The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1885-01-06
INSURANCE.

INSURANCE.
On another page will be list of Of the insurance
companies with abstract Of their satements which
complied with law relating insurance and been author
| lied to transact business in this State.
respectfully recommend to Excellency that yoa call
the attention OF the Legislature to changes in, and
amendments to, insurance law which should he made
as soon as practicable to enable the department. charged with
It's to ecctuay carry out the intent Of the
act One of these will be found in paragraph thieen which
requires that all insurance companies ansacting business
this State should repo gross Of rects Of
companies in the State Florida during prceng
This report of gross while probably full enough
re companies is sufficiently definite for the report Of life
company
The life insurance companies should be required report
the receipts from premiums business secured dur
old business separate item No information
be OBJ ned from the of life companies when
slightly increased of work upon the companies
necton with their reports but could be considered
| an onerous unnecessary exaction
The law stands does require the depo secnT
ties by companies 81 their
transactng business in Florida To thoroughly protect
the pocyhodes all insurance should b6 required
to file with their annual statements made this depa
agreement epost with Comptroller Treasurer
of contest with pocyhoder any claim for loss
salvage, growing of insurance.
in current funds, marketable securities sufficient
such claim in full be held UNTIL and subject the determ
nation Of the controversy.
To protect companies which complied with the laws
provision should be made to the unfair competition Of
those companies which have been authorized
business.
This might be accomplished by making all such of
insurance Invalid, prohibiting OF
hereunder in the of the State by making the pro-
curing of policy, by broker person acting for himself
in insurance company authorized do business this
State, unlawful
Some legislation necessary in regard assessment
operative insurance companies They should either be
plan be devise by which they brought under
direction and control of the Insurance Department Super
vision and CONTROL while imposing unnecessary restrictions
legitimate business might do much protect the people
from annoying delays and loss
be unwse extend the operations of the
ang Insurance. provide for the supervision and
control of all tried and established features of insurance In
this connection would call your attention feature of in
which commends itself offering facilities for h"
giving of bonds required by law which has found favor wherever
has been tried viz Corporate tysp fidelity nsur
The laws of Of the States authorize the heads of
departments Judges Sher ard other officers accept the
guaranty OF surety companies where bonds required FL
deity has been and extensively employed in Eng
land and her colonies In Great Britain the preference for
corporate bonds universal with Individuals bank
tions and all the departments" There
for peerg the bonds of corporations guaranteeing the fde
ity occupy ing positions trust individual
suretes which required by law not the least o which
the unquesonaby greater security afforded by the guaranty
of corporation which has safely invested capital and is
known be solvent its busnes under the supervision OF the
Insurance Commissioners with the statements OF its
officers its condition and transactions filed at stated and
regular periods and s books and pa snnlece 70
ton by the States officers In the of ndivda b0nds
while the guaranty be good when gven the State has
supervision their affairs and means OF asceraining
their condition during the term of their guaranty The bonds
OF corporation being given for only evidence OF It's
sovency is at all times easily obtained and the bond being
granted by corporation, only after careful investigation into
the character and business qualifications of the applicant and
his fidelity business the part of the
company, and personal favor is the with per
sona individual sureties itself certificate of the app
cants integrity and capacity The corporation acting on bus
principles provides certain percentage of loss, which
it may incident and inevitable all business
enterprises would readily pay any loss which might
than individual bondsnan, who the
sponsbiy with the expectation of paying its penalty
he of course it will never become liability For
corporation oss contest its payment is
seriously cripple ability extend its business In add
ton the greater security afforded by corporate sureyshp
commends itself being infinitely agreeable to
who required give bonds Thc advantages of the
obvious and the objections to private guaranty
long been superseded by that of public companies