Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-07-04
Report OF Insurance Comnlissioner.

Hon. Joshua Nye, the Insurance Commits.
sioner Of the State, has issued part first of hi,
annual report, treating of Fire and Marine
Insurance, and being the sixth annual repor
of the insurance department of Maine. 1t i.
a well arranged volume of 2S0 pages, giving
carefully prepared tabula,ei statements OF
the condition and business Of Maine compa-
mics and companies of other States and for.
eign companies doing business in the State
abstracts of annual statements, made to the
department under oath, names and residences
of licensed brokers and agents, a com.
pend 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 learn from the report that at the close
of the year 1873, there were II fire, fire ma
rine. and marine insurance companies organ
lied under the laws of this State, and autho-
rized to do business therein, Of which tw o
were stock fire.marine; two were stock.ma-
rine; one was mutual marine. and SO were
mutual fire insurance companies No new
companies 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 Insurance Com
pany of Bangor retired from business in 1872.
The company promptly paid their losses,
making an assessment of Sl92, 900. The poll
cies have been adjusted in manner satisfac-
tory to all parties. The affairs of the Ma
tional Insurance Company of Bangor were
placed in the hands of receivers, and it is ex-
pected that the assets will soon be converted
into cash. and a small dividend declared and
ance Company of Bangor has been reduced
100000.
The capital invested in the stock companies
of the State is $500, 500. The Commissioner
is of opinion that this is a mere item to what
we need and what we must have to protect
the insurable property of the State. There
is want of confidence on the part of our
capitalists in regard to investing their money
in insurance stocks, and they seek invest
ments where larger dividends are declared.
So the people of Maine are dependent upon
foreign capital to safely carry the large risks
of fire upon their property. Were our do
nestle companies to take every dollar of fire
risks they are able to carry within the limits
OF the State. it would cover but small
part of insurable property. 1t has been the
policy of the State, up to the present year,
not to tax insurance companies on their BUSH
ness. They have paid taxes on their property
the same as other corporations and individu-
ais. If mutual companies are taxed, every
dollar of the tax comes out of the pockets OF
the policy. holders. In the matter of life COM
panies, 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 transacting
business in the State have been exceedingly
prompt in making payments. The cases OF
the Portland and Belfast fires are instanced
The losses incurred by the insurance compa-
MES doing business in Maine, in 1873, was
500, 297.52. A vague idea seems to exist
that the business of insurance is exceedingly
profitable, and so a grab is made upon the