by recklessness and mis-
are in a fair way to be effectually
checked. Only unsound companies can be
opposed to the most vigilant protection Of the
public interests. We may now look for a still
further renewal of confidence when it is known
that the appointed guardians of those interests
are devoting extraordinary care and attention
to their trusts.