Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1881-02-24
INSURANCE IN Dn1aw4aE.

mem beers; III assrs- Eistogrn and ToWn-
send "What 6 glorious opportunity you
Democrats had TO shove through few
party bills this afternoon" said the latter
when the session was over.
In the Senate, Commissioner MeFeefs
first report was read. 1t is as follows:
INSURANCE DEPARTMENT.,
GEORGETOWN, DEL, Feb. 10, 1881. !
To the General Assembly of the State of
Deld,care have the honor to submit the
first biennial report of this department, in
ton to the Insurance Companies"
This act, by which this department was
established, was passed March "a, 1879, and
provided that it should go into effect on the
first day of July next after the passage thereof
Upon my appointment as Insurance Commits
sioner, l proceeded to organize the depart
ment, and on the day last named it went into
practical operation and has already proved
productive Of good results.
The insurance interests Of the people of the
State, extending to every business and pursuit
and affecting in greater or less degree the
material interests of the State at large, have
attained such magnitude aud Importance that
q wise and intelligent supervision of insur-
ance by the State is a plain and imperative
necessity. Nearly all of the states in the
Union, and particularly those in proximity to
our own, maintain rigid system of superyi-
sion, and any failure on our part to follow
their example would open the door for the
admission and establishment among us of
insurance companies of every kind and de-
scription. the bad as well as the good, and we
should be oyerrun by those which for good
cause may have been excluded elsewhere. No
sound and properly managed company can
have any reason to object to a supervision of
trust integrity, which consists only in ascer-
tanning by suitable methods its financial con-
dition and then certifying its soundness to
the people. An investigation of such com
pany tends to increase public confidence and
enlarge its business, but a company, unsound
and improperly managed, stands in fear OF all
supervision for self-evident reasons. The
cost and expenses incident to the maintenance
of an efficient system of state supervision, are
small and insignificant when compared vi
the value and Importance to both insurers
and insured Of the system itself.
This department, during the short period
of its existence, has materially aided in pre-
serving the honor and integrity of insurance
interests and in guarding the rights and
interests of parties insured; serious defects
and abuses in management have been cor
rected and more efficient system of pro-
lection and security has been established,
and many companies deceptive worthless or
fraudulent in character, have been prevented
from entering our State for the transaction
of business.
NUMBER OF COMPANIES DOING BUSINESS IN
THE STATE.
In the year 1879, So insurance companies
were engaged i'll business in thit, State. They
comprised home companies, u fire and fire.
marine companies of other states, II foreign
fire companies, 2 life insurance companies
and life and accident insurance company.
During the year ending January 3lst, 1881
6S insurance companies We're authorized to
transact business in the State. OF these
seven companies are incorporated under the
laws of this State but the certificate of
authority to one of them having been recently
revoked, there remained at the close of that
year only SIX home Insurance companies doing
business in the State. One of said companier
liz joint stock fire insurance company the
other five are mutual fire insurance com.
| panies. 40 life insurance company incorpor.
ated under our laws is doing business in the
State. There were 80 fire and marine insur
ance companies Of other states 20 foreigt
| fire insurance companies one life and acct
| dent and eight life insurance companies o.
| other states duly authorized to do business il
| this State for the year ending January 3lst
| 1881.
As to condition of companies doing bust
| ness in the State, | am required by law t.
| make report to you, among other things. o
| my official acts and the condition Of all com
panies doing business of insurance in thi
State. Copies of annual statements of sait
| companies for the year ending December 3lst
| 1850, and tabular statements setting forth tn
assets, liabilities, expenditures, premium
received, losses paid and incurred risk
written and risks in force in said companies
together with other information showing thei
business, condition and standing, Will b
found annexed to this report also submi
lists of insurance companies and of INSURANCE
agents authorized to do business in this Stat
during the year ending January 3lst, 1851
OFFICIAL ACTS.
In regard to reporting my official acts. al
at loss to know how to respond properly I
this requirement. | have, of course, kept
full and complete record of those acts, bu
covering, as it does, a period Of Is month
during which the department was organlzet
large correspondence conducted, rules {
practice framed aud adopted, numberle.
constructions put upon the law and decision
rendered, II has become so formidable in sil
, that q transcript of its pages would swell tt
dimensions Of this report to volume of III
reasonable proportions. Besides, howey,
much of Importance might have attached [
these acts at the time they were perfurme,
! many have ceased to be Of Importance nos
whilst the record Of the larger part of the
: consists simply in entries of papers r.
r celved and filed and of certificates issue
Z which at this late day can be of no manner
interest to any one, and to prevent stat
I ment of such facts in detail or even q sur
r mary of them would in my Judgment be II
necessary and useless and not III c9nform
{ with the intent and meaning of the law
4 therefore beg leave to submit herewith f
/. your inspection and examination the origin
II record OF my official acts, trusting that IL
Q will be satisfactory to you and that you W
accept and regard 1t as a sufficient ue
formance of my duty in the premises.
THE DELAWARE STATE MUTUAL FIRE 4,
- MARINE INSURANCE COMPANY.
l. In the month Of September, 1879. | ma
n an examination, Mt the request of the col
=, pany, Of the affairs and condition of /
% Delaware State Mutual Fire and Marine Inst
q ante Company, of Wilmington, aad the res,
q. OF my examination will appear by the stat
ment hereto appended After hearing I
W objections OF the company to this stateme
10 OF results found no reason to change t
same, and deeming it to be for the interest
the public, caused it to be published i'll 70
of the newspapers of the State
In November last 1t came to my knowlea
during the tfial of case in the Super
% Court at New Castle, in which said compa
Of was party, THAT certain act entitled ..
:, act to amend an act entitled an act to iuct
al porate the Delaware State Fire and Mari
D. Insurance Company passed at Dover, Mar
ma 21th, 1879, being private act, had not be
recorded, as was required by Law, in
30 Recorders Office in one of the counties Of Ii
te State, within II months after its passage, a
;, that said act was therefore void The amel
atory act provided that the name of the De
Re | ware state Fire and Marine Insurance Co
pany should be changed to the name of
Delaware State Mutual FIRE and Marine
surance Company On the 3D. day Of +,
., ruary, 1850, a statement had been delivered
be me by said company aud duly filed in the
:. partmeut, purportng to be the annual sta
nc ment for the year ending on the 3lst day
ar December, 1879, Of the condition and br
: ness of the Delaware state Mutual Fire d
y Marine insurance Company of Wilmingt
he which statement wRs verified by the oath d
4, affirmation Of its president and secretary Al
- on tho 18th day Of March, 1880, had lssI
ce my certificate OF authority to said last nan
no company, authorizing it TO transact the bt
ness OF ilre and marine Insurance and est
lsh agencies in the state for and during
year ending January 3lst, 1881, subject to
In the restrictions, limitations and recurrence
OF the laws of this state, But. it appear
"o at said trial that the act to amend sand act
oh interpretations was null and void and t
-. consequently the Delaware State Fire
N'H Marine Insurance Company lad no lC
of right whatever to change its name and
IN the word mutual to Its name or title
that no such company as the Delaware 81
or Mutual Fire Marine Insurance Comp
was in existence in order the laws OF
state, thereupon revoked my cert ficati
authority issued to the Delaware State Nut
'ea Fire Marine Insurance Company. an
ues withdrew the authority of said alleged c.
-. pany to DO business III that state, and
'S hibited it from engaging ill., prosecuting
the transacting any insurance business within
limits of the state of Delaware. This
would nave been taken promptly upon b,