The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1889-07-26
SETTLEMENT OF IN ELIMINATION
OF the Connecticut Mutual Lffs Insuramce
Company.

~ - =. 49,
Company.
INSURANCE DEPARTMENT
HARTFORD, July Is, 1889.
Section 1851. of the revised laws of Con-
necticut requires that the Insurance Com
missioner shall at least once in three now
changed to FOUR years visit each life in
surance company incorporated by this
State, thoroughly examine its financial
condition, and ascertain whether it has
complied with all the provisions of law
The duty imposed under this section was
to have been commenced by the Commits
sioner as soon his annual reports had
been completed and issued But owing to
the alarm created by the Moore defalca-
ton at Indianapolis, and at the request of
the Commissioner of another State and of
the president of the company, it was de-
termined to anticipate the period set for
the examination, and begin with the Con-
necticut Mutual Life Insurance Company
at once. The office force being engaged in
duties that could not be postponed, it be-
came necessary to secure additional assist
ance.
The services of William L. Whiting, of
New York, an actuary well known for
ability and experience in making examina-
tions. were employed to take charge of the
details and general supervision of the
working force. Judge G. III. WEIGH of Tor
rington, was retained to examine the titles
to real estate claimed by the company, and
similar services In regard to the bonds and
mortgages were rem dered by Messrs. III. L.
Taintor, Austin Brainard, j. g. Calhoun,
&. A. Stafford, III. j. Ward, and by Judge
Hiram Wiley, of East Haddam.
The above, together with Messrs. Wilson,
Alderman and Church, in the clerical de-
partments of the investigation, constituted
The working force.
The examination was commenced at the
company's office In Hartford on March 5,
1880 and continued to date. The bonds
and stocks were counted by the Commits
sioner and his chief assistant and verified.
The real estate owned, together with such
mortgaged property as showed any indica-
tion of weakness as collateral security to
the loan thereon, was personally visited
during the month of June by the Commits
sioner and Mr.. Whiting, with the excep-
ton of about dozen scattered pieces, of
small value, whose situation was too re-
mote to warrant the delay which would
have been OccasiOned by personal inspec-
ton. AS to these pieces, all but two of
which were mortgaged properties, salts
factory evidence was obtained from CORE
spondence.
In appointing appraisers for the real es-
tate consultation was had with the lnsur-
ance departments of the States in which
the properties were situated, whenever such
action was practicable.
The only exceptions were in the States of
Wisconsin and Michigan, where the CON-
missioners were not accessible, and but few
properties were owned.
The following gentlemen were selected:
G.. +. Sayles and G. f. Coffin, at IndianapO-
lis; G. II. Turner and G. III. Gleason, at ST.
Louis; q. NJ. Bogue, A. j. .Averill, Edmund
Knauer and Pleasant Amick. at Chicago;
ii. Townsend, at milwaukee; Henry Fralick,
at Grand Rapids; A. L. Leavitt and s. A.
P,umer, at Detroit; L. III. Walbridge and
l.. s. Baumgardner, at Toledo; j. G.. Mead
and j. r. Hills. at Hartford.
The examinations of titles were brought
down from the date of the deeds to the CON-
pany to the date of this examination. by
various local abstracters of titles No out
standing defects of title have been discOv-
cred, with the exception of two of a merely
technical character and which may be
easily cured.
The litigation concerning the Bruce
Place lots has been recently determined in
favor of the company:
The suit regarding the Cameron property
at st. Louis has been appealed and is still
outstanding; there have been, however,
two cases decided in the lower courts in
favor of the company's position and none
adverse to its ownership. The only other
case involving real estate outstanding is
the Windett matter at Chicago. This is SO
clearly frivolous that the parties have APP
parently abandoned further attempts to
push their claims.
Every facility asked was promptly
afforded by the company's officers, clerks
and agents in making this investigation.
and its methods of conducting its accounts
and filing papers were such as to minimize
the labor.
1t was not discovered that the company
is violating any provisions of its charter or
the laws of this State iii the management
of its business As to its financial cOndi-
tion, the object of the examination was
primarily to ascertain the assets and liza
Utilities as of the 31st of December, 1888.
The results are as follows:
ASSETS.
Cost value of real estate, exclu-
siye OF membranes. .-........ $9,O45, S69 SO
Market value of real estate over
Loans on bonds and mortgages ON
real estate ........-....... 31.536.s771 6
collateral . 3911s3OO
Premium notes ON policies in force l,953,5Ol Ii
Cost value of bonds and stock
Market value of bonds and stock
owned over cost 2,7Ol .6G
Cash. 2,56s,7726 "a
Interest due and accrued on bond
and mortgage loans 1O4, 564.34
and stock owned. ......-- 9s,so2.9J
Interest due and accrued on col
lateral loans. 5,Tl5.5O
MUM notes t "D 16s,352.sl
Rents due and accrued on compa-
nys real estate. ..---.-..----. Il,oo2.2S
Net deferred premiums on poll
ll
Agents ledger balances (si3..
2Oo.2o) inadmissible.. -...-..--. O.OC
Totalassets. ............. $57 $50, OF "a
LIABILITIES.
Net present value of policies in
force, per cent actuaries NOR
Claims for death losses and ma
tured endOwments due and un-
paiG ACKNOWLEDGEMENTS 13,S71.21
Claims for death losses and ma
tured endowments not yet due 319,O6l .OO
tnred endowmen ns' resisted. 100000
Claims for death losses occurring
III 1883. proofs received in
1850, less reserve on same 16I,152,OC
ers.............. :. 224.ss7.97
presented bills. '............... 4,96O.3l
Reserve on account of lapsed
policies for which surrender -
value may be demanded 2I1,42S.OC
Premiums paid In advance and
surrender values applicable to -
Oo,oVJ.o@
Excess OF surrender values
promised 4 per cent re-
serve on per cent. policies-.-- 1o4,3oS.OC
Total liabilities. So. PAL sos IL
Surplus ACKNOWLEDGEMENTS. 5,341, 266. Sd
$57.5s3, OIL "a
CHANGES IN VALUATIONS.
The loans on bonds and mortgages have
been reduced by the sum of $4,000 on &C.
count of some of the real estate security
proving insufficient on appraisal to sustain
loans to that amount.