New-York tribune., 1886-05-03

WHY MR.. ERwIN's BILL no 81, NEW no. 932
SHOULD BECOME LAW.
The friends of the life insurance mOnopolies
and enemies of the people circulating thcrcport tha
should Assembly bill No 81, No. 932, hecome n
law, that all New York life insurance companies would
be prohibited from trnslctina business in the several
States by thereof since tho Insurance CommIs-
sioners of said several states would Withdraw authority
from tho life insurance companies rather than
permit the natural premnm or assessment companies
having exactly the deposit other fo Insurance
companies to business in their several states.
The fascy of such statements Is at parent when
romem,er that tie Insurance Commissioners OF tie
several states simply executors OF the laws npon the
ststuts books OF their several states These Insurance
Commissioners DO not mako tho laws, they simply
the laws they stand tine statutes OF their
several States To illustrate will simply quote from
the laws OF the OF New Jersey, which say. in
many worus that whenever any lie insurance comp
haing other States, and having $l5o00o invested
assets that such life insurance company shall have the
right to transact business New Jersey, the
II organized In New Jersey Tho who Will say that
tho Insurance Commissioner o, NewJerssy keep ut
New York life insurance companies having SlJO,ODo
invested assets and having 100000 deposit with the
New York Insurance Department, writes himself down
fool procaims to tho world that he IL hrod tool,
his opinions being paid for from tho Doodle OF New
Jersey monopoies order test the correctness OF
OF the stories circulated by the paid tools Of the
mOnopOlles OF New-Jsrssy companies we have intor-
viewed persons connected officially with our New York
life insurance companies. In reply to inquiries the
Hon. John A. Mccall SAID that he aot opposed TO
Assembly bill No. 81, No. 932 that It's passage
could harm That It might do much good to
legitimate well-organizei well managed assessment
companies.
Leading Representatives OF the old Mutual riie said
We opposed 10 the passage OF Mr. Erwns
Assembly bill No 932 permitting legitimate and we'll
managed assessment companies to Ie-incorporats as
provided In said bill We consulted with many officers
Of the Equitable Life, and also with repro enatves OF
the New York Life. and with other Newfork llfern-
companies. Each and all stated that they were
OF posed passage of Mr. Erwns Assembly bill
No 932 substitute FOR No. 81
We print in this the resolutions by frateTnal
organizations indorsng this bill.
Onr investigations show that tas bill Is only opposed
In e insurance circles by aliens by their hired Tools
who are known their States as being monopoles
OF the worst kind. They desire to monoDoze the husi-
ness life insurance In their States, at the sans
me txend thcr monopoly syste TO other states
New York objects To new mpptations In the mo OF
snatcnes aud graJDeTS at the present writing she mas
quite enough thieves OF her i POmeroys Democrat
The owing from the president OF the Mutl al Re
serve Fund Lite Association:
We are kept ont OF Jersey by the Insurance Com
missioner direct violation OF tho laws of NewJer'ey
on ne preext that only companies chartered under tho
1853 Act are recognized by the Ncw-Jerssy Commis-
soner as being lilo insurance companies. The Mutual
Reserve Fund Life Association has twice and thrice
the assets required by tho New-Jersey law, ana
twice the amount required by said law deposit with
the New York Insurance Department. therefore
Justice from such States can only be secured Dy reel
proclty, as provided in section OF the Erwin BILL
:. L. b. HARPER.