The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-03-05
The Life Insurance Companies.
ADDRESS TO THE LEGISLATURE,


II is conceded that the Legislature, in view
OF the financial embarrassments of the
state, should make the most Of every
legitimate subject of taxation. Acting
upon this concession it is proposed to levy
very onerous tax upon Life Insurance
companies not organized under the laws of
this State, but doing business within its
| limits.
We respectfully ask is this Just /? Is it
patriotic? Is it practicdble2
The tax upon Virginia companies is fixed
at one-half OF one per cent. upon their
premium receipts. Is it just to establish
different rates for companies of other
states ? Does not such aggressive legisla-
tion invite retaliation? We need not specu-
late as to the answer. 1t is several years
since the states began to discard catholic
business principles and to make this appeal
to contracted local prejudice and already
the following law has been enacted in many
of the States, and will soon be the law or
nearly all of them:
When by the laws of any other state
or nation, any taxes, fines, penalties,
licenses, fees, deposits of money or of Sc
curities, or other obligations, or prohib-
tons, are imposed on insurance companies
OF this State, doing business in such other
state or nation, or upon their agents there
IN, so long as such laws continue in force,
the same obligations and prohibitions, OF
whatever kind, shall be imposed upon all
insurance companies Of such other state or
nation doing business within this State
upon their agents here"
l. Whatever tax you impose upon the
of other states, must be paid
by Virginia companies in those states. Is
rr;soo ~ by 4 ,,n,pS u,nsoe.s t1o"s e'i.er-
r;nroool -, n.|'I;an oi:I0 'na' n siia Ie
I ife co,,nar,;os i'NO " nv ''"u
~ y irpas,.t IF npa stoto tox .,,o ,
,:r Ely o.".o .aAeS Vile iiieiilocrS oi
80 49, ,t "oo CoiiPa'iy anu ahotlier
1";i, 'e =, ,h n.y. tlileii.it' tii' e9oGy pre-
becomns .sarn 'y,''1., =, 80, =, usiuelu, 1
bnio H., arTor,,'a,y ~ liiJ'se anu aisI'-
,non tho ,ai;es'ho,,I 81 1aA pau W such state
~ th,n,p ~ o,i'o'" o' wa. STATE ana
holdar or ,tat, ,.,l upon 'nc poiicy-
Is nod IN !, ~ nv sGoi ~ 'si'ioi'
neceasID Who, s1ob - }''l ,,tp, ~ ta.nopie, aug
i laid ,,nn, Tea ;,,,,,ro,,aa o,,ooao .aAaelon
,re reo,ir.d h. H.. oI.aa,' VI" w
rihnte thesa 3;,';io,,I., oa'I;,aI1,. " ue
n the noI;cy-holdors II 40'l'' a =, ".nons
ax n,nst % ho bnDna b., = 80, 'nis elltlre
,oIdorc excI,e;,ai,, '"S"'S0 p'iioy'
2. The effect Of ;,,,eo,,, ;.,:,;
oil, LaI r. VI uiiequal taHatioh Is pollti-
nd ;l-w;, 9y1iu"'os Whua' sees.oin.l pleluuice
ytroot thrn,,l' .asa.: oiio aI',1 eti oeeies "
lie from, cornorot;nms tio or a ta. - P3ssi-
arod m ao o' ',o'is VI ii'uiNlduais, cilaf-
live feeling Of " ;e.nnsv US S.a ond i;s,r - heeps
onsistent with that fraternal M fee;no vsh nsh;nh M
should be your aim to restore. "''''
4. Life insurance sbould he eot,ob,
xempt from TAXATION and tho onlv nm,,os
ion to which it can be Tiohtf,lIv s,b;a,tsd
the payment of fees to sustain tbe State
Insurance Department, if one should be p.
cal
Inc grounds OF this exemption are two
oiu: l., ISL, there can be no such thing as
Iynn IN lie insurance. what is improper
calleu dividends IS merely return Of
lrplus premium. Ii the annual premium
poncy IS Sloo, and at the end of the
ear 20 DC returned to Its holder, it is
'riectly obvious that the latter amount