New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-03-17
THE INSURANCE BILL.
IT'S IMPORTANT FEATURES.

CONDITION OF EVERY COMPANY TO BIZ LtAhN"p-
THE INVESTMENT OF FUNDs-lrEMS N INV
ANNUAL NEUTRALITY-SUSPICIOUS.
As VOTERS.
The most important sections OF the Insurance
bill which was reported Ia the State Assembly OH lurs
day evening by the Committee on Hsurance-NieSSiS'
Graham. skinner Coydin Hustled Lang, Moody, Weiant
Coulter and Floyd Jones-will be found below IL ha
its origin in instructions 10 the committee lha'
they investigate the evils Of insurance. examine the
present laws and report a bill having ior HS
object the thorough reform OF the whole system ine
bill is the work of many hands, though II mas LOT pS''
a bill which Mr.. Graham introduced some ulhe aSu'
Many Of its sections have been taken from Dill "on
Mr. Hustled presented, while others nave been anceu D.!
different members OF the committee. II is believed III
Albany that the bill will pass. II contains many new
and very important items and is designed to secure for
the state thorough knowledge of the exact cohdoh Vi
every company with checks upon the ordinary ldbh'S
to losses by investments.
THE BILL
svc,ox Tho SUPERINTENDENT Of the Department
&c berabv reonrcd and directed examination 70 ne
ta g compaHv oranEcd Under Of this state or
dong by its agencies n ms SSe az and sand
suerintcndent tine person or persons ny IN, 70
sG Under OATH the cccs Of company
as OF said company ana ~ making sG nne
his authority, shall have power to summon ana s sHs oi
company. or any other person smd m the
to s %s and Sy inc Same penalties as
pena issued by court OF record ana any peisoh "io
and in suc EXAMINATION superintendent shall have Tree
and unestcteG aces IN person or ny are 0I paf
correspondence Of such company ana any pGlsGn
ing superintendent IN mis- Official Gut{ saA De o. oo
or imprisoned ior hE5 Cle he made on suci examina
ton but the necessary travelling ana other
SEC 1t shall hereafter lawful for le insurance
company organized under the LAYS OF tins state to invest ITS
funds accumuations III bonds ad moligdteS on UNI !
beIed improved estate within the state oi NeW1 o ana
on real estate Of said state and within
loaned thereon. il sOc.s bond OF the mcN Ss or
Of TINS state or OF any County st or or d@ at the tine
such Investment be above par and such funds OF aeS
whatsoever except as now provided ~ law
and secretary or actuary and least three Of the trustees Of
each company organized under The laws OF ths ,la'e
ilti and deposit in The Office OF n Sup,lin'
tcnd,nt the Insurance Department OF the STATE STATE
Iiicle follows a list of 16 items of information con-
cerng the business Of the company which must be spe-
SIC J. II shall be duty of the president and secretary OF
OF tie Supencn of the Insurance DcIi iui q
au MOI @ Sc ii names and residence OF thr mort
which 'd ,"nl, tnG ' ~ n iS " enes and Inc
amount OF puHcHal tenalhs HIpia ", ~
Of tie several o> al real estate owned y su'h COMPANY i
& M teine, y,aic ed IN H., manner SHAH be made
before the LIST Of Febriary g. ana ei "hha%ly htig
bv said company Il Tie diJc ri such statement -.
Sf O. Ts ae 5a r@S % ne to Appoint ona rH
taDlc and comeent person -, GSti i yIg I ac
corCiue 10 slij statement / -.a o. ic uliy ol VIC
peroUu appointed by him to Iro,e cat driy % eX
anime dh c'lI'ei, AHI am arg " ,,'1f nv aid
gag, premises nd sad llrtes 81 TO- '-." "t'o y I
and to MAKE return Of s"ch ag!isy'aI ,po qeH'r o4'
The superintendent OF the Insurance department Is also '
@ 10 au@1I a rrpntIie and competent person
County within his s,atc residing therein an ayr9'l,
N IL
loan any moneys bond aud mortgage IA any OF sad m
H' Inc f 81 sG copsny that he real
loan asked ior worth double The amount PROPOSED 10
SIC H. Whenever any life policy hereafter issued
non OF any premium unless IN rct 10 surrender
shall have bcc waived IL consideration oil par c'nn
company snail demand du made WIN surrender thereof
thereafter issue Ia exchange p-iaup "g{
OF the conditions a. TIE surrendered
policy except a. 10 oI & I' i -, he
standard by law, loss the value OF the unpaid pi nlus
SEC H. Hoi,aijcr Whenever mere san election
OF GrccIo trustees any liz sul having
capital sock and oIgm under Inc laws Of ms STATE
Sucn c'nphny Is possessed o, tSeS H ~ III S'. 10 AZ i'.
policy shall he adghey are LeeJy authorized ana
Is hereby cAIrossy provided however, that haf the
p ohta Ie nor, @ a1,iaif sad oaId OF air,c,urs OF
trustees shall De cited h the stockholders exclusively ana
be- elected exclusively by lie Of the policy holders.
together to destroy on ~ ire ne reputation OF any hs s4i
company orglZd LHH-f we Law oi lhs N''tc NY
By uits at law shai are; or conepre together
ei9toH by tIcas Of such publications. statements suits
SAl oenand accept or receive iiIin sit G%Tlii 81,
the cessation NppTe sson OF such pu lco' t.
w. n Tor one wear or 6o! al the discretion Of The
money for the suppression Of such pubica cessation OF
further hable to repay to the COMPANY te money OF Oiher
SIC o. In addition penalties now provided by law