New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-13
RELATING LIFE PREMIUMS
A MOVEMENT AMONG INSURANCE CON-
PANIEs TO STOP 1T.

HOTEL EX-GOVERNOR RUSSELL. OF
MASSACHUSETTS. NAMED AS REF
FREE TO DECIDE on ALL
CHARGES OF RELATING.
meeting OF the executive Officers OF d" une '' e
life insurance companies was held at the fH'h ave-
nue Hotel yesterday morning TO discuss various
matters Of grave interest to life insurance coH-
NAMES. The meeting was called by Commissioher
Merrill of Massachusetts,. and the main SUBJECT
under discussion was method Of putting stop
10 the general practice of rebating life insurance
premiums The meeting was private. ana "heh M
Merrill called the meeting 10 order. upon resoiu-
ton the reporters were requested TO iea'e '"o
. -
Among those present at the meeting were NJ u
Bulkey president OF the Aetna Life Insurance COM
pany OF Hartford; ID. l.. Allen OF the berKshie
Life Insurance Company. Of Pttsheld. Mass ~ w.
Russell, president OF the Connecticut Gehefai i.iie
Insurance Company OF Hartford. Conn; James W.
Alexander. vice-president of the Equi'ap'e As
surance Company; George f. 1de. president OF the
Home Life Insurance Society; w >, smith, actud'S
of the John Hancock Mutual Life insurance |o".
pany OF Boston: J. l.. Halstead, vice-presldenl Vi
the Manhattan Life Insurance Society; IL. NJ fh-
lips secretary of the Massachusetts Mutual Lie
Insurance Company, OF Springfield, Mass; John X.
Hegeman president of the Metropolitan Lie; D. Is.
Person vice-president of the Mutual BeheH'' Oh
Newark W. II. Gillette. general manager OF inc
j.
of the National Life of Vermont; G.. W. PERKINS,
yice-pres.dent of the New-York Life; II. F. West,
vice-president OF the Penn Mutual of Philadelphia
j. y. Holcomb vice president OF the Phoenix Mutual
OF Hartford. Conn; Joseph Ashbrook. Provident
Life and Trust Company, of Philadelphia; D. +.
Dryden president of the Prudential Life OF Newark;
f. F. Marshall secretary OF the Union Central OF
Cincinnati; J. II. Drummond. Union Mutual or
Portland Me; George II. Berford president or the
United States Life E. s. French vice-president OF
the Washington Life.
AN AGREEMENT PROPOSED.
The news given out after the meeting was that
resolution had been offered and many signatures 3D.
tanned. The resolution was offered by Commissioner
Merrill who made a speech. urging the necessity Of
action.
The resolution recited that the rebate OF insur-
ance premiums had become an admitted evil OF such
magnitude that the Legislatures Of twenty-one
States have enacted laws forbdding rebates and
providing penalties for violations OF such laws and
that although the courts have confirmed the va
IdIiy of the laws they had generally been dead
letter
Life insurance companies have placed themselves
on record the resolution says, as believing that 'he
discontlnuance of rebatng would be for the best
interests of the insured, the agent, and the COM
panies.
The practice OF rebatlng can be successfully sup
pressed only by the active organized cooperation
OF all life insurance companies. 1t is SAID.
Therefore II was resolved that each OF the COM
panies whose names should be affixed 10 the resou-
ton agrees that 1t will not Itself pay any rebate
OF premium that. for the purpose or CARRYING OUT
This agreement a referee who has no oifclal CON
rection with any life insurance company, shall De
appointed VINO shall examine into and decide AL
charges Of rebatng by agents or others, ana whose
decisions shall be nal and that on me ueus.o,i 81
the referee that any person has maze any itpdte
such person shall Immediately be dismissed from
the service of the company, and snail not lot "a
period OF two years thereafter. be again employed
by any company party 10 the agreement i"e
resolution further rec!tes: .,
THAT said referee. upon having his attention
laws of any one OF the States against rebating by
any life insurance company or any agent OF an!
life Insurance company. shall take steps, II ne
deem it expedient. to have such case prosecuted
employ counsel in such State 10 assist In such
prosecution. the fees and expenses or such eouHseI
10 be paid out Of the fund hereinafter provided Tor
THAT fund OF $4,000 shall be placed IN inc
hands Of said referee which fund shall be contrlo
uted and continuously maintained by assessments
on the several companies parties hereto, IN pro-
portion TO the amount Of insurance written IN the
The agreement shall go into effect on Novem-
Der !.
WILLIAM f. RUSSELL CHOSEN.
The meeting adjourned about o'clock, and then
II was learned that all companies represented eX-
oept three, had signed the agreement. The Travel
lers and Connecticut Mutual refused to do any
thing with the proposed plan. While the Aetna
Company asked time in which 10 give the matter
consideration. Commissioner Merrill named eX-
Governor Russell of Massachusetts, as the referee
called for In the agreement Commissioner merrill
said that he highly pleased with the success Of
fha m