The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1880-04-27
INSURANCE IN MAINE.
Abstract of the Report of the Insurance
Commissioner.

By the forthcoming report of the Insurance
Commissioner it appears that in 1878 there
were 80 local mutual insurance companies do
ing business in this state. Of that number
have given notice of their intention of closing
up their affairs Monmouth, Raymond Sid
ney, Norway and Somerset. The Boothbay
Mutual Marine and Fire Insurance Compan-
les for Manhaden boats, reports as having done
no business for the year. From the West
Bangor and Hermon Insurance Company no
return has been received. The losses paid by
these companies in 1879 were$53, 563. 65 risks in
force, $15, 4O6, 1882; premium notes, 0945;
risks written $3,213,644; risks cancelled, $4,-
7S3,443
AMI Marine Insurance Companies, which dur
$40, OPS; losses paid $112, 2O5 .3S; excess OF
premium over losses, $97 ,974.87; surplus as to
policy-holders, 1926, 1878.
Ninety-seven Foreign Fire, Fire-Marine and
Marine Insurance Companies were reported as
doing business in the state for 1878, IS of which
were from foreign countries. There are now
50 companies of other states and countries
transacting bushes in Maine, % of which are
from foreign countries. The total premiums
received and losses paid for the wear 1878 and
~o'"' was ~PFSN~A " eiS AoAiOWAuS SoiAPaAiooh'
Premiums received. Losses paid.
1s7s........ s5o,497,o76 s24,s71, 712
1879 ............ 52,952,371 29,40O,80O
Including the business in the state of Maine
as follows:
Premiums received. Losses paid.
1873. .S736,634.71 $685., $500
1879. .......... 721,875.2O S,536.19
The life insurance companies, authorized to
do business in the state for the current year,
a q col foI ~,
statement of the department, with the add-
ton Of the Charter Oak Life Insurance Com
pany of Hartford, Conn. During the year the
Metropolitan Life Insurance Company of New
York, and the Vermont Life Insurance Com
pany OF Burlington, have given notice of their
Withdrawal, leaving q companies now transact
ing business in the state.
The gross amount of outstanding
policies of companies reported last
The gross amount for 1879, i'5iSS9ii ~
Showing reduction of ........... 1852, 42e, s27
For 1879 these companies paid to
pollcy holders, cash, notes, divi-
bends, &c.. Observation-Disclosures. s 52,5OO,137
Ana received from policy holders, 1886, 531
Leaving a deficiency Of. .:.....:.... $4,513,6O5
The same companies received from
all other sources, interest, divi
dends, &c.. ..........: s21, 939,411
And paid salaries commissions, and
all other expenses, ....:.......... 9,99216s
Showing an excess of receipts over
expenditures Observation-Disclosures. S11 947 DAB
Deouct tne loss on policy account. 4,513,6O6
Leaving net receipts over expendi-
lures, ......................... SLABS, e37
The business of the life companies in this
State for the year has been: Policies issued,
So4; amount insured, 81, 377 ,427; premiums
received, Si53, 993.67; losses incurred $780,
5O5.2S; losses paid, 1851 1885, Total amount
OF policies in force Dec. 81, 1879, $1S 521, 1884.
Showing falling off in the amount of policies
issued for the year of SOC, $50; in premiums re-
ceived 1896 ,544 and an increase of losses paid of
$12S, 250S9.
There are three Casualty Insurance Com
panies taking risks in the State and showing
receipts and expenditures as follows:
Received in premiums, ....... . 81 227 SIT
heeeived from all other sources,..... 96,5O6
Total receipts 81 1924 O83
And have paid losses, ............... 422,2O1
Paid all other expenses, &c.,..... 67S.3SS
Pa1d dividends (two cOmpanes)..... $4,000
Net receipts over expenditures and
dividends, ........................ $131, 494
The Casualty companies have received in
premiums during the year $50, 1874. %; and paid
losses, $21 $1,000.
The receipts of the department for the year
have beer as follows:
From licenses, 1919 Companies, S2,5SOOO
lOO Brokers, 10000
1l22 Agents, ........ 1,122.OO
S42o2.OO
Besides paying the expenses of the depart
ment,o these receipts $3, 152 have been turned
into the State Treasury