Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1893-08-10
The State insurance comm issioners have
st issued their annual report as follows:

To his erceHencH the gorernor Of the
state of Vermont.
The undersigned, the secretary of State
and Stats treasurer, acting as insurance
commissioners, have the honor, in compIi-
ance with tho requirements of law, to pre-
sent report herewith in detail showing
the condition OF the several insurance COIN
panicS organized under tho laws of this State,
and those of other States and countries au-
thorzsd 10 do business in Vermont, for the
year ending December 81, 1892
The number of Vermont companies or
guniasd and doing business during this
period is five, two life, the National of
Montpelier and the Vermont of Burlington,
and three fire, tire Vermont Mutual and
Union Mutual of Montpelier and the New
England OF Rutland oil of which the
commissioners have visited and ezamined
as provided by law. The Atlas Guarantee
company, chartered by the State in 1889,
continues its organization and is doing
small business in other States but none in
Vermont. 1t is, however, taking steps to
increase its capital stock, which may now
be fully contaminated, and to extend its
business, for which there seems to be
growing field. In February of 1898 the
Rutland Insurance company of Rutland
organized under charter granted in
1864. Its certificate of organ ization, which
appears el1ewnere, was filed with the Secre-
tary of State and the company has begun
the transaction of business but no report
he's yet been submitted to the commission
ers and an examination has not yet been
made of its transactions and condition.
A charter was granted to the North East
ern Mutual Fire Insurance company OF
Fnrhaven at the last session Of the Legisla
ture, but the Commissioners have not been
notified OF its organization.
By an Act of the General Assembly OF
1892 the charter of tho Vermont Life In
surauce company was amended to re-
duce its board of directors from "a to .,
and also providing that a majority of the
hoard OF directors shall be stockholders of
tue company. A further provision is in
cluded, permitting the increase of the com
pany's capital stock to i've hundred thou
sand dollars at the pleasure of the corpora
ton, aud for the division Of profits, if any,
among the stock and policy holders after
expenses. losses and dividends, otherwis
provided for in the charter, are ascertained
for each year and paid, and adequate pro-
Vision made for outstanding policies.
Number POI of the acts of 1892, changes
the time for the election of di
rectors Of the National Life Insurance
Company of Montpelier, from the first
Monday to the first TUESDAY OF January In
each year; and number 205 SO extends nun
Der 1873 OF the acts OF 1885, to permit the
Vermont Mutual Fire Insurance company
to insure upon the stock plan to an amount
not exceeding % per cent of the whole
amount insured by the company.
In view OF the consideration of the mat
ter of standard form of fire insurance
policy by the last General Assembly, and
the develo pment of an evident sentiment
favorable to the adoption of State form,
which should insure uniformity of CON
tract and protect justly the rights of both
insurer and insured, the comms soners in
q circular issued December !, 1892, to the
companies of other States and countries au e
taorized to do business in Vermont, recon-
mended the substitution OF the Now York
standard form of policy for others previous
ly used, believing that it combined more de-
sirab bic features and had received a more
general approval than any other form.
In the same circular attention was called
to the requirements of our statutes in re.
spect to the prosecution of the business OF
insurance by licensed resident agents only,
and to tho passage of the following act
touching the violation of law in this and
other respects viz:
GAN ACT RELATING TO LICENSES OF FOR
EIGN INSURANCE COMPANIES"
IL Is leEeDy enacted DY tEe General AS
sembly Of the State of Vermont:
Section /. The insurance commissioner.
shall have power to revoke the license oil
any foreign insurance company authorized
to do business in this State that shal
violate any CT the laws Of this State re
latng to insurance companies.
Sec. 2. This act shall take effect from it
passage.
Approved November IS, 1892
The business of our own life insuranc,
companies shows handsome and crafty
ing progress during the last year, as will b,
seen from the following figures, viz:
The National Life reports
Increased premium receipts OFFS 30 500 J
Increased receipts for interest and
increased net edl assets. ....... aio,,3a5s3 :
Increased gross ledger asscts...... l. l31,l /
Increased surplus ............. ai.342 Il
Total surplus (at per cent 49,. lOJ9OI4 =
Total amount OF Insurance written
IN ls"!..,,..... .............. l5,411,l.2 q
The statement and co dition of tho Vernon
Life show TIE following evidence of prosperity
New insurance issued i'll ls92., 5 Sll,jlO 4
Increase over 1891 of..............., G,G.2t! 0
Increase in invested assets of,.... 3tl12 3
Increased income from premiums, and a. )
from interest and reuts is reported
Increase in amount of SUI plus....... oj62. ;
decrease in expenditure Of.......... % 356. :
Total OF amount of surplus at per
cent, Observation-Disclosures. 9l,l0T.f
The experience of the Vermont fire colnpi
Mes also SHOWS generally an lllurOVCmeI
over hat of the previous year, and consider
able reduction in the total amount Of Loose
Incurred:
The Vermont Mutual oi Montpelier
collected assessments amounting
" ''''''.'.'.'.'~ IDD,oIO.f
And incurred losses aREregating 90. lJl, U63 i
.he losses paid during the previous
year werc................. ......... l39,987.t
Five thousand seven hundred and forty
eight policies wore issued from Al
gust l, 1891 to August J., 1892, in
,uring property to the amount OF ST. PA
RIG. The amount of assessment for til
yenr to cover losses and expenses was 4
per cent, which provided for all indie btec
ness of tho year and left balance In tn
treasury. Commenting on the business
the year and the condition of the company
the directors in their report to the policy
holders remark; This favorable conditio
we believe to he largely due to a more car,
ful re vision and saacLlna III risl-, L