The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-07-16
VIEWED FROM ALL SIDES.
VARYING OPINIONS CONCERNING
INSURANCE LEGISLATION

What Insurance and Business Men Saw
About the Measures Now Before the
Lsgislsture-The Whitfield Bill and
It's FfTects-The Work OF the South
eastern Tariff Assoc!stion-The Pro
posed Insurance Commission.
The insurance legislation which is now
being discussed by the general assembly is a
very interesting topic now with the insur-
snce men and business men generally.
Savanuah's insurance business is i'm
mense, probably larger than that Of any
other city In the state, and almost ell
branches of business are interested in the
outcome of the proposed legislation in one
connection or another.
A MORNING News reporter who stirred
around among the insurance and business
men yesterday, found a wide variance Of
opinion among them as to the effects Of the
legislation proposed. The insurance men
were not at all united in their views except
on one point. They are all opposed to the
Whitfield bill, which is designed to break
up the Southeastern Tariff association.
They hold that the association is one of
the best organizations of its kind, both for
the insurer and the insured. in existence. It
prevents cutting Of rates, and equallzes
rates, Classics risks ard protects the in g.
sured from irresponsible companies.
THE TARIFF ASSOCIATIONS WORK.
The insurance men agree in saving that
the best work of the tariff association has
been its improvement of fire risks. 1t takes
pains TO point out TO the insured how the
risks upon his property may
be decreased, and couse-
quently smaller rate obtained. It gives
instructions as to the proper manner of
erecting buildings to reduce the fire risks to
the minimum. For instance, il directs how
a cotton warehouse should be built aud with
what precautions and preventives it should
be supplied to reduce the danger of fire to
the smallest possible degree. Do away with
the ass citation and the companies would be-
gin to cut rates and take risks which they
are not allowed TO take undsr the present
agreements with the association, in their
anxiety to secure business. The
result would be a Generalization of the
business, the effect of which would be the
immediate injury of the companies and the
ultimate injury Of the insuring public.
OPPOSED TO A REDUCTION.
Some Of the insurance men are opposed
to the reduction of the S25, 900 deposit re-
quired by the constitution of ali outside
companies doing business in the state
and some are in favor of It..
Some say the requirement keeps out
many good companies and works a hard
ship on those that do comply with it, while
others point TO the undoubted fact that il
has kept out the wildcat companies and is
q constant preventive to the entry Of the
numerous small mutual companies that are
sprlnging up all over the country and which
a single largo loss would Entirely wips out
of existe1c.
Most of the agents would be satisfied to
get along without any help from the legis-
lature in the shape Of insurance legislation.
AN AGENTS VIEW OF IT.
MANY people seem to have the idea that
the insurance companies are making
immense fortunes out Of the business" said
one insurance man. ANY insurance man
can tell you that this Is not the case. There
are fifty insurance companies doing BUSH
ness in Georgia, and nine out of ten Of them
have lost money on their business in the
state for the last ten years.
by going over the records. A few
companies have made money IN Georgia,
but most Of then have lost. or course The
losing companies are not doing business
here for the fun of it, and expect to make
their money back in time. 1t is fact, new
ertheless, that most Of the companies have
lost money!
The same statement was made by every
insurance agent visited.
THE INSURANCE COMMISSION.
Most of the agents are looking rather
askence ct the Insurance commission pro.
posed as substitute for the Whitfield bill.
They had rather not have any commission
regulating their business. One Of the
| shrewdest and most successful men In the
business, however, said that he thought the
idea one of the best that had ever been sur-
gested in connection with the business, aud
hoped that it would be carried iuto effect
IF sucp commission were appointed, ~
he said, 1T would be of men we'll acquainted
with the insurance business, and SO tire in
surance men would have no reason to fenr.
Controller Wright. who is proposed
as chairman Of such commits
| sson, is we'll acquaipssd with
the insurance business from long experience
| as controller, and would make q safe head
for it. The commission would be a splendid
medium between the people and
the companies and would be able TO
carry into effect the best ideas Of the
Insurance mon for the improvement of the
business and the lessening Of risks. Such a
| commission would be splendid thing, in
my judgment"
Other well known insurance men agree
with him. Georgia would be the first state
to have an Insurance commission.
BUSINESS MEMS VIEWS.
Many business men would be glad to seq
the Southeastern Tariff Association broken
up and the $3.50 deposit clause done away
with, IN the nope Of securing cheaper rates
by bringing in more companies Others
prefer the present conditions. being satisfied
that their interests are protected by the
ont Of h.
and the regulation Of rates.
on can state it as fact" said lead
ing Insurance man, that during the thir-
teen years the s25 900 deposit clause has
been in force there has not been a dollar
lost IN Georgia by the insolvency of any in
slrance company authorized to do business
under the laws of this state"
THE WEISBEIN SUIT ENDED.