New-York tribune., 1873-02-03

! CORRESPONDENTS BETWEEN HON. ALBERT w
| PAINE, INSURANCE COMMISSIONER OF THE
| STATE OF MAINE, ANB N. d. MORGAN, ESQ.,
| PRESIDENT NORTH AMERICA LIFE ISSUR-
| ANCB COMPANY.
! STATE oP MAINE, OPPIOB INSURANCE
COMMISSIONER. BANGOR. Jan. 9, 1873. 5
X. c. MORGAN. esq Secretary North America Life Lasr
Company
| DEAR SIR: Will you have the kindness 10
inform the items of security deposited at Albany
TO polIcy -holdersi And what do the su
thortes employ 70 satisfy themselves OF the reliability
| of the securities there depOsitedl
suppose the deposit consists largely or mortgages Of
real estate. III what examination is made and what
| about the insurance upOn the mortgaged propertyf
as I am Of course occasionally inquired OF about the
Company and would like 10 know all the facts. An
ALBERT W. PAINE. Com
NORTH AMERICA LIYE ISsUnAscE Co. a. AND 1s} {
Hon. ALBEIT W. PArE, Insurance Commissioner FOR
state or Maine. Bangor.
ems OF eearitieS are deposited at ALBANY to secure
policy holders" and what means do the authorities
ties thus deposited received. In reply beg re-
fer you TO the law Of this State IN relation to the kinds
Gem) Of security rcmarkng that but three kinds
ist United statos stocks
ID. NeW-YOrk state stocks.
OF Ro7Sr O IS per o 6 than e s
loaned.
so far the practice of this Company is concerned
the case you right in your suppOstOn that such
curties Deposited consist largely Of this class The
mode adopted by the superintendent OF Insurance
Department for satisfying himself of the vane aud
validity of mortgage securities offered for deposit is
soners whose duty it is examine personally the mort
gagged premises and X the value both OF the land and
the buildings in separate items This value Is certified
70 under oath TO the superintendent.
Second The title 20 tho property then examined by
special attorney appointed by the superintendent, and
II found valid ana the documents regular are duly re-
corded in the office OF Register Of Deeds. &c When this
DONE the with the abstract Of title duly
assigned the Company 70 the Superintendent OF the
Insurance Department with the certificate OF the Ap-
prassl Commissioners the certificate Of the State Attor
ney the policies of fire insurance on the buildings.
are deposited with the superintendent cannot be
Joint OF the superintendent ana the Treasurer OF
the state of New-York
reply, but be excused. perhaps, when we reflect
how little the subject seems understood. o..
You wifi oblge me II you find time 10 inform me
my answers meet your wants.
Very respectfully, your oDedient servant
(5gned) n. ID. MORGAN, President.
PSI must remark that the value OF the nortgaged
property estimated not only by the ComInssiOners.
but by the financial managers Of the Company. and the
title examined only by the attorney behalf Of the
And might also remark that the insurance against fire
the buildings Is very often as much or more than the
amount of the loan Nd M
STATT oP MAINE NORTH AMERICA LIFE
INSURANCE Co. BANGOR. Jan: is. 1878
n D. MORGAN. esq, President NORTH Amered Lye InSHr-
DgAR SIR: Yours OF the 18th inst. in reply mine OF
the 9th is received ana 10 perfectly satisfactory was
desirous Of knowing little more certainly Than dd
the art,cnlar features of your registry pan
casionally consulted abont the Company.
| have always had a high estimation OF its resPonsl
by but in these sanderous days II Is necessary 10 ne
fully posted in all matters pertaining TO this or tant
feature. , 80.
prevails and attack insurance companies and
Excuse me for puting you to trouble OF writing
iuii 'n Ap'""'' ALBERT W. PAINE, Com.