New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-06-08
THE INSURANCE CONGRESS.

TIE INSURANCE CONGRESS.
Our readers have been kept advised of the
fact that a Convention of the officers OF twenty
States of the Union, who are charged by stat
ute with the supervision of insurance interests,
has been in session at tho Underwriters Hall,
in this city. 1t is only about fifty years since
the first life insurance company in this cOun-
try was organized, and now the enormous sum
of about two thousand millions of dollars is
at stake by the various companies upon the
lives of American citizens. The gross amount
of the annual premiums paid on life policies
is in the neighbOrhOOd of one hundred and
forty-fye millions of dollars. The fire risks
amount to over eight thousand Millions The
value of the risks on marine property Is not
easily computable from the data in our pos
session, but the aggregate sum insured, In case
of the destruction of life and property, by the
three classes of companies will be seen from
the above figures TO be so far in excess, prob
ably, of what is represented in any other
commercial interest in the country as to
give to the deliberations of this lnsur-
ance Convention very grave importance.
1t is perhaps a necessary consequence of act
i've competition that the companies, In their
constant warfare upon each other, have placed
the business in q false attitude toward the pub
lic and brought upon it a great deal OF unde-
served suspicion, besides wasting great deal
of money which might have been usefully APP
Piled. Legislatures have also been too prone
to enact laws for the promotion of local inter-
ests, regardless of the fact that retaliatory leg
isation had a tendency to defeat the very OBJ
iects they had in view. Insurance companies
doing business in many different States have
been compelled to expend much time and
money in the preparation of unnecessary annual
returns, and the interests of their policy hold
ers have been ieOparded by some OF the State
requirements as to deposits and the service OF
process on agents; the annoyance from these
and similar circumstances becoming at length
almost unbearable, so that some of our oldest
companies seriously contemplated withdrawal
from business unless some relief could be OBJ
tanned.
No fewer than twenty States were repre-
scented in the Convention. Its sessions were
continued every day, and in some cases until
after midnight Delegations from the Cham
Der of Commerce, the National and Newly
Boards of Fire Underwriters, the Life Insur-
peared, and presented addresses setting forth
the grievances which in their opinion needed
adjustment Appropriate Committees have
carefully weighed facts and arguments, and
the most eminent actuaries in the country have
been invited to present their opinions. The
result is that the delegates have agreed upon
the following points: /. The adoption of uni
form blanks for the returns of fire, life, and
marine companies respectively; 2. That one
agent shall be selected in each State by each
company to receive legal process for the COM
pany he represents; 3. That no deposits shall
be required from fire and marine companies,
and only q single deposit of one hundred thou
sand dollars from life cOmpanies-that deposit
to be made in the State where the company
is organized, the certificate of the Superintend-
ent of the State to bear equal weight
in all the States as to the respOn-
sibility of any company in question.
1t was remarked by one of the
principal officers Of the Board of Fire Under
writers when the session of the Convention
began, that if the Convention agreed only to
this idea of a single deposit, incalculable bene-
fit would result to the insurance public; for if
only two or three States other than the State
in which the company was organized had the
right to demand in each deposit of an adj
ditonal one hundred thousand dollars as securi-
ty for the policy-holders doing business with
the company in that particular State, each
one of the remaining thirty-seven States of
the Union might, with equal propriety, make a
similar demand, thus, of course, making neces-
sary gross reserve deposit of between three
and four millions of dollars from every COM
pany starting in BUSINESSMAN idea too prepos-
ferrous to be for one moment entertained.
1t is conceded that in arriving at the results
above cited, this national body has done far
more than was expected and the report of the
proceedings, it is said, will contain more val
liable information upon the subject of insu-
rance in its different phases than any other
publication which has appeared in this country
or abroad. Certain other questions, such as
the adoption of table of mortality, reserves
for reinsurance on fire, life, and marine poll
cies, and uniform Technology by which life
insurance policies shall be known and distin-
guished, have been laid over until the adj
jOurned meeting, which is to take place on the
18th Of October. in this city. aud mea1wLle