The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1873-06-12
Insurance in Iowa-The State
Auditors Report.


Insurance in Iowa-The State
Auditors Report.
We print. this morning, State doc
ument Of unusual interest-the annual
report Of the State Auditor on insur.
ance matters. Like all Of the papers
prepared by Auditor Russell. It 10
plain, lucid, compact, and compre-
hensive-giving In the fewest words
the fullest possible information. The
insurance business Of the State, with
statements OF the relative standing
and relative security OF the different
companies, together with Interesting
summaries Of valuable statistics, are
given within the space Of an article
sufficiently short for newspaper publi-
cation and general perusal. BY this
the public may all be informed. 1t
will be noticed, In reading 1t, that
reference IL made to tables and state
ments In other portions Of the report
proper These tables and statements
the readers will Of course understand
are not presented with the article, as
We publish 1t, but will be found in the
report in its complete form, a. it will
soon be issued, 1t being now in the
hands of the State Printer.
Tho .vanarol - 40 >aek v,,nsln No,
Mr.. Russell Is in itself so brief and
compact that we need not recapitulate
its main items even for the casual
reader. There are several matters,
however, to which we may call stten-
ton. We read with considerable
satisfaction, as We doubt not all the
people Of the State will, the Auditors
hearty aud complimentary mention Of
our home insurance companies. His
statement that all patrons Of slch
CON panies have found themselves
faisly dealt with, and that the losses
sustained by said companies have
heen promptly adjudged and paid, is
gratifying evidence OF the Increasing
good character Of our home institu-
tions Of insurance. His statements
supplementary that the annual state
mcnts Of these companies show grati-
flying evidence Of increased business.
and also his evidence that they .'are
doing safe and profitable business, !"
are also encouraging.
To the only Iowa Lite Insurance
Company-the Equitable, of Des
Moines-it will be seen the Auditor
pays distinguished compliment. He
states that II shows every evidence
Of being sound, stable, discreet in man
agement, and sagacious In system.
This high meed of endorsement, with
the further statement that IL keeps on
deposit with the State much larger
sum Of money than the law requires,
indicates satisfactorily to all Of the
patrons Of the Company, and to all Of
our people who take pride In home
Institutions, to what q high standard
Of character the Equitable has already
attained. This, the only lows Life
Insurance Company, 10 something
which the State may regard with
pride. 1t should also be foetercd 30
substantially that its progress shall
steadily and rapidly continue.
BY the report it will be seen that the
whole amount paid on Iowa property
during the year 1872 was 81, ,39l, ,l29.
or this $476, 1896 was returned to the
State in losses paid. or outside COM
panies doing business in the State In
1872 there were 81. Thirteen COM
pani failed to comply with the law.
The Auditor, who has vigilantly
looked after the interests Of the people
OF the State in this ~ in other direc-
tons, warns the public against these
clandestine companies, and asks all to
whom knowledge Of their operations
shall come to report them promptly
to him. He also points out plainly
for the information Of all not only the
protection the State has provided for
the people as against these companies.
but also points out the method to se-
cure the punishment Of such imposi-
tion. His cautions the insuring pub
lie may we'll heed.
In life insurance, there are Al out
side companies operating In the State,
the total recel pts of which in this
State for the year 1872 were over
million; losses paid, 1921 900. The
Auditor reports that there are several
life Insurance companies doing bnsi-
ness on a system which may prove
impracticable, aud result disastrously
to those trusting In them, adding that
the law allows to the Auditor no au-
thority for preventing or protecting
the people OF the State from the impo-
sitions Of imperfect plans Of insurance
This is a matter the next Legislature
may properly enough look after.
The Auditors grand total shows
that the total amount paid by the peo-
pie Of Iowa in 1872 for Insurance on
life spd property was nearly or quite
two and half millions of dollars.
This shows to what Immense proper.
tions the insurance business has
grown.
Several companies are reported ~
suspended. One Of them, the Andes,
Of Chicago. Auditor Russell. suspect
ing its soundness and good faith, went
to Chicago to investigate. The result
wa. that he suspended It from opera
tion in Iowa. Since that time it has
applied for parmiss to again transact
business here, but the Auditor refused.
doubling the character Of a portion OF
its assets. In matters like this, as
also In sending. Immediately after the
Boston fire, blank statement to all
companies doing business in Iowa,
asking that they furnish to him their
losses, If any, together with the sggre.
gate assets and liabilities Of each Com
pany, are additional evidences Of the
prudence and vigilance with which
Mr.. Russell has looked after the inter-
ests OF Iowa in regard to Insurance.
The State has never before had its
interests in this direction SO we'll and
40 faithfully cared for. State Re0isfer