New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-10-14
THE INSURANCE CONVENTION.

How grave is the Insurance crisis the figures
on our fifth page attest. OPPORTUNITY, on
Wednesday next, the adjourned session OF the
National Convention of Insurance Commission
ers will begin at Underwriters Hall, in this
city. 1t is safe to say that no meeting of
business character possessing equal Importance
has been held in this country for many years.
The Chicago disaster has 30 severely crippled
the companies that number Of them must
inevitably relinquish business, or reOrganHe
with fresh capital, and perhaps new names.
While too much praise cannot be given to
the Underwriters for the indomltable cour-
age with which they have met the crush
ing responsibilities resulting from this
present calamity, as well as the honorable
manner in which they are preparing to satisfy
their creditors, it must be conceded that the
recklessness with which some OF their risks
have been taken is to the last degree censur-
able. We have heard of one Western COM
pany which with gross assets OF only three
fourths of q million had underwritten in
Chicago to the amount of five millions OF
dollars! When we consider that, owing to
number of causes, insufficiency OF the
water supply iflimsy construction OF the
majority of the buildings, and the like,
Chicago was far from being frst-class
insuring locality, such recklessness as this
takes on the character of actual criminality.
If the insurance laws of the several States
were wisely framed it would be almost II not
unite impossible for such thing to occur.
Illinois has special statutes upon her books
which are oppressive and OnerOus in the ex-
treme upon outside companies entering the
State Now, with their own bankrupt, it is to
be hoped that Gen. Lippincott, her Auditor,
and MIR. Brinkerhoff, her intelligent and lib
eral-minded Insurance Superintendent, will
second the efforts of the public to have these
obnoxious restrictions upon others removed.
The meeting of the Convention on Wednes-
day next will unQuestiOnably result in an
agreement between the Commissioners that
uniform statutes to regulate the business OF
all kinds of insurance companies are impera-
lively demanded. The defects in existing fire in
surance laws have been brought into glazing
relief by the Chicago calamity. 1t is now evil
dent that the strong hand of the State must
be laid upon those who would organize and
conduct companies In violation of the dictates
of prudence and the common rules OF
business. The prompt recognition of this
fact followed by an equally prompt
action on the part of the delegates, on the
reassembling of their respective Legislatures
will be intellectually important to the public
interest. Superintendent Miller, on his return,
Immediately upon learning the news of the
fire, called upon few of the principal under
writers, and gave them the most unreserved
assurances of his desire to help them over
their difficulties. Of his own motion he pro-
posed that meeting Of insurance company
officers should be held on Monday at noon to
exchange views as to the best course to adopt.
This is highly satisfactory, and will take a
load of anxiety off the minds of the gentlemen
most interested. Occurring as it does 80 close
upon the heels of this crisis, Mr.. Miller's ac-
ton probably removes the last apprehension
Of an insurance panic. Notice has already
been given to the Secretary of the Convention
that some twenty or more States will send
delegates to its mccirg. The only i'm
portant one, we believe, about which there
is doubt is Massachusetts,, which may be
tempted to stand aloOf, as in May.