New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-10-28
NATIONAL coYrRoL or INSURANCE.
UNIFORM LAWS NEEDED EVILS OF THE
PRESENT system

PRESENT SYSTEM.
TO the Edffor OF The Tribune.
SIR At the meeting Of the National Boaru OF
Trade Louisville. reported in The Tribune OF the
10th inst, resolutions adopted favorng Nauohs
supervision OF Insurance. and uniformity of insurance
legislation. II would be difficult 10 suggest measure
which, IL Il could be properly carried into erect
would he Of such great Importance to the business
interests OF the United States the one sugsesueu III
these resolutions. II IS no figure OF rhetoric to clam
that Insurance IS the foundation stone OF commerce
The millions Of dollars paid by insurance compares
in the United States each year prevent unnumDeteu
commercial complications and failures. II IS rpoos-
nized by all familiar with the subject that 'heic
should be uniform laws regarding the establishment vi
insurance companies, the minimum amount oil caPna'
required, the character and safe keeping Oh '"e
assets the forms OF policies and even the naming OF
companies.
BY what may be regarded unfortunate acciue'''
in case Of uihing Importance, brought to inc ael
ton of the United States Supreme Court II was ne'u
that insurance "not commerce. ms uo1i'"'
therefore, removed his subject so important 70 'Io
business interests of every section OF the Uhcu
from the regulation Of Congress and placed II uuer
the control Of the Legislatures of the severai
The States established insurance departments ana III
the majority Of cases placed an om0ili
In charge OF the department thus es''oDSN
Tho Legislatures have enacted insurance laws III
dependently OF each other. and In many ln''a
these laws have been prompted on the one manu- Ny
insurance DESTROYS Of obtaining speclai Au'
tage for their companies and the other by as
affected citizens DESTROYS of "gettng EVEN with the
Insurance companies for real or fancied injury
The result has been that the Insurance laws OF INC
United States, taken as a whole, are consoi'' "
cqdities that affect injuriousy both the insurance
companies and the general public. Companies o''s
an agency business are compelled to furnish statements
xlg.f. Il l,ofr
to each state in which they desire to transact business
Even the forms upon which they make these reports 10
the several States vary involving useless labor anu
expense in their preparation, and expense usually ca
cessive and unjust, in their filing with the se'oiA
state Departments The requirements as 10 INC III
vestment of the assets OF the company vary SO ma
teriauy that solvent company of one state VIII not
be admitted to do business adjoining stato' hor
does comfy of states that ought TO knit our con-
monwealths into perfect Nation avail IN matters matters
pertaining 10 Insurance. In truth there is no sno-
feet in which the principle OF States rights ~ Ills
gracefully conspicuous as In that Of insurance. . T.,
The Insurance business, under existing laws is IN
the same condition that our currency was IN All, as
to issue currency The majority oId q m,
sponsiblc but there large number o., Gd
Irresponsible ones that are doing business TO Inc
prejudice OF the responsible ones and OF the puohc
The very security which the laws OF some states aioId
G1snesS I'm such states throws the public of its guard
as 10 companies doing business Illegally in the same
States II National supervision prevailed this would
not -.
The insurance decisions OF the various state courts
ere as unsatisfactory the insurance laws. ana IL IS
NOT much trouble n get array OF decisions on
either side of almost any question involved IN the
settlement OF an insurance contract. IL We , nan
National form Of policy. adiudlcated by the uhl'ed
States Courts the possibility OF controversy wouI De
reduced 10 the minimum. The fact that the suprens
Court has decided insurance be not commerce and
that the States have established insurance Departments
involving considerable political patronage Will max.
The change difficult, however desirable IL may De II
is believed by some who have given the subject care
IN consideration that Congress would have N;
authority 10 declare Insurance 10 DO commerce ana
that the United states supreme COurt would rSpect
Inc declaration. Opposition TO National supervision
will not come from responsible insurance companies,
nor from the business community whose solvency
rests so largely upon the trustworthness Of insurance
companies. JOHN /. CONlN'IDN'
New. York Oct 90 1880