The New York herald., 1878-03-14

principle upon which the bill is drawn favors strong
people
kEcrLAR EXAMINATIONS or INSURANCE coarAMYa
The Insurance Committee OF Assembly, reported
to-day very important bill for The protection OF IN
suranc" comnanies and policy holders tnss state.
II provides for periodical nnd vi lnrous .ra,,n.
INTO tho coudition OF the mTanies every ave
years, unuer tue direction OF the Superinion-
dent OF Insurance.; ai-o for similar exam,na-
tons into the condition OF companies or.auizcd
IN other states but nsurins the saie New York.
No charge ~ 10 be made Tor these examina,
yond the necessary expenses oi miners. wan
must be specified in ifcmzcd iis approved by tho
Supcrntendcni and aaditeu by tue Comp .ptroicr.
Charges ia excess OF those thus hor ar TO DO
regarded ~ misdcmeanors, and tnpcdtn,en,s placed
BY officers In the way Of such "a imnrt,ons
are also spec fed a. fnis demcsuors
In cases wh"rc the companies organ ized IN
this State found to be sevcny.hye rer cont less
than their liabilities the super ncnaent l. dfccfedtu
directed to nppiy - Supreme Court Tor an oraer
TO such companies 10 show osus. why they should
continue 10 transact business Ia case OF their fa,iur.
TO show good cause, then inc Court IS cmpowercd
TO enjoin and RESTRAIN them and appont
receiver take possession OF all their property
special securities deposited in ;he Insurance De-
partment Tor the bcnedt Of holders of poll
cics Ia the cases of companies organized IN other
States whose assets prove insuniccGi meet their
liabilities the superintcnicnt IS directed To rotliy
them of the Withdrawal OF their licenses untl they
submit proofs OF their soivency the issue OF any
poicy in tho interval between such noudcation aud
prvoi Is madc IN isdemcanor
WHEN RECEIVERS ARE APPOINTED.
The receiver who taxes possession oil state nsur.
ance company's property rs required TO examine in,o
It's AFFAIRS with the assist ancc oi an acuary OF tho In
surancc Department, and, report IN detail withln
ninety days. Tho Superintendent OF Insurance
surancc companies tho State OF the
amount OF outstanding risks of Tho iDsovcns
company thus examined, and TO invite proposals Tor
reinsurance To companies applying within thirty
days thereafter the receiver may grant all
the books and papers OF the insoivcnt company and
tho super ndcnt OF INSURANCE. may hts discre-
uon. require the Same privilege TO be EXTENDED 10
other companies, and such companies may within
sixty days aiterwurd make to tho Superintendent for
NAL proposals Tor reinsurance
THE sUPKRISTESDEyr.
Having considered the proposals the Superiutand.
ent Is directed TO report to the supreme Court
whether. IN HIS judgment they should be accepted.
IL tho Court dccdcs sffrnatively IL may direct
receiver to tho rolnsurinR panes all
tho assets OF tho insoivent company In hs
hands, to whose property rights, claims aud
liabilities the roinsuring companies shall sue
coed. Tho latter are then required 10 notify
each policy holder under tho old nsovent
the transfer OF bis policy and II within thirty days
tho premium on poicy shall be paid, the policy shall
remain valid anything 10 The contrary In IL notwitn-
standing In cases OF paid up policies the reInsurng
companies arc required to notify the holders, aud
issue Issue new r~ @ po',oes In ,ur, uerr own company
modified according to new contract for reinsurance.
No policy which shalt have matured and become
HClam after dato Tor the contract for
bciorc the expiration OF thirty days after
notice from the rensur,ng company shall be
non-payment oi any premium becoming duo
before this interval but the OF premium fail
interest, shall bo deducted from the payable
upon the policy. These provisions for for
oil insOlvent companies 10 apply
pauies in tho hands OF receiver at tho time when
this act may be passed. II the superintendent does
not within thirty days receive answers 10 ms pro.
posals Tor he Is TO report tho facts
the Court, nnd II tho Court d~cidcs that good is
likely to result from further Efforts TO procure
insurance Il shall 'oruer distribution oi tho
funds OF tho lnsolvept company In the mannes
provided by law, provided that every person
whose policy has matured become u claim against
the company shall have opportunity 10 prove II aud
receive from the assets pro rata dividend Win
other creditors Tue owner OF every policy IN iorcG
a. the date Or this final order viii be entitled to
provo his claim to the amount OF his law reserve
on H.
WISE PROVISIONS
In wherc the superintendent finds tho ofncers
OF 40 insurance company incompetent to manage its
AFFAIRS ne directed 10 report the TACT to the Attorney
General, ana provision 10 madc for order by tho
court TO suspend tho incompclents ana direct the sp
pointment or election OF new officials. WITHIN sixty
days al:cr This act into eioct every insurance
company III the State Is required to maze full
report OF Its condition to the Insurance Department.
exhioting tho amount OF its bonds, mortgages and
real estate In who're the Super ntenuont has
rcnson 10 believe that loans not properly secured
he Is directed to appoint competent appraiser OF
real estate and mortgages VINO Is TO receive 81 for
each appraisemeut TO bo pad oy the companies own
euro the Superintendent may tbcm to be made
secure Other sections Of the bi provide Tor tho In
crease dccrepsa oi the capital stock Of insurance.
companies aud for the dssouiop or Insurance COM
panics which may be Initiated by twenty or more
policy holderA Heavy fines and imprison ment are
prescribed penalties or false representations or
iusai to comply with tho demands Of the law on The
part Of the companies officers.
LIGHTING CITY.
The President OF the Senate presented o communi-
cation from the Common Council OF New YORK city,
accompany bil rclatng 10 contracts Tor lighting
streets and public squares rhc Comptroller reported
TO the Mayor that tho law making 1t obligatory
tho city to contract Tor lighting the streets, from
January January l. was prejud iciai TO
teress In putting DIS tor supplying 10 the CITY,,
the companies so adjust their rates 10 cover tho
greater expense OF opening streets midwntcr in
order 10 make connections with tho lamps. The bill
offered sivcs the Mayor, Comptroller and Comms-
sioncr Public Works who are authorized by law 10
mako contracts tor ghtiDg the CITY, power to include
In contracts parts OF two years, contracts TO bosiu
end at such dates these gentlemen may desig-
nate.
FEMALE SUFFRAGE.
Senator Mccarthy has been captured by tho lady
suffragists who have come here to advocate an ex-
tension VI tho elecion privilege, and this morning
proposed the following amendment to the constitu-
ton:
Resolved az tho Assembly concur that section article
Of the constitution Of this State DO amended
SECTION Every citizen Of the age OF twentyone years
state year preceding an election and
Tor The last four months resident Of tho county and Tor
whicn he she offer his her vote shah DO entitled
shall at the mc be resident and not for
all Offices That nov are or may be elective by the
the vote Of tho peoples provided that in time OF war
United states. the thereof, shall De
om such % seeoa sssre ana tue sg.Iasus @ sns
have power to provide the manner in which
the return and of their n the election dis
tricts In which they respectively reside"
Senator WsgstaG presented petition from num-.
ber OF lades, headed by Miss Susan A. King hotrcp-
rcssDts 700 worth OF real estate asxing perms
tion to vote.
SAVINGS
During discussion IN lhc senate over a bill amends
ing the General Savings Bank law Mr.. Raines moved
TO strike out tho provision requiring dcpositors TO
produce thor pass books when urawing money. Mr..
Mccarthy opposed the motion and supported the bill.
Messrs. 81 John and Goodwin also sup
ported the bill Mr. Eaincs, Ia support Of
his amendment, held That the merciai accounts
hcld IN savings banks stood between tho banks aud
"a n
safeguard to tho banks He INSISTED that THIS bill
wouid act as punishment upon tnoso who had do
posts in savings banks IL was drive out Of
savings banks class Of dcpositors and into bank OF
discount. THIS Legislature was asked TO destroy
savings banks Tor the benefit OF banks OF discoun
lie was, therefore, opposed TO this DiIL
ML Mccarthy sa,d investigation mad proved that
every savings bank that had failed had failed
count OF dong commercial business. Tho motion
o Mr. Raln,s was lost The bill repor CD 10
the Senate aud ordered TO "a third reading.
SENATORIAL IRREvEKESr JOKER.