Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-12-20

superintendent of the Insurance Depart.
ment OF the State of New-York.
EXAMINATION OF THE
New York Life Ins. Go.
INSURANCE DEPARTMENT.
OE THE
OF NEW YORK CITY.

INSURANCE DEPARTMENT.
ALBANY, Oct "a, 1877.
The Superintendent having personally,
and through the services of the Deputy
superintendent, aided by the force of
the department, commenced and COM
pleted searching examination into the
affairs OF the New YORK LIFE INSURANCE
COMPANY of the City of New-York. it
affords him unqualified pleasure at be-
ing able to announce and make public
the gratifying fact that the result of this
examination Is most satisfactory, and
that, from the data in possession of the
department, the sOlvency of this, or
other companies undergoing similar
test, can be readily ascertained, at little
expense, for many years to come.
Inns Company was organized in 1915,
and no investigation having been made,
either by the Department or other prop
erly constituted public authority, prior
to the date when the Department was
formed, much time has necessarily been
expended to bring the matter to a con-
clusion.
The services Of forty-one gentlemen
of character, standing, and experience.
have been procured, who have valued
and appraised the property situated in
forty counties in this State and in the
State OF New Jersey, covered by 1929
mortgages amounting to the sum of
ST. 1854, 67.S4, and forty-nine pieces
OF property owned by the Company
amounting in value to the sum of 50
541 ,576.46 /; which services have been
intelligently and efficiently performed.
The abstracts of title to each and every
piece of these large amounts of prop
erty have been closely examined and
reported on to the satisfaction of the SUI
perintendent All other investments.
amounting to $10,311 ,045.67, have been
carefully looked into, and evidence of
payment by the Company, either by
check or otherwise, for such invest
ments, demanded and given, although
many of these payments were made
twenty years ago. The cash securities
of the Company, the cost of which on
the books amounts to $3.50, 500 81, are
of the most uneXceptionable character,
and are worth $3.50, 515.76 more than
cost.
The Superintendent personally exam
ned these securities, taking the letter,
number, and denomination of each Sc
curity, and preserving the record of the
same in the Department. In every in
stance where securities had deprecated
in value, such depreciation had been
promptly charged to profit and loss &C
count, and all items of doubtful char
acter had been stricken off by the Com
pany from its assets, and omitted from
its reports. Complete seriatim lists of
policies, premium loans, and uncollected
and deferred premiums have been made
and are on file i'll the Department.
LIABILITIES.
Every item of liability, real and act
ual, or contingent, as sworn to by the
officers in the last Annual Report made
to the Department, copy of which is
herein embraced, has been closely scru-
tinted, and the statements in said re-
port found to be true to the letter.
and no other liabilities were found to
exist.
MISCELLANEOUS.
The different Observation-Disclosures,
Actuarial and Agency-have been re-
viewed, with the most satisfactory re-
sults-gentlemen entirely competent
and assiduous having been found in
charge of each branch, to whose con-
duct and performance of their duties
much is due.
Agents collecting funds of the COM
pany, at different points are held. a
rigid accountability, remittances being
required at the larger points tri-weekly,
yyhJIo of tho Host re- co+4Io,,o,o+
are not allowed to be delayed longer
than one week. Bonds are required
where the sums handled are sufficient
to justify the same.
The system of bookkeeping adopted
by the company, after many years of
experience, seems to be perfect,-the
checks by one division on another being
so complete, that no wrong can be done
to policy-holders by false entries of any
kind short of widespread collision
among many employees, all of whom
were found to be exceedingly courteous
and, acting under instructions from the
principal officers of the company, were
prompt in furnishing full information
as to every detail
Judged by the hardest test that could
be applied under the law, and with
every doubtful item eliminated from
their resources, the net surplus amounts
to $5,962,878.79.
This exhibit clearly establishes the
fact that where Life Insurance Com
pany is honestly, ably and prudently
managed, there is no occasion to force
showing of solvency by including in
its assets prospective value of real es-
tate, and excuses of premium payments
to be received.
For the reasons above given, the SUI
perintehdent has no hesitation in stating
that this great corporation is entitled to
public confidence and its officers to his
warm est commentator.
Total Gross Assets. $50, 1893 S6945 |
Total Liabilities. ........... 80. $3.50, T4251 |
Surplus as regards policy-holders,
on the basis of admitted assets
I EsT SaE' so.'s FOR ON