Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-04-06
Insurance Commissfoner'. Rsport

Hon. Joshua Nye, state Insurance Commissio
er, has issued in advance of his regular annual
report, report relating to Fire and Marine In
surance. From it we learn that in 1876, the com.
panies of other States and countries received in
premiums in this State SS6s, 2Si 10, and paid for
losses SAL ,Sj9.7S leaving bals nee of 1926 i2i..
%. In 1877 companies Of the same class received
in premipms Ss47 ,lll36, asj paid for losses
S557 SAL 80, leaving balance of $3.50, 263.97 a
loss of S3l l6U.9S over the prev ious year.
The Maine stock companies received in premi-
ums IN 1876, S204 40 6S, and paid for loss
Sis, 49, AZ, leaving balance of $50, 29l 26 In
1871, the same companies received in premiums
S244 35 IS, and paid for losses Sl5i i0S.9 leav
ing a balance of SIS, 727.57.
The Maine mutual insurance comnanies paid
for losses in 1876, SOL $50 60, and in 1877, $780,
062. 80.
At the close of the year 1877 there were for
ty-two fire, fire -mariBe and marine insurance
companies organized under the laws of this
State, aud authorized to do business therein, of
which one was stock fre-marne, two were stock
marine, one was mutual fire. Marine one mu-
tual marine, and thiryseven were mutual fire
insu ance companies.
The Patrons Audroscoggn Mutual Fire Insur-
ance Company was the only new company organ
lied during the wear.
The Kennebunk Mutual Fire Insurance Compa
nv of kennebunk and the Boothbsy Mutual
Fishing Insurance c. mpany of Boothbay, retired
rom business.
The Bangor Insurance Company of Bangor,
withdrew from bus mess on the ir.t day of March.
1877 and selected Hon. j. 5. Wheelwright TO
close up the business of the company. At the
time it had risks in force of about S24, 900, 600
The risks outside OF New England were rensured
in the Commercial Union Assurance Company of
London, England aud those in New England in
the Shawmut Insurance Company of Boston,
Massachusetts. The company was then owing
for unpaid losses Sol 90 There has been paid
of this amount Sjl ,54l "a, leaving a balance OF
Sl56i5 10. There is also due for reinsurance, a
balance of $4,000, making the lishiliues OF the
company SSi .6i5.lj The assets of the company
consist of cash s 5525l. and amount of notes,
secured by mortgage Sl22, l35 30. There eau
be no doubt but with a little patience creditors
will be paid in full and the stockholders will save
very respectable Fl action of their stock.
Mr.. Nye has no doubt that many persons in the
State are trsnsacting the business OF Insurance
Brokers, who have no legal right to do SO.
In many cases il may be done ignorant
", but if is nevertheless violation oil the statute
and renders person lisble to its penalties. Some
agents in the habit of sending out indiv iduals
to solicit risks for them, paying a percentage en-
the business thus obtained. Any person soliciting
business in this manner is doing the business of an
Insurance broker, and, without license. i liable
to pay the penalty of fifty dollars. An insurance
broker is only the agent of the inur, d, and in no
sense the agent of the COMPANY.
AT the close of the year 1877, there were enc
hundred and one fire marine and marine insurance
companies of other States and countries author
ICED TO trans act business in Msiue, of which nine
ty-five were stock and six mutual companies.
Numerous and valuable tables, compiled with
great care, are given. giving names of companies,
their business assets, liabilities, business transact
ed, &c
The amount of tax on premium receipts paid by
the several companies, amounted to Sll ,255.7l.
The domestic companies have received premiums