The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1875-12-13
.OurInsuraucc Laws.

Editors of the Register.
GRAFTON, W. VA, Dec. II, 1919.
Seeing the articles published in your
valuable paper, on yesterday and to day,
on the subject of Insurance, and having
gwen the matter some thought, | desire
To place my views before you.
/ have carefully examined Senate Bill
No. l2S, aud can only see that by having
such II law passed we will have a one-man
power in the shape of Commissioner Of
insurance, the simple stroke OF whose
pen NAV close up per-emptorily domes
tic company, or run foreign COM
pany out of the State; by 1t
each agent of every foreign COM
ANY dong business in the State is
taxed ten dellars, will result in driving
them out of the State, a the business OF
those agents will not justify them in pay
ing it. and the companies represented
will not do it, because their business Will
not warrant them in expendlng 50 much
money. and the consequence OF this law
would be that our domestic companies
woulc alone be left to occupy the deld,
carving large lines ofinSurancc on capt.
tais of $4,000 each, invested IN cash or
"safe investments of doubtful meaning,
10 sav the least. In this condition, /
should like to know from what source
such commissioner is to get his pay. lie
!. limited to his fees, which frOm ten do
mcstic cumpanle,-more than we now
have in the State-wopld amount, under
this law, to 500, certainly not enough
to pay a competent man, who, itaPpolnt-
ed would have to h" provided for out oi
the public treasury for at least Sl,SOO
more. In fine, by the passage OF this bill,
the insurance laws would be- left about
u, found. only that NOR" filthy lucrc
would te required to pay for running
tho office.
House Bill No. 1876 furnishes every
guarantee not Only to the stockholders OF
our home companies, bat to the nsurlng
public. 1t provides that all companies,
foreign and domestic, shall furnish q
sworn statement to and procure certlti-
cate from the Auditor, who l. required to
publish the same for the information Of
the public, which must include adctallcd
statement Of assets and liabilities; then
provides that No company Shal! have less
than 100000 actual capital, paid up IN
cash, 10 be- invested in bonds and mortGa-
ccS of such character as might be speedily
turned into cash at their iace value. 1t
gives companies present organized
ten months in which to pay
u this amount, sni | wish special at-
lcnton To- tins clause that it provides.
when deemed necessary by the Auditor,
for that officer 10 examine into the
affairs of ANY company doing business
in the State, and publish q report of the
same. AMI ii upon such examination it is
found that the capital or assets of such
company be impaired or insufficient ne
shall require the stockholders to pay up
such impairment, and upon their failure
SO TO do, to communicate the fact to the
Attorncy-General, who is thereupon re-
qWrcd 10 apply to the Circuit Court for
al order requiring the company to show
cause why the business of the same
should not be closed. This affords the
company an opportunity TO be heard in
its defence IN the courts, and prevents
any possible Injustice being dene to the
company, al the same time must result
in preventing companies without ade-
quate capital from imposing them
selves upon the public. By
the passage of this bill the
foreign companies will continue to do