The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-04-08
Insurance Commissioners Report.

Hon. Joshua Nye, State Insurance Commits
nual report a report relating to fire and marine
Insurance. From it we learn that in 1876 the
companies of other states and countries re-
ceived in premiums in this state 1868 284 70,
aid paid for losses $541. 85978, leaving a bal
ance of 1926, 42495. In 1877, companies of the
same class received in premiums $S47 I'LL SO,
and paid for losses 1851. S47 80, leaving bal
ance of $3.50, 1868 81, a loss of $37, 160 SO over
the previous year.
The Maine stock companies received in pre-
miums in 1876, 800, .66, and paid for losses
$11S,4S5.42, leaving balance of $50. 291.2 6. In
1877 the same companies received in premiums
$244,235.76, and paid for losses $154, 40S 10,
leaving balance of $S9,72757.
The Maine mutual insurance companies paid
for losses in 1876, $751; 65O6 and 10 1877, $780,
O62.S9.
At the close of the year 1877 there were fifty
two fire, fre-marine, and marine insurance
companies organized under the laws of this
state, and authorized to do business therein, of
which one was stock fre-marise, two were
stock marine, one was mutual fire-marine, one
WAS mutudi udrlut, duu LQlrGy-S6VeQ were mQ-
tual fire insurance companies.
The Patrons Androscoggin Mutual Fire In
suraDce Co. was the only new company organ
lied during the year.
The Kennebunk Mutual Fire Insurance Com
pany of Kennebunk, and the Boothbay Mutual
Fishing Insurance Company of Boothbay. re-
tired from business.
The Bangor Insurance Company of Bangor,
withdrew from business on the first day of
March, 1877, and selected Hon. J. S. Wheel
wright to close up the business of the company
At the time 1t had risks in force of about S24 :
100000. The risks outside of New England
were reinsured in the Commercial Union AS
surance Company of London, England, and
those in New Eogland 10 the Shawmut IDsur-
ance Company OF Boston, Massachusetts. Tae
company was then owing for unpaid losses
$67,1S7 %. There has been paid of this
amount $51, 541 81. leaving balance of $l5.-
64515. Tner. Is als0 due for reinsurance a
balance OF $4,000, making the liabilities of
the company 1914 ,64515. The assets of the
company consist of cash S155251, and notes,
secured Dy mortgage, $i22, l35 SO. There can
be no doubt but With lutte patience creditors
will be paid 10 full, and the stockholders will
save very respectable fraction of their stock.
MIR. Nye has no doubt that many persons IN
the State are transactirg the business of In
snrancs Brokers' VINO have no legal right to do
so. In many cases it may be done ignorantly,
but il is nevertheless viol alton of the statute
| and renders person liable to its penalties
| Some agents are in the habit of sending ont
| individuals to solicit risks for them, payiSg a
| percentage on the business thus obtained. Any
person soliciting business in this manner is
| doing the business of an insurance broker. and
| without license, is liable to paw the panaltv
of fifty dollars. An insurance broker is oniy
the agent of the insured, aud in no sense thu
| agent of the company.
AT the close of the year 1877, there were one
hundred and one tire-manns and marine in.
surance COM panes of other States and countrie,
authorized to transact business in Maine OF
which nine-fve were stock and six mutual
companies.
The amount of tax on premium receipts paid
by the several companies, amounted to S11.
255.71. The domestic companies have rec., ytd
premiums on marine risks amounting to 1924.
135 70, and paid losses on same amounting I,
$lo4, 4OS.19, or 60 per cent. of losses to pre-
NUNS. The companies of other States ant
countries have received premiums amountip!
TO $557 S47 80, or &c per cent of premium
received. The assets OF the mutual compapie
that have made returns, amount to 1874, SIG. "a
Of which amount SOL, 096.66 consist Of pre-
MUM notes.