Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1877-12-21
REPORT
OF TIE
Superintendent Of the Insurance ID, part.
ment of the State of New-York.
ON THE
EXAMINATION or THE
New York Life lns. Co.,
OF NEW YORK CITY.
INSURANCE DEPARTMENT.

ALBANY, OCt. - lSfi.
The Superintendent having personally,
and through the services of the Deputy
superintendent, aided by the force of
the Department, commenced and com
plcted 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 a similar
test, can be readily ascertained, ut little
expense, for many years to come.
This Company was organized in 1916,
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 con
cluslon.
The services Of forty 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 2,629
mortgages amounting to the sum Of
$17354, S47 81, and forty-nine pieces
Of property owned BY The Company
amounting in value to tho sum of So
541 $40 16; which services have been
intelligently 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 SIT
perintcndent All other investments,
amounting to $10,311 ,045.G 81, have been
carefully looked into, and evidence of
payment by the Company, either by
check or otherwise, for such invest
mcnts, 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 uneXceptionablc character,
and are worth $5SO,515.76 more than
cost.
The Superintendent personally exam
ined 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 nc
count, and all items of doubtful char
actcr had been stricken off by the Com
pany from its assets, and omitted from
its reports. Complete seriatim lists of
policies, premium loans, and uncolected
and deferred premiums have been made,
and are on file il the Department.
LIABILITIES.
Every item Of liability, real and act
ual, or contingent, rs sworn to by the
officers i'll the last Annual Report made
to the Department, Il 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.
Tho different Departments-Mc Medical,
Actuarial and Agency-have been re-
viewed, with the most satisfactory re-
sults-gentlemen entirely competent
and assiduous having been found in
charge or 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 . y
rigid accountability, remittanccs being
required at the larger points tri-Neekly,
while ut the smallest points settlements
are not allowed to he delayed longer
than one week Bonds arc required
where the sums handled are sufficient
to justify the same.
The system Of bookkeeping adopted