The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1877-07-27
LIFR INSURANCE.
Annual Report OF Insurance Commis-
sioner y. II. Row.


Annual Report of Insurance Commas
sioner =. III. Row.
Part III. Of the Sixth Annual Report of State
Insurance Commissioner s. II. Row, covering
the year 1876, has inst been issued. Among
the miscellaneous facts reported are the fol-
lowing The Metropolitan Life Insurance
Company and the Provident Savings Life As
surance Company, both of New York, with
drew their business from this State at the
close of the year. The former has 17g
policies in force in Michigan, and the latter
none. w nfg
An examination of the Life Association of
America at st. Louis, Mo-, was made in March
last in which Commissioner Row took part
This company was found deficient on the basis
of o Az per cent. reserve, and authority for it
10 do new business here was refused The
company has, however, full per cent re-
serve under the Missouri law. 49,
The examination Of the Atlantic Mutual Life
Insurance Company of Albany, by the Insurance
superintendent of New York, did not result
favorably, and authority for it to do business
in Michigan was refused.
Authority has not been issued to the Charter
Oak Life Insurance Company Of Hartford, or
the Universal Life of New York. The former
has not technically complied with the Michigan
law regulating the character of its deposits,
and authority for the latter is withheld pending
the result Of an examination by the New York
department
The failure of the Continental Life Insur-
ance Company Of New York is the only one OF
the kind that ever affected any great number
of people in this State. The company had
about 1,5O0 policy-holders in Michigan, and
the failure was the result of gross fraud aud
extravagant management The business OF
the company is now in the. hands of iReciever
John p. ONeil, of New York city, to whom all
claims should be addressed by Sept. next.
The New Jersey Mutual Life Of New Jersey
and the Security Life of New York had few
policies in force at the time of their failure,
but were excluded from this State several
years ago, before they had secured many con-
tracts.
STANDING OF COMPANIES.
The Commissioner says that the failure of
few weak companies has unfortunately and un-
fairly cast cloud of suspicion over the large
number of safe and solvent ones which hold
an immense fund in trust for the beneficiaries
of life policies. 1t is not improbable that the
searching examinations by State authorities
may reveal a few more companies whose early
demise will be benefit to their policy-holders
| and the public. But these examinations " are
also demonstrating that the life insurance COM
| panies AZ a rule, are among the strongest, il
not the strongest, financial institutions of the
country. They are managed not only with in
tegrity, but with the greatest financial sagacity.
Their investments are in State, United States,
and municipal bonds, the payment OF which
will not be repudiated in first mortgages upon
| real estate. III tirst-class collaterals, and in
| dividend-paying stocks, in cash in solvent
banks that nothing short of the bankruptcy Of
| the nation can render non-availabe."
INSURANCE LAW.
No amendment was made at the last session
of the Legislature to the laws OF this State reg
| ulating life insurance. but joint resolution
was passed requesting the Commissioner to
| consult with the Commissioners of other States,
and present to the next Legislature for its con-
Iteration complete act for the government
Of companies transacting life insurance bus-
| ness in the State.
4 The aggregate number of new policies issued
uring the year ending Dec. 81, 1876, was 3, 1876,
| representing insurance to the amount OF
| Sc, 906, 513
The sum received by the companies as (nomi-
nalD premiums during that time was 81 433, 1926.
The amount of losses and claims actually
paid to Michigan policy-holders during 1876
was $60S, 269
The amount of losses actually incurred dur
ing the year, representing claims paid or to be
paid, was $3.50, 236.
COMPARISON BY YEARS.
| In 1876 the number of companies doing bust
ness was 33, new policies issued 8, 1885, amount
of these policies S6,9o6,5l3, losses paid
In 1875, number of companies 35 policies
issued 46S5, amount of policies SS,647, 459,
losses paid 1868, 729.
In 1874, number of companies 81, policies
issued g. 1876, amount Of policies so, 768, 043,
losses paid S563,62
In 1873, number of companies "A, policies is-
sued 1915 amount of policies S15, 164, 597,
losses paid S542, S67.
In 1872, number Of companies 40, policies Is
sued 1852, amount of policies Sl5,472, $40,
losses paid $432 206.
In 1871. number Of companies Sc, policies is
sued 1876, amount of policies 81, 339, 100,
losses paid 1892, 100.
PREMIUM RECEIPTS.
The following table shows the number Of COM
panes represented and their premium receipts
In Michigan from 1861 to 1876 inclusive: