San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1894-06-25
"THE OLD LINE
Would. Be Life Insurance Monopoly
Rebuked by the Insurance Com
missioner of Texas, the Hon.
John Z. Hollinpsworth
John E. Hollingsworth.


. The legal status of THE FIDELITY MU
TUAL LIFE ASSOCIATION, OF Phila
delphia, (of which the distinguish,
Actuary, Mr.. Il. g. Fouse is President
and its plans of Life Insurance, known a
the "Fouse System" reviewed, and tn,
Associations position sustained in al
able opinion.
In pursuance of a notice sent out by the
Hon, John +. Hollingsworth, Insurance.
| Commissioner, TO which extensive public.
lily was given, meeting of life under
| writers was held in the Senate Chamber
| In the city OF Austin, May 18th, 1894, tC
| discuss two questions, submitted to the
Insurance Commissioner by representa-
tives of the ''old line" system of insur-
| ance The first question was, HAS the
| FIDELITY MI IUAL LIFE ASSOCIA-
TION, of Philadelphia, the right to issue
Probable Life Reversion and Limited
Payment policies in the State of Texas?"
This, after carefully reviewing the law
of, not only the State of Texas, but of
the home State of the Fidelity Mutual
Life Association, the Commissioner an
swered emphatically in the affirmative.
The second question was, whether
the premiums charged by the Fidelity
Mutual Life association were sufficient to
enable it to discharge its obligations to
members" To this question, the COM
missioner, after examining the insurance
experience OF the past, gave an emphatic
affirmative answer.
The opinion of the Commissioner covers
twenty eight pages of closely type writ
ten matter; Is bold. fearless and a most
valuable contribution to Life Insurance
Literature. ItreferS to other companies
as well as the Fidelity Mutual Life asso-
citation, and rebukes the representatives
of the ''old line" system of life insurance
for their InwarranIed interference with
plan OF life insurance, by, for and in the
interests of the people. One of the "old
line" accusers tried to make it appear
that companies, qualifying under what is
known as the Assessment Life Insurance
Law, were circumscrbed and limited in
their plans of operation to one kind of
policy, and should not be permitted to
issue any other kind of policy
Another accuser claimed that the new
line, or assessment companies, were in
vading the domain of the 'old line' in |
everything except name. These accuSa-
lions led the commissioner to review the |
''old line" system at length. He gives
facts and tells them that the wrecks by |
the waySide are tombstOneS that Indicate
where the precious reserve lies buried |
The accumulated millions stored in a few
vaults represent an unwise and unneces-
sary drainage upon the country, and |
stand as constant menace of impending |
evil. The legal reserve is re-
sponsible for the popularity OF pure pro.
lection insurance, which is said lis cheap !
and meets the wants of the masses. This |
is free America, and with the proper legal |
safe guards. let the law of the survival of |
the iittest prevail"
The opinion of Com missioner Holdings
worth being of such valuable import to |
the insuring public, has been printed in |
form, with marginal notes for |
reference, by the Fidelity |
Mutual Life association, of Philadelphia, |
and will be furnished free upon apOlica
ton TO A. j. BROWN, Manager of
The Fidelity Mutual Life Association, |
For the State of Texas.
5l2 Trust Building Dallas, Texas. |