Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-05-07
Insurance Commissioners Report,

7
We have received the report of Hon. Joshua
! Nve, Insurance Comni ,sioner on Fire and
Marine Insurance. il advance Of the annual
report. In lS17 the companies Of other States
and countrie. received in premiums in this
State SSH 1856. and paid for losses Sjj7,
! sl7.39. leaving a balance of $3.50. 2G3.?7. In
! 1873. companies of the same class received in
premiums S136. G34.7l. and paid for losses
/ $3.50 ,93j.2O, leaving balance of 10.G99. 81 g,
Il loss of S2lS jG4. i6 over the previous year.
cur Maine stock companies received in
premiums in 1871. Spill 20, and paid for
losses Slji, i0S.l9, leaving a balance Of
$50, 727.51. In 1878. the same companies re-
cCived in premiums S22s. s44.24, and paid for
losses SlS2, 55S.07, leaving balance of
sid. 2s6.l7.
The Maine mutual insurance companies
paid for losses in 1871, 500, O62.s9, and in
1878. SCI ,92s.ll.
At the close of the year 1873, there were
forty-two fire fre-marne and marine nsur-
,urancc companies organized under the laws
of this State, and authorized to do business
therein, of which one was stock fre-marinc,
two were stock marine, one was mutual fire
marine, one was mutual marine, and thirty
seven were mutual fire insurance companies.
The business of the Bangor Insurance
Company has nearly been closed. All claims,
except two or three old suits of long stand
ing. with other companies, amounting in all
to less than $1,000 have been paid.
The Commissioner says the magnitude of
the insurance business of the country. or even
of cur own State is but slightly appreciated
by any, except those who have given it their
close attention.
During the six wears of the administration
ot "a Insurance { hn
tires. Mr.. Nyc. the risks written in Maine
amount to S4G63S3. 61S.13. The premiums
paid on same amount to S6.1jS, :is3.Gl The
companies have paid for losses the sum of
81 49,. 969.O1. The companies admitted to
transact business in this State. are managed
by men of highest character and responsible
". and when LOSSES have occurred. the same
have. a. Il rule. been adjusted in the shortest
possible time. But very few cases can be
shown where the losses have not been paid
promptly, a soon As adjusted. In no
business of the country have liabilities been
met more promptly 0r With less loss.
Daring all these wear, applications have
been continually coming in for the admission
of companies, found TO he bogus or irrespun-
,ihlc on examination. More than II hundred
OF such companies have been refused admi,-
sion. and the most of them are now among
the things that were. In the absence of
good insurance department. with salu,arv
laws for enforcement. these bogus and irrc>-
Ponsiblc companies would have entered the
State. proved upon the people a. long u, pos
sible, and when heavy losses occurred cheat
ed the insured out of their honest dues. with
out any hope of redress.
The cost of this department ha, been more
than paid by the insurance companies. and
yet at nearly every session of the legislature
some member has been found ready to put in
AN order to appoint committee to examine
and ascertain if in the interest of economy
the office of Insurance Commissioner ahould
not be abolished or turned over to the Sccrc-
tary of State. Such movement has ALWAYS
met with defeat
The Commits ,iOncr is satisfied that the Of
fee of Insurance Commissioner should be
located III the State capitol, and j., of the
opinion that the legislature has done wrong
in reducing the salary, a. no man can do the
business properly at the sum fixed
At the close of the year lS1o, there were
ninety five fire. firc-marine and marine insur-
ancc companies Of other States and countries
authorized to transact business in Maine, of
which ninety were stock and four mutual
companies
The amount of tas on premium receipts
paid by the several companies, amounts in all
to ss.2tl.2O
The domestic stock companies have re-
ceived premiums on marine risks amounting
to SIPS. "a, and paid losses on the same
amounting to SIS, 5jS.O1, or 50 per cent. of
losses to premiums.
The companies of other States and coun-
tries have received premiums amounting to
36,63+7l. and paid losses amounting to
S6G5,93j.20, or 90 per cent. of premiums re-
ceived
The assets of the mutual companies that
have mad" returns. amount to S7j3, 019. 0S. OF
which amount SG39, lsi.64 consist of pre-
MUM notes
Annexed to this report. and forming part
of it. are found abstracts of the several
annual statements made To the department in
accordance with law. showing the condition
of the several companies on the 3lst of De
cember, 1873.
After the abstracts may be found the names
OF the licensed agents and brokers authorized
to do business in this State