New-York tribune., 1879-01-20
REINSURANCE DEPARTMENT


orr oF rWE>TY-SIX FAVoRs ITS ABOLITION.
trRoM THE REGULAR CORRESPONDENT OF THE TRibuNEl
ALBANY. Jan. 19.-GOvcrnOr Robinson III MS
rooe,t animal message recommended the abolition OF
The Insurance Department. Superintendent Sm!'h Vi
the Insurance Department, order to learn the opinion
OF tic insurance companies concerning tho GOVERN"
recommendation. issued on Thursday last ct'u'"''
addressed 70 the officers Of the companies when con-
tanned The following questions;
lis state supervision as conducted in the state OF
New-Yovk protection TO the policy holders or wou'u
tncr interests as wei as those " solvent companies oe
served If the various Jaws establishing the
were repcalcd and supervision abandoned ana slue
rondern. of an annual statement 10 the ContEo'r SUD
stitu:cd IN place OF present requ reinentSf
Mr Smyta received yesterday replies iiom man! III
surancc companies domestic ana foreign ana "e "u
nfc All but one oppose the abolition OF the Insurance
Do,ortr,eut and declare that the interest OF the
holders and stockholders OF the companies state
supcrvison OF the companies should be maintained
MANY frankly praise Mr. Smyth for his administration
Of the department Below are given extracts ITO" "'S
correspondence:
RrrIlEs OF THE COMPANIES.
Tho " Orient Mutual Insurance Company" maintain
that "thc stale supelvision IA protection TO IOHcy
holders and their interests well as those Oh sOVeh
comranes would not be served if the laws establishing
the department are repealed aud supervision HDah-
doncd" l ao,. :. r-o
have your crcular-letttr of the ION INST askns
IL
Work is protection to the pOcy-h0ldeis 10 "uoH VIC
TIN ic Commerce Insurance Company Of Albany say
we believe that state supervision as conducted IN s
State Is protection to policy "u 60, Ii t near
Of The ahrog laws establishing lhe Insurance
Department. think that lis powers nave oetn "a
ercsed CSitD excepons for the public gOod rather
than the hcuCfi 0f corporations. l,,. coz, q.
Tue Ncw-York Bowery Insurance company 81: siy !.
"Witaout question the Department is decided pr3ltf
ton and enter our earnest protest against lis "oO
The Sea Insurance Company of Liverpool say: "In
answer TO your circular of the lGth inst we nave os'S
that consider state SUPERVISION as az p.eseut Vim h
luctpd III the SCatc OF Newlork protection TO thc
policy dcrs and that should he sorry TO see 'he
iawsesabiisli.ng the department repealed. ,,c. J.,
The star Fire Insurance Company reply; We De
greater advantage to solvent companies ahI lhe p p1"
than the formal rendering of report to the E
Insurance Company replies: " do firmly h"ileVe that
thc n6o sLmcnt of the Insurance Department would
nDS ~ lessen tLS sccrity ana 10 disturb confidence
now so much relied upon by the holders O poceS; INC
governor NAV be and have doubt is sincere in MS
Recommendation: hut believe We would be again sub
Iectcd the annoyance or dishOnOldOc .pdIt4'St
public vic;imzed and the solvent companies mace 10
The Glens Falls Insurance Company reply; " We De-
lieve state supervision necessary Tor is % o.
poc holders come TO pChcj holders ID SPIT
OF sub SG 'sy TSS G We can Your
Questions decidedly tie Affirmative, and This too as
faras own dealings win aud hioW IeuHe " & w e. ~
ent administration OF the Insurance Department III 'liS
State lS cUnCcrHtd.' -. =, "
hre friends Of the system OF State supervision provided
such -upervioioniN l. confined to me Work og.nay M Eu
names coDdnctlng the business of fire tins
sonrtcoHs treame1I n from YOU and in any attack
yOu individual we are on Your SIDE IL j. III your
trs aud 10 the great interest OF insurance c"mpa4e6
believe that repeal OF the various laws relative TO
supervision OF i" conpanits ny tnt ihsus@neT @ ]
DISSENTING VOICE
The American Exchange Fire Insurance Company
Sre We are in FAVOR of abollshing state supervision
Of insurance companies"
Tho Lancashire Insurance Company, OF Manchester,
England sav: 1T is very much TO the interest OF
policy holders and solvent insurance companies thal
the Insurance Department he maintained
The Emporium Fire Insurance Company, of New
York say "Practical illustrations have been TOO re
strength OF companies justify the people OF TINS
State adding this department to the present duties OF
The DaJchess County Mutual Insurance COMPANY
,ay: We must strongly dissent from the Governor 5
recommendation We believe that Without such
supervision as we now have there W.ud tc
would soou be overrUn by bogus and haudulent
companies. native and foreign lhe insurance %
magnitude, and should very much regret scehE my
Ofthe barriers Of protection now thrown IoGnd & swe
policy holders and great fraud Oh the people
and always have considered state supervision rIotec-
tIon alike pocyhOdcrs and stockholders, and we are
than satisfied tEit tIe lnie!hgrhl thaIellei, VI
the depattm by It's present SuptIhlrhdeit mas
largely benefited the reopie OF thls STATE ad mas ~
spired them with c0ntdeGce lhat lhtr tcIt5tS ,"t w.
been protected We teel that you have done lhnch 10
reieV. the department OF the Odiuu which must AT
times 'ach TO department OF this KIND When dHty
and inclination must often connlit: We nope tHd'
The u c,ent system may he continued"
The Republic Fre Insurance Company say: I'VE are
decidedly Of opinion that supervisory department
under authority oI tie state s very nrtesSaF TO secure
honesty ana ndclity The management of the many ~
stutOns Of the state engaged III me DuSlhess ol uIe
The Ira !esmci,', Fire Insurance Company Of NV
York say "Ihe abolition Of the Insurance. Department
The Exchange Fire Insurance Company of New-fork
say: TIE supervision OF insurance companies I'D this
lleVt gTtpg 4
IL te"' ',,rv.n,,Iier as wen MS stochho'Ger DO not
tnnE that the rerorrade movement of simply render
Ing annual ttt,ucts the Controller in place OF the
present requirements would be good nOlcy OF a0Nan
tageous to the companies or the public" ~
The scottish Commercial Insurance Company " We
would deIrecate the abolition OF 80 important d ueldit
Inent you have IN charge A.. 49,,
The AdTiatc Fire Insurance Company say that they
regard the Insurance Depart ment as now ol&ahiH"u
and conducted undoubted protection to poHcl =
holders that their interests well ~ the IL tcro
of solvent companies would Doe greatly i"opardlZcd II
the department abolished and supervision as now
The ST. Nlchoas Insurance COMPANY Of N"wYork
tay: 1--WE have always considered the supervision OF
the assurance Department a. ADMINISTERED III thls S'ale
not only protection to The p,cy holders bit benefit
10 stockholders Of solvcn' companr. protecting 'hep
from competition with those that are luso,Vrnt'
.W Grri il, in favor of kecpinc up the Insurance
Department and should be sorry indeed If the only
safeguards have IN keeping good companies Tor The
The stulin- Firc Insurance Company say: our
opinion i that great ad, antaess have H@n eecmed inS
insurance interests BOTH 10 insurer ana lnsuicu roS
the supervision of the Insurance Department u Is onN
necessary u review tAc cOhdll" o lhc puHcsN picF
10 the establishment OF the department TO uhoeF
stand its advantages"
The kIuss County FIRE Insurance Company say: Aner
many years experience the Insurance business we are
of the opinion that The Insurance DeparU cn rs organ
this state. necessary institution ana use!u
both 10 the insured aud the insurance cumpancs.'
The LorlIard Insurance Company say: We entirely
disagree with Governor Robinson III his rcc0mlncuda-
to abolish the Insurance department. In oar opin
Ion such would he destructive OF the best III
teest> only Of IA" insurance companies but or the
general public. Tie department has been emincnily
driving out the Fraudulent companies win
VIII igh IA al - flooded,
sound and companies L. do ouNlness here rms
Cd cnn denN We ehOud Tc1Ict