Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-05-03

The followino sumnar,, &C
ed as done in Maine dur,rg mo 800 fo-o
gives = birS,s ovo ,;ow nf ,,a Ell, va 100
FIRE.
Amount os ,,e,;,,... foreign; -.
Prcmiums received "N'e'"ile" 40 81 ~ ~ ~
Losses paid, S7Sisj rs
Anoonrt -. Domestic. .. =.
premium '.'' rereiycd 0eSg W. ~ ~
Losses paid, 3l,i6i 6
not, ... Mutual Fire.
/ Ios.as ma ''9"ie"' l'''-5'Y,, w
N.n,
| -.
Risks underwritten. 22oss7 90
Pre- mums received, G,s2j 80
LOSSES PAD r,,. lo,252 %
Risks undcrw,itteu. O'"'''"'' p 400 sa2 90
Premiums received, 80 33l 81
Losses pad, 27o,o7o 63
LIFE.
Policies issued in 1872, 1856. 52oi,5;0 90
Pramin eNs5S acc OIL io lo4O' -9t W
Losses and claim paid, a55 89I II
ACCIDENT
pisl,s ,aiop ,,,ri,,x t,,o. ,.oo, ,,,,,-o an
Risks at end of the year IA 7i7 siG GO GO
Premiums received, l5,0lj So
Losses PAID 3,l's 20
In marine business, there have been at
work in the State during the wear two active
companies of 'sThe Lloyds" at Portland and
Bangor respectively, not cognizable by the
department, whose figures would largely swell
those given. The law allows marine COM
panies having no agents in the State tn act
through licensed brokers who are NOT obliged
to make any returns.
Tables annexed to the report give the an
nual statements of the several COMPANIES. as
returned to the department. The successive
confaera,ons at CHICAGO and Roston have
nut the companies in a condition greatly to he
regretted for the general weakness and for
lack of means such as were tho boast of tho
companies few wears ago. Some comnan.
les have been permitted to continue business.
when they have shown an earnest intention
to repair their losses. that would have hecn
rejected as original annlicants. In MAKING
the abstracts Of companies. furniture. com.
panv supplies. bills receivable. being naner
secured by names alone, "amounts due from
agents." deferred (unearned) premiums"
"commuted commissions. and money adj
yanced to agents for services to be rendered
in future, have not been considered as real
and available assets
The Union Mutual Life Of Augusta. il the
only company doing life insurance business
under the laws of Maine. The commission
err points with pride to the exhibit which this
company makes of substantial success in the
business of lite Insurance. Ia fipurPs will
bear the strictest scrutiny on every point
connected with the important work in which
it is enlisted.
The close of the first term of three wears in
which the department has been in operatiop.
furnishes the occasion for summing IN the
results ACCOMPLISHED. Its establishment met
with severe opposition: the State was literal
" flooded with insurance companies of every
kind. those of weak and irresponsible char
acter having an equal standing before the
law, with the largest and most responsible.
Unreliable and unauthorized agents found
ample immunity in the practice of their de-
ceptions and for their ll-got,en gains by the
complete want of all restraint in the laws of
the State. And with these evils there was an
entire want of all means among the people Of
learning the true standing of the companies
or Judging of their reliability or of the author
ity of those pretending to act as their agents.
Since the establishment of the DEPARTMENT
vigilaut watch has been kept, and the State
has been purged of weak and IRRESPONSIBLE for
eipn companies and Unauthorized and fraud
ulent agents and canvassers. During this
time, with the exception of the companies
overwhelmed in the Chicago AID Boston con-
iiagrations, no single fire or marine company
has failed of all the companies admitted to
the State, save only the Home of New IIav-
II.
result has been accomplished a host of i'll
conceived and sponsbe companies hav-
ing been kept out, and one inconsderable one
alone been found wanting. The State has
been served by some of the best companies
in the country, and by the careful complll-
ton and circulation of statistics, every citizen
nj his own fireside, has been able to acquaint
himself with the actual responsibility of the
! several companies authorized to do business
here.
Complaints have been made against the in
surance laws, but they have generally been
found eroundless, and springing from preju-
dice. No substantial and trustworthy COM
panies have reason to complain of our laws.
Maine has been called a "hard" State for
fire insurance. This, also, arises from preu-
dice. The experience of four wears prior to
the last is afforded for making up Judgment
of the matter. The aggregate of these years
presents premiums collected in Maine to the
amount Of 81 ,55S, 1854, and losses paid 81, 49S,-
23S, giving ratio of losses to premiums of
% per cent During the same year the ag-
eregate of all premiums received by all COM
panies doing business in New York was $780,
tn- ooo loa.o, .,.;l 500 90. ooc -, 81 I .