The Republican journal. [volume] (Belfast, Me.) 1829-current, 1874-07-09

Insurance Commissioners Report.
Hon. Joshua Eyc, the Insurance Com
missioner of the State, has issued part first
OF his annual report, treating OF Fire and
Marine Insurance, and being the sixth an
nual report OF the insurance department
OF Maine 1t is II well arranged volume
OF $50 pages, giving carefully prepared
tabulatcd statements of the condition and
business of Maine companies and COM
panles OF other States, and foreign com
panies doing business in the State, alb
stIacts Of annual statements made to the
department under oath, names and resi-
dences Of licensed brokers and agents. a
compend OF the laws on the subject, and
other matters of interest to those who
are engaged in the business of insurance,
and especially to those who have property
insured or to be insured. We copy from
the kennebcc Journal the following ab-
Stract
At the close Of the wear 1873. there were
4 fire, fire marine, and marine insurance
companies organized under the laws Of
this State. and authorized to do business
therein. of which two We're stock fire
MARINES; two We're stOck-marinee one
was mutual-marine, and SIS We're mutual
fire insurance companies No new COM
panies were organized during the year
The Maine Mutual Marine Insurance Com
pany Of Bangor has been placed in the
hands OF receivers. On account of losses
by the great Boston fire, the Eastern IN
surance Company of Bangor retired from
business in 1872 The company prompt
" paid their losses, making an assessment
of Sl92 900. The policies have been adj
iusted in Il manner satisfactory 10 all
parties. The affairs Of the National Insur-
ancc Company of Bangor were placed in
the hands of receivers, and it is expected
that the assets will soon be converted into
cash, and small dividend declared and
paid. The capital stock of the Union In
sllrance Company Of Bangor has been re-
duccd 800, 600
The capital invested in the stock com
panies of the State rs $500. so. The Com
missioner is of opinion that this is a mere
item TO what We need and what we must
have to protect the nSllrable property OF
the State. There is a want Of confidence
on the pant Of ollr capitalists IN regard to
investing their money in insurance
stocks. and they seek investments where
larger dividends are declared. 50 the
people Of Maine are dependent up
on foreign capital to safely carry the
large risks OF fire upon their property.
Were onr domestic companies to take
every dollar Of fire risks they are able to
carry within the limits Of the State. it
would cover but q small part OF insurablc
property 1t has been the policy Of the
State, up 10 the present year. not to tax
insurance companies on their business.
They have paid taxes on their property
the same as other corporations and indi-
viduals If Mutual companies are taxed,
every dollar OF the tax comes out of the
pockets of the policv-holders In the
matter Of life companies, the policy
holders will also have to pay the tax. and
few Of them can afford to do so
In cases of loss, the companies transact
ing business in the State have been eX-
ceedingly prompt in making payments.
The eases of the Portland and Belfast fires
are instanced The losses incurred by the
insurance companies doing business in
Name, in 1873, was SlO9, 291 %.
At the close Of 1873 there were % fires |
and fire-marine companies of other States |
and countries authorized to transact bust
ness in Maine, of which &c We're stock and |
3 mutual companies During this year and
up to the date of the annual report, nine |
have been admitted including |
50 now licensed to do business in the State |
rJoJ Al
drawn from the State during the year
The domestic stock companies have re-
ceived premiums on fire risks, amounting |
to $50 2G9 80, and paid losses on same. |
to SAC, POO ,43, it being 1913 per
cent. Of losses to premiums.
The same companies have received for |
premiums on marine risks S26S, S25 81, |
and pad for losses 1892, 2S9.92, it being |
40 per cent of premiums received.
The ratio of total losses paid to total |
premiums received, on fire and marine
business, by Maine stock companies. is Go
per cent.
The companies of other States and coun-
tries have received premiums amounting
to 1861, 1921, and paid losses amounting
to SOL ,52S.35, or G5 per cent OF premi |
inns received.
Several OF the mutual companies of
Maine are well managed are perfectly
safe, and reliable. and are doing a large
business, while it must be admitted that
the larger part of them are insignificant
in the amount of their business and few
material losses would end their existence,
as it has done with many in the past
These companies have paid Tor losses
during the wear Sil ,GSl 81
The assets OF the mutual companies |
amount to 1856, 429.G9. of which amount |
$7T773, 448.57 consist of premium notes
This, the first report Of the present
Commissioner, reflects great credit upon
that gentleman's discrimination and ahili-
ty to investigate the standing and con-
dition of the companies. and taithfulness
and care in presenting the statements in a
form that may be comprehended by the
people who have property to insure, and
who are benefited by the department.
The second part OF the report, dealing
with the life companies, will shortly be
published.