New-York tribune., 1891-05-15
MAY DO BUSINESS IN THIS STATE.
CONDITIONS IMPOSED UPON BALTIMORE COM
PANY BY SUPERINTENDENT PIERCE,
OF THE INSURANCE DEPARTMENT.

CONDITIONS IMPOSED UPON A BALTIMORE COM
PANY BY SUPERINTENDENT PIERCE,
OF THE INSURANCE DEPARTMENT.
Albany May ID Specal.-Superintenden Pierce,
Of the Insurance Department, late this afternoon
granted permission TO the American Casualty lnsur-
ance and Security Company of Baltimore, to trans
act business in this State under certain conditions,
one of them being that the company shall do only one
kind of business and the other that ii shall deposit
100000 with the Insurance Department of this
State as protection for It's policy holders. This de-
csion of Superintendent Pierce will be regarded with
general interest inasmueh his predecessor at the
head of the insurance Department, Robert A. Max
WE'LL declined to permit the company to do business in
this State upon the ground that its charter permitted
IL to do many things From that time the Balti-
more company, which numbers among its directors
Robert sewall. the former law partner of supern-
tendent Pierce, one OF Mr. MaxwelPs bitterest
enemies 1t is Thought that the Baltimore company
was highly influential in securing superintendent Max
Wells removal.
II should be stated justification of superintendent
Pierce however, that Attorney General Tabor has given
him an opinion stating that he has full authority to
admit the Baltimore company to this State if that
company Is limited to some one nne OF business
Moreover the Baltimore company is much dissatis-
fed with Superintendent Perces Limitation OF its bis
ness in this State. To-day William A. Poste, the
counsel OF the Baltimore company appealed TO super
latter declined to change his decision. Then Mr.
Poste said: We shall apply to the courts for writ
of certiorar to force the superintendent Of the In
a,rance Department Of this State to give us more
liberal authority to transact business in this State
The letter Of superintendent Pierce to Mr. Jackson,
the secretary Of the American Casualty Insurance ana
Security Company, Is in part as follows;
rho interests OF the people this Stlte would, 1
believe be subserved by the admission VI company Oh
the large capital and surplus possessed oy your company
and which purposes to engage In the Hus Oh business i
which YOU desire license and which are now soey car
ed on in this State by domestic company which was
formed while Of this State permitted the egah-
zation Of companies doing more than one OF tne seVe
kinds OF casualty insurance.
II has been urged upon me that the Legislative nVe
ar far as it has been expressed by appeal Of Chapter
cl5 Laws OF 1887, being Chapter 2o8 OF the Laws OF
1889 as by pending Insurance Code autn"Hes 1he
admission Of a company 10 do more than one Smu oi
hi sness and that existing statute foroiddins
,ha srner,nendent granting the full license asked by
vour company While this is true aud while my pre-
decessor in 1886 adnitted the Employers Laohty AS
iance Corporation (Lindted), Of England possessing
fully as yours transact all the branches
OF casualty business in this State, yet In view OF me
ston taken by him upon the application made to him
by your company, have determined to refuse TO iss
| license 70 your company TO do moro than one KING o'
m siness Notwithstanding that am fully convinced ha
a. ould not be detrimental OF the people
OF this state admit company to do all RE xmas OIL
business mentioned in your application.
certificate will, therefore. issue to your company
from this Department do Of the following kinds
OF business as soon as you inform me OF the particular
branch of business you will elect to engage In, 10 wit
first against injury, disahement or death Of persons
resulting travelling or general accidents by land o
water second guaranteeing the ndety Of persons holding
| places Of public private trust third, upon plate
glass against breakaee fourth, upon stem boilers and
other pipes engines and machinery connected heTewith
or opeated thereby against explosion and accident and
against loss or damage life property resulting there
from and TO inspections thereof and to issue GER
t6cates Of inspection such boilers, pipes engines and
machinery fifth against loss by burglar or theft, or both
The law OF the State OF Ncw-York provides that nS
company organized for the purpose Of transaeting th
kinds Of business above specified shall begin business
until It has deposited Superintendent OF th
Insurance Department the Of at least slOoOOo In
| vested in approved securities.