New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1877-02-17
INSURANCE INTERESTS.
TIE NETWORK DEPARTMENT.

TIE NETWORK DEPARTMENT.
TIP WORK THAT rs DONE by THE sUPERINrEND-
ENr HIS DEPUTIES AND CLERKS-PREPAEISG
THE ANNUAL. REPORTS DEPOSITS TO SECURE
PoLICY-HOLDERs.
[FROM TIIE REGULAR CORRESPONDENT OF THE rRiBuSH'
ALBANY. Feb. 16.-IR view of the recent ex-
aninaons Of insurance Offices In New-f0rk, nade ny
the State Department detailed statement OF the WORK
ings of acting superintendent Smyths once VIII DC
found interesting: The department makes ont
during the year 5000 certificates giving permls-
sion TO do business to agents OF companies OF
other States having agencies in this state. GET
tilted copy OF this certificate is also made out ana
sent To county clerks Of the counties IN when such
agencies are situated in order that there be any douDt
~ 20 the genuncness of certificate exhibited by an
agent the may be tested at There are thus
l6 900 certificates OF this kind made out yearly and
by the law all be signed by the superintendent OF
his deputy. The certificates "a authority issued 10 hIe
insurance companies Of other States and to foreign com
anies cf like character amounted in 1876 to 1000 Tle
largest number OF agencies Of one company was 4o|'
and these were OF a foreign company One American
company not Of this state has l61 agencies The SUI
under the reel Law asks the same lees
rom companies from other states doing business III ths
state th9t demanded By those States from Ne"-fofh
companies doing business in Them As Connecticut does
not demand any fees none are charged Hs companies
mere by the department. The fees received from tue
ending sept 80, 1879, amounted to S72,s76 IS; from
lorciyn eonpanies. to SI3.273 Sc from miscellaneous
sources 70 - 100 Of; total, $9i $50 A. A the total
cost Of the department for that year was S'5JH "a INC
State made n profit of SZO,2S2 80.
Every lie insurance company OF the state haS TO place
in the superintendent hands for the security OF s
pocyholders the sum Of 100000 in securities, bonds
md MORTGAGES or United States bonds, before it can
secure permission from hun to do business. Foreign
compauies are required furnish bonds worth S2OoOOo
~ security and also to give fill information respecting
their condition The superintendent also makes III
uuiries respecting their standing at home before giving
them HIS certificate The certificates show the capital
the companies in this eounrythat Is the excess oil
their asseUs their liabilities. TLese securities are
constantly beng changed by the companies, bonds for
mortgages and mortgages for United states Oonds III
vOlvng the superintendent and chiet clerk III Hse
amount of The mortgages are appraised Dy ap-
praisers The department. and title passed upon aiso Dy
the attorney ~ t department, none being accepted uh
they have gone through ais scrutiny When an insurance
company issues stered policy, a. it is termed,
spccit amount 10 the supcrntendenGS care 10
secure SAGA polcy10lders IbSse fesslr r pInSS
funds amounted in 1875 10 r2,5s62If IN the siie Vi
The depart there Dec ii, IL D. the I0iow
Sey-York life insurance companies mortgages worth
- .3J United states stocks worth F-S- 1oO
York state stocks worth 100000; t0ta (iV cOnpaL'
u; 2gO sI5 TO the credit OF two Sew-fOrk Casualty IN
s,iIanre companies, United states stocks worth T0lUVo
10 hc credit of i've fire insurance companies OF other
~ ats United states stocks worth $60o0C to tile creult
OF loltn Insurance companies, United states stocks
worth ~ 500 SO Canadian stocks worth Si3I 10;
total cOmIncS,, IS 10000 Ia the credit o. tltce
Naw-Iork Joint stock rc Insurance. companies nVed
states stocks worth S5i2,650; grand total 700 com,
pauics bonds and worth S3,l9o,oOo, Uhted
worth sos 900 and Canadian stocks worth Tl37,l20
10TH yala uf all, $l065l, 40. When tue companies
desire 10 obtain interest TIER bonds the coupons
are sent 10 them, II coupon bonds II registered Doilus
The SUPERINTENDENT sends them power OF ATTORNEY 10
draw the money to the company. -,
In the Actuaries department II clerks are constantly
calculating The on all tic pOlcles OF
The if insurance companies do ny business IN TINS state
The ma citude this task will DC perceived Whel IL 10
known flat calculations regarding tie yearly Dte
est upon and the proper amount OF premiums 10 be
HAT the number policies up among the hunired
thoissnds. In the year 1873 there were 33',olo
uolices in force that had been issueu ny
5O counpauies uf this State. For tier pay
,u.ut ali az once the companies would have
uI IN leave In their vaults the OF S9OO I20,9bS
With every thousands of Bcw policies are Issued ana
mid ones are terminated, Gather by DEATH OF ny explIa-
ilou: or they are SURRENDERED, suffered 10 laise or
are changed Tor others. ni 1879 the companies issued
On Isl new policies Will 5s,leJ policies Terminated.
rue manner their termination was ~ follows ~
Irath 316 bv expiration, 762; sirrenderet II 35l
lased 70 .s4 chan ged. a96 not t;keu Icoo EVERY
FIJI the insurance companies Gle siatc scnd registers
with blank spaces lie department containing state
mput OF AL their policies. The new policies are then
o-I in The actuarys clerks The blanks Uf Tie regis
fer, arr. then hrd with the departments estimate
OF the value the OF each pu,ict Inc COM
nantes also make neir estimate Of the value uI the
reserves aud compare with that OF the department in
order 10 detect errors