New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-13
INSURANCE CODE PASSES THE SENATE

AND LIVELY DEBATE.

IMPORTANT AMENDMENTS MADE TO IT-A LON"
AND LIVELY DEBATE.
Albany. April IL (SpeciaD.-The insurance cone to
Gently passed BY the Assembly was passed Dy inc
Senate to-day after long debate amendments VI
inheritance were made to It, however, by the Senate
and therefore has again TO run the gauntlet Oh le
Assembly. The amendments made in the senate III
proye the measure in some slight respects. but INC
code still l. burdened BY authority being gwen 10 inc
endowment assessment companies TO 40 Dusiheos !"
this state. Thousands OF poor people TO cer''"l''
will be swndlcd by the endowment companies IL the
code should become law.
When the debate on the code began. Senator saxon
offered an amendment providing that hre' har'ne
and casualty companies shall deposit with the eupcr'n
fendent OF the Insurance Department $5Oooo for eac
limo ~ insurance business they may select ihis
amendment was introduced in the interest oi INC
Fidelity and Casualty Insurance company vi 'e"
York whose business of insuring piatcgmSs was SUIT
ousy threatened by the bill in the shape in wmch IL
came from the Assembly. TT.
Senator Roesch objected that the amendment nieh'
give monopoly In certain hhcs vi p"S"o7' " Wv
company concerned. T..
senator sa1ton thought that. on the contrary 1t
would give an equal chance to all insurance co'-
panics to do this kind of business.
Senator Asplnnl opposed any amendment OF h'e
BILL In his opinion II was In good shape rs IL S'oou
Senator O'Connor decidedly OF the opinion 'ha'
fhp Fidelity and Casualty tOHpdH! was "PP'N'
the bill in its Assembly FORM and he hoped that sen
ator saxtons amendment would be adopted. Ire
amendment was adopted by n vote OF IL to :.
Senator Cantor then offered an amendment 10 ue
measure prohibiting endowment assessment companies
from doing insurance business Of certain character III
this state The amendment restored the bill 70 ue
shane in which It favored bt the Superintendent oil
the Insurance Department and by other members Vi
the statutory Revision Commission
This amendment was aSsalled by Senator O'C0nnor
a. one which would extingsh such endowment assess
ment companies "The Iron Hail. 10 WHO" he
thought no objection could be raised
senator McCIelland the chairman Of the Insurance
Committee said that the original draft OF the Dill d
made the work done by the companies Illegal because
superintendent Pierce. Of tho Insurance Department.
had asserted that the business was dangerous one
lie believed personally, that many OF TIE chdo"
ment companies were good ones; but the Cd
iect OF superintendent Picrce's amendments was
10 put an end TO the "short term endowment as
sment companies like those Of Massachusetts, wch
had rendered such companies odious owing TO their
robbery OF the people.
Senator Cantor then offered n substitute Tor ms
amendment authorizing endowment assessment com
nanes 70 do business in this State, but sublectne
them TO the inspection and supervision OF the supen
tcndcnt of the Insurance Department lie said ne
could rot see why concern doing business similar
to that done by corporation should not come undcf
tho state supervision. Under his new amendment the
names and residences OF all members OF the endow
ment companies would be reported TO the supcEin.
tendcnt Of the Insurance Department, and the super
inendcnt would decide 10 the right OF such com
panies 10 do business The people had been sysemat-
cally robbed by these companies and this amendment
would put q stop to the robbery.
Senator Erwin expressed the opinion that the endow
ment companies are all right lie had never heard
Of a company failing Iron Hail. had been doing
Srr and tbara
plant about IL.
There 10000 persons belonging 20 the assess
ment endowment companies. Senator O'ConnOr said
and they all desired the bill passed without amend
ment.
senator Cantor's amendment was then rejected
by vote OF II to 10. But the Senate then adopted
an amendment to the code suggested by senator
OConnor. making II Illegal TO incorporate an Assess
ment endowment company for shorter t'rm than
five years. This was Intended 20 Kill OH and prohibit
the SIS short term COMPANIES which have been 10
Objectionable In the state Of Massachusetts.
The bill was then passed by vote Of II To l. The
negative vote being given 10y Senator BloodgoCd.