Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1877-12-26
REPORT
OF THE
superintendent Of the Insurance Depart.
mcnt of the State of New.YOrk.
ON THE
EXAMINATION OF THE
New York Life Ins. Co..
OF NEW YORK CITY.
INSURANCE DEPARTMENT,


/ ALBANY, Oct. u. 1877.
The Superintendent having personally,
and through the services of the Deputy
superintendent, aided 10y the force of
the Department, commenced and COM
/ plet6d 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 20 announce and make public
the gratifying fact that the result of this
examination is most satisfactory, and
that, rom the data IN possession of the
Department, the solvency of this, or
other companies undergoing similar
test, can be readily aAertained, Mt little
1 expense, for many years TO come.
! This Company was organized in 1915,
and no investigation having been made,
either 10y 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 Il con-
clusion
! The services Of forty-onc 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 10y 2,62o
mortgages amounting to the sum Of
Sl7 ,354, S47 81, and forty-nine pieces
of property owned by the Company
amounting III value to the sum of 81
54l ,576.l6 which services have been
I intelIigently and efficiently performed.
/ The abstracts of title to each and every
/ piece of these large amounts of prop
crty have been closely examined and
reported on TO the satisfaction of the SUI
perintcndent. All Other investments,
amounting to $10,311 ,0i5 81, have been
carefully looked into, and evidence of
payment 10y 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, 52991, are
of the most uneXceptionablec character,
and are worth $5S05l5.76 more than
cost.
The Superintendent personally exam
med 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 ac-
count, and all items Of doubtful char
acter had been stricken off by the Com
/ pany from Its assets, and omitted from
It's reports. Complete seriatim lists Of
policies, premium loans, and uncollectcd
ana 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 i'll the last Annual Report made
to the Department, ii copy Of which is
! herein embraced, has been closely scru-
/ tinized, 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 Departmcnts-M Medical
Actuarial and Agency-have been re-
viewed, with the most satisfactory re-
sults-gcntlemen entirely competent
and assiduous having been found in
charge of each branch to whose con
duet and performance of their duties
much is due.
Agents collecting funds Of the com
pany, at different points are held to II
rigid accountability, remittanccs being
required at the larger points tri-weekly,
while at the smallest points settlements
are not allowed TO be delayed longer
than one week. Bonds are required
where the sums handled are sufficient
to Justify the same
-. l. L. |. - / /