New-York tribune., 1877-03-08
ALBANY.
INSURANCE LEGISLATION.


Bull PRESENTED TO THE ASSEMBLY BY THE COM
AIrTEE ON INsURANCE-THE RIGHTS OF POLICY
HoLDERs-sAFEGUARDs AG,INsr FRAUDULENT
AND CARELESS MANAGEMENT OF LIFE COM
PASIEs.
tBr TELEGRAPH TRIBUNE
ALBANY, March T. Mr.. J. G.. Graham,
Chairman or the Assembly Insurance Committee pre-
seDted bill worthy of wide attention in relation " the
pOlcyholders Of lie insurance companies to-day IL is
bill OF II sections, all Of considerable length. Almost
every alleged ev Of the present system OF life insurance
is touched upon the several sections IL requires the
superintendent Of the Insurance Department to cause
examination to be made by competent per-
the affairs Of every company at least
once in each yelr, and without giving n0uce
10 the companies thIt he is going TO make an
examination. section Of the law of 1858 is amended
to read:
1t shall be lawful for any company organized under
this act TO funds and accunulatOns IA bonds
within the State OF NewIOrk worth % yer cen i4oe
than the loaned thereon and in the case OF loans
upon lands not situated in any village or city the buld
hg thereon shaI Dc LdAeu JO dec1hy ~ 80 ~
value; in stocks bonds OF the United tes or OF
tis state or of any Incorporated cy or OF any county
this state providing such stocks or bonus az
tine tlms OF such investment be at market value N the
City of NewYOrk IT above par; ana sucl funds or
accumulatiOns shall notbe invested III any other secur
ties or manner whatsoever
Another section provides that in making their annual
statement the superintendent the statements must be
pany The object Of expenditures to he stated epa
ratey and real must be estimated at its actual
present value, and in above its cost Ihe drect
Ors are also required file with the superintendent
within so days after the passage Of the act statement
Of ell the bonds and mortgages held by company This
statement must contain the names residences OF the
morgaceors and the location OF the Orgaged premises
like statement is 20 be tlcd on Jan next ana semi
quired to appoint three persons in every county
OF the state to apprase the value OF me mort,
appears to the superintendent that some mortgased
loaned by company, is made his duty TO inform The
company holding tue mortgage or the iacC ana require
tGe capany TO obtain adequate security No agent Of
company IL to be allowed receive than 20 per
the first pr mum paid, nor more tha per cent
cier - to receive any stipend beyond his salary. All
ageuts OF companies State or foreign are to De he per
sonay responsible In damages to any aggrleYeu pocy
holder for any Misrepresentation made by HIM " hen
under the statute for Obtaining money under false pre-
lenses.
be allowed 10 avail itself OF any mlssteemchI III Ine P
plcatiOn upon which he policy was Issued Ever! COM
pany also 10 be bound by the certlhcate o! IL, fuG
examiner 10 the physical cohdltioh Oh 4h dppc' W.
unless 1t appears the applicant knowingly uccefeu ic
physician Every ponGy 4sIed Ssis sfaie i. Whch may
be forfeited for onpayment of premiums ater IL S
Cnue In force as follows: The net value OF the pocy
when the premium becomes due dnd Il not pau sld pe
acarles rate mortality with interest al Ter oeht per
guuum After deductIng rom thlee|Ourths Of sucH het
ana AT ll'icDlcuncSS W Jit ''uit'
bV the company AGAINST the insured-whlcA notes II
given for premium shall then be canceled-Wnat remains
SHALL be considered net single premium ana the
term which it viii insure shall DE determined atcOTu
in age OF the insured at the time oI the lapse of
the policy. ,. ,,;
Different provisions made for endowment policies.
Another section provides tlat the pOlcy ouerS snai
eect directors the proportion OF SIX 10 seven III
board OF 49, the stockholders to elect the larger number
No persOu is allowed vote 1t any election for
directors upon any proxy year Old No Ohcer or
director is to have tne right 70 borrow money t0m Tie
company unless with The consent Of the board oil direct
Ors. ANY officer making false statement 10 tle lu
surance Department regarding the company is to be
liable 10 a penalty OF $1,000. 80,
Mr. Hustled viii submit an even more vOluminous bH
on the same subject U-UlroW to the Insurance Commit
Zee The various alleged detects OF the insurance laws
are considered b ana effort is made to reIhedy
them.