The Portland daily press., 1879-05-08
Insurance Commissioners Report.

Insurance Commissioners Report.
The report of Hon. Joshua Nye, Insurance
Com missioner, shows that in 1877 the fire and
marine insurance companies of other states
and countries received in premiums in this
state $S47 Ill &c. and paid for losses 1857 ,S47-
80, leaving balence of $289, 1863. 81. In 1878,
companies of the same class received in pre-
miums 1886 634. 81, and paid for losses $685.
$500, leaving a balance of $70,6695l, loss OF
$2l8,564 46 over the previous year.
Our Maine stock companies received 10 pre-
miums in 1877, $244. 135.76, and paid for losses
$154,4 10, leaving balance of S89. 927.57
In 1878. the same companies received in prem
iums 1928 844 25, and paid for losses $1S2, $751;
OF, leaving a balance of $46,2S6.17.
The Maine mutual insurance companies paid
for losses 10 1877, $685. 80, and in 1873, $751;
92811.
AT the close of the year 1873 there were forty
two fire, fre-marine and marine insurance
companies organized under the laws of this
state. and authorized to do business therein, of
which enc was stock fire-marine, two were
stock marine, one was mutual fre-narine, one
was mutual marine, and thirty.seven were mu-
tual fire INSURANCE companies.
The business OF the Bangor Insurance Com.
pany has nearly been closed. All claims ex-
cept two or three old suits of long standing,
With other companies, amounting in all to less
than $4,000, have been paid.
During the six years of the administration OF
the Insurance Commissioner who now retres,
MI. Nye, the risks written in Maine amounts
to $466. 3,678.73 The premiums paid on
same amount to Sc, 758. .6I. The companies
have paid for losses the sum of 81 495, 1863 OF.
The companies admitted to transact. business
10 this State are managed by men of highest
character and responsibility, and when losses
have occurred the same have, as a rule, been
adjusted in the shortest possible time. But
very few cases can be shown where the losses
have not been paid promptly as soon as ad.
lusted. In no business of the country have
Liabilities been met more promptly or with less
loss.
During all these years applications have
been constantly coming in for the admission of
companies, found to be bogus or irresponsible
on examination. More than hundred of such
companies have been refused admission. and
the most of them are now among the things
that were. In the absence of q good insurance
department, with salutary laws for enforce
ment. these bogus and irresponsible companies
would have entered the state, preyed upon the
people as long as possible, and when heavy
losses occurred cheated the insured out OF
their honest dues, without any hope of re-
dress.
At the close of the year 1878, there were
ninety.fve fire, fre-marine and marine insur-
ance companies Of other states and countries
authorized to transact business in Maine, of
which ninety one were stock aad four mutual
companies. The amount of tax on premium
receipts paid by the several companies amounts
in all to $8,24120.
The domestic stock companies have received
premiums on marine risks amounting to $685.
844.4, anj paid losses on the same amounting
to S182 55S OF, or 80 per cent. of losses to pre-
NUNS
The companies of other states and countries
have received premiums amounting to $780,
634 II, and paid losses amounting to $685., $685..
20, or 80 per Cent of premiums received. The
assets of the mutual com oanies that have made
returns amount to 1888. 079. 08, of whica amount
$639. 1874 GA consist of premium notes.
The Commissioner is satisfied that the Office
of Insurance Commissioner should be located
at the state capital and that it was a mistake
to reduce the salary.