Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-11-04
INSURANCE.
What the National Insurance COnven.
.et ton I'm New York Did.


From the New York Tribune, Oct. 81.
The National Insurance Convention,
having finished the work before it, adjourn
ed. Yesterday afternoon, to the third Mon
day in October 1872. 1t is surprising TO
find what has been accomplished by this
body in the two sessions which it has held,
since its organization on the 24th of
Nav last. At that time the Insur-
ance Departments OF the several States
were adjusting their relations with this
commanding interest without any concerted
action, each Legislature passing such laws
as local prejudice or preference suggested,
and each newly appointed Commissioner
making such regulations for the annual re-
turns Of companies, and management of
current official business, as seemed good to
him. As a consequence, there were such
conflicts of statutory and discretionary reg
ulations that the companies were continu-
ally kept in trouble, and no p0licy-holder
not inspired, could tell where he stood, nor
even where his money went to. But
when the Officials of eighteen States
assembled here last spring, compared
notes, heard what the great life, fire,
and marine underwriters had to say of eX-
listing abuses and needed remedies, and
thus discovered how much there was to
learn, a beginning was made to ward great
reform. The delegates divided themselves
into committees, called in experts TO in
struct them, reported back to the Commit
tee of the Whole, and, before they adjourn
ed on the 2d of June, agreed upon num-
Der of reformatory measures, the ratification
of which by the various Legislatures must
result in great advantage to the public.
The second session began on the 18th Of
the present month. 1t will not have escap-
ed notice that the Secretaries of State, Au
ditors General, Comptrollers, and Insurance
Commissioners whose debates we have re-
ported have displayed freedom from mere
sectional bias and mutual forbearance be-
yond praise. Men from the extreme South,
noted in the Rebel armies, have met men
like Maior-Gen. Hartranft, the Auditor
General of Pennsylvania, who boast an
honorable record in the Union army, in a
spirit of perfect mutual respect and good
will. anxious only to further the object
in hand. Mr.. Julius L. Clarke of
Massachusetts, contrary to the expectations
of some, took an active part in the proceed
ings. The newly elected Republican State
Auditor of Ohio, DIR. Williams, with his
T
on committee with the Rebel Maj. Gen.
Smith and the Rebel Col. Gaines; the Gov
ernor of Nevada sent his Private Secretary a
Journey of some 5000 m les to act as special
delegate for the State; the Governors
of North Carolina, Alabama, Mississippi
( Virginia. Louisiana, Tennessee, California,
! Minnesota, and the District OF Columbia
( also sent delegates: in all, there were twen-
( tv-nine States represented at the Convention
! When it is considered that these gentlemen
received no pay, beyond the bare cost o.
their travelling expenses, the attendance OF
so large number of influential delegates /;
a noteworthy evidence Of the general in
terest in the subject of insurance which pre-
walls throughout the country.
The work accomplished at this session
has been: l. The perfection and final adj
option of uniform blanks for the annual re
turns required by all the States of Fire
Life, and Marine Insurance Companies; 2
The adoption of the uniform rate of four
and-a-haf per cent. interest, andthe Ameri
can Experience table of Mortality, as TIN
basis for calculation Of policy reserves; 3
The agreement upon a liberal policy to
ward companies in temporarily embar
raised circumstances 1. The establish
ment of much needed precautions asains
bogus insurance speculations; 5. A mutua
agreement to accept certificates from eacl
other as to the solvency and regularity o
companies, in lieu of requiring, as hereto
fore, special deposits in each State, ant
special returns from the companies to all tn
State officials; 6. The permanent Organiza
ton of their body as the National In
surance Convention of the Unite'
States" with permanent officers, bureau
in this city, and annual meetings;
The framing and adoption, after full De
bate, of a general insurance statute, to b
recommended to the Legislatures Of all TIN
States in place of existing crude and con
tlicting laws. Nothing has been hastil.
done, no private speculation has been sub
served, no concession Of principle made t
; local prejudice; but the proceedings hav
been characterized by method, elaboration
and Conscientious regard for the publ
interest.
The session has in fact proved, rs we an
ticipated, one of the most important busi
ness meetings ever held in this or any Othe
, country, AMI its effects should be felt, i'll I'll
future, in wiser legislation, greater restrain
/ upon illegitimate insurance speculation
more active promotion Of sound and vel
! conducted enterprises, and far greater pr
. lection to the pOlicy-holder.