New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-18
LIFE INSURANCE REGULATION.
A STRINGENT MEASURE INTRODUCED IN THE AS
SEMBIY


SEMBIY.
Albany. Feb. II (SpeciaD-Therc was presented to
the Assembly today By Mr.. Webster the most an
portant bill affecting the insurance companies 'haC
has been introduced in that House this year MI
Webster stated that II drawn 20 prevent SUCH
cases OF acknowledgement az that Oh the pre'ue"' VI
the New YorSJAfe Insurance Company. 1t Is thougl'
by some insurance men who have read Mr.. Webster
bill that II is entirely too radical ana might c"u'c
more harm than good. It's provisions are as follows
The bill make IL nisdemcanor Tor polcy-houVr 20
accept rebate contract for insurance ana po'uoS
that the Superintendent Of Insurance shall cause the Az
torney General prosecute any agent or pocyhoder VINO
mo. heon complained Of ~ giving taking relates NO
I,,l>on shall ,ubagcnt for the procure
mont application, for policies unless h'efo1 Dy '
state Insurance Department and the Zee Tor suoh u''
shall be- s25 p2 now but nothing herein contained s'
relate 10 agents operating solely upon the wcky pan '
Insurance annual election held by each ne III.
,nrnce company twcnty-onc supcrvor' th"ll tc 'I''
rs the pollcy-hoders, each Of whom ehali hou ih'"
in such company amount not c,, thin FiOo"' ana
aid hoard shall have powcr TO examine books and coid9
Of the company any time. with power 10 can H''1T
Of th policy holder, for Tie purpose Of LAYING before u
the facts regarding mnnacenent Il Tn" company 'u
rccor mend such action a. the stability ana
proper management Of the company and protect the s'
Of the policy hod.rs No member Of the Boiu OF super
visors shn eligible Office under 'ne company
and no Of the company shall be ELIGIBLE % ,N Oh
the Hoari OF sup visor. All proxies u'l III t' 'l'-
ton 81 thc Board u Managers life Insurance company
shall De- voted the direction u the b"rn OF SUPER
sos and All proxies hall expire At the end OF tho year
The tou.r, ~ he Eolrd of supervisors Shall receive
compensation not exceeding - day for elch day OF actua'
service.
All lie insurance com1anc, and societies shall anhuay
Law aside % per u each vars surplus l" DE- h'u
puar,nte., fund . provide unusual Increase OF
mortality and shall divide the remaining - per cent oi Ne
rrlu. ia any ycnr NE policy holders VINO MaF 'N'
their share in ca-h or apply in part payment OF premiums
or for new Insurance. All companies o. societies carry
inc on bnsine.s on t Joint stock plan hall hold h annual
Meeting and an election th' first TUESDAY IN juno AZ
which meeting a board % not less ui1n NV ~
nurl,r shall b. chosen. on"haf bY the p"ll'Yh"u'I'
who alc not sto 6hodcr,. and ,nohaf by The r"cNou -
Tho member. Of such mu,thod 10000 Insurance j"
the coulary except tho.i members elected hY s'cNo'
No member %, tho board " Mana cement shall act - agent
or hold ANY other Once la company All ne 'h'"'p"
,otnpanc. sc'les or as.ocatons issuing table Of pro
Inum calling the payment Of bi.monthy. Gmf'iN'
en annual pr hum- shall b" den'd lii' h-'t'
nca cornranlcs Of Department and shall deposit
via, the state Insurance Department. within ninety "i''
from the passage Of tAn required ~ drlo'i'
y %. Law ia force from all Insurance companies. -oc''
or associations ~ tn First Department. and shall IT, sud-
.ct 10 al the law fore touchnr such cohiAl'
violation - a., T. mad" nld'n"lnoi. subject I"
fine q no. le thau so than 40 OF mpFi'on'
neut no, exceeding sixty dayh. or both The ''t Is I"
tax effect 10 sixty day, arer - passage.