New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-06-29

Boston, June D. 1894.
Hon John a. Mccall President New-York Life Insurance
Company.
Dear sir: have carefully considered your request OF
Como DAYS since 10 Join with Insurance Departments
OF several other States examination Of your 'o'-
pany
The experience u this Department has abundanty EVIL
denced the wisdom ~ provision Of the Massachusettes
statute requiring examination a. least once IN 'hree
years Of al Insurance companies within this Common
wealth. l am entirely free IN tho expression Oh my
opinion that examination should be mace u every "
sirance company at least triennally
But while holding the fullest 20 the right unoer the
laws and for the public good OF this Department 70 MAKE
at any time an examination into the condition oil any
Insurance company legally admitted 70 transact
in this Commonwealth. the Commissioner u MasSachu-
se,ts has desired always - avoid examination OF any S
c,nponv having .ts home within State possessing an
efficient Insurance Department. unless in the case u
sor. unusual emergency the interests Il the icy
holders within this Comm lnweah might seem 70 oe"
such an examination by this Department
We have carefully held 70 this course not only as
matter of comfy between but in fair consder-
ton u IN. companies Themselves that they m's' "
levci u the large burden Of expense when "oui DC
an,aied upn them every department % insist upon
is right of an examination preliminary - admission or
o., r.odcl examinations. and have therefore accepted
a. custom the results examination Of company
~ another state made by It's home department
Therefore upon receipt Of your letter wrote super'n-
,endert Pierce II the New York Department ASKING
,,h.,her the proposed examination by Commissioners ol
other states your own request would meet "e
approval u the NewYork Department AS a reply, Avn
In receipt u opinion rendered by the ATTORNEY
-, x. York 70 the effect that such examination woud
no - no binding effect and legal force within that
stat. or with the Insurance department thereof
So self.yident truth hardly needed the p''h'usa'o"
= an official opinion from the Attofnry-"'he"' al E'
STATE, tut the law officer further. and although IN
ouite guarded language pretty strongly in'"''"s "''
-. commissioners u other states have ~ authority ID
e,nrnn as witnesses the officers - your 'oihp"'S anu
eNarline them under oath and that the i'S''" - 80
,,n examination NJ suggested by you through these
r.,,ls would be only the voluntary AMI unVer"i STATE
-, , -, ..rdiviIuals signing their names thereto OF
.pf. or no value 10 a protection 10 polcy-h'N''s anu
entitled 10 only the credit usually reposel IN me innings
%, n reputable body 4 citizens In any voluntary anu
extra judicial proceeding 10,
A,,ost nj, latter assumption AMI IT'S conclusion i''
,,it most vigorously - protest. II Is an npu'at'h
M, u,on m. legally authorized Commissioners OF o''
states an attempt dscredit their findings uh''' 'P
and rghnl proceedings fully authorized by the laws u
tho states into which these companies at th"r """ '
, ,,.o ,.re and hy whose laws they have agreed 20
ah,,o and cannot with due regard for the dignity u
this Common ealth permit such an assumption OS e
Attorney General Of NewYok 70 pass unno,ced anu un-
challenged ..,..,.- o,,,,,
,..ntlv con-.r, e. your proposition In the sh' OF inc
opinion 70 which have referred ana VINO" ''S '.'"
transmitted with word u dissent by the ihSu'',
,,nt u New York and therefore apparently with us
irltt
yur request AMI this Department Will therefore JOIN
IN the examination as proposed. Respectfully yours
GRO > MERRILL. Insurance COMMISSIONER
since Commissioner Merrill gave out the above
letter for publication genera! Interest mas peeh
ar,,s.l In the situation by the announcement III
N-w-York morning paper that SupeFihtehn'h.
pierce has been cor some time engaged In a detailed
examination Of one OF the large New-forK COM
panies 80 A,,.,,
II IS generally known that Boston men are heaVy
lnsnrers and commcr ng on this to-day one OF the
largest patrons OF life insurance SAID; / am eA-
ce-Ilngly glad that Commissioner Merrill mas ue
clled TO accept President McCals inyltauoh ~ III
vestiqat. the New-YOrk Life. did not at'aSh
much Importance the apparent hostlt.y %
N.w-York Superintendent TO inN"Subdt- y! ou'rsi'r
1'ouulss!oners nor to the rather pS'uI4ai h.
from the Acknowledgement OF New oFA ga Du
80 ,n. tn.s. Things are Significant II II seeuLS
,'.s.1rv mar such institutions as great NE inSnr
INC companies should be investigated III ne "a" ~
.hot onr Of them should be under process OF ne
,,tlcl examination and nobody know any lhllS dDou
A. a. strikes me- II IS high time Tor OonlmlSa99''v
ir,m state where examinations are nov Sirrle. w,
a., The dark 10 take a hand. sincerely nope ia WA
i,,Nrc commissioner Merrill returns 70 MAsstC,llI,-
- he v.U succeed IN convincing me New ioI ~
State Suparintendent that Mass1cnusetts hoI on!
~ ,hs right to investigate, out thdt HeI Ob'"'O''
'r,. az value 70 the pOlicy-hodrrs