The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-08
INSURANCE NEWS AND NOTES.

superintendent Snider, of the Kansas
insurance department, has sent IN his res
lsnation, to take effect on the 18th instant.
The Florida Fire, a new joint stock fire
insurance company, with a capital OF $780,
coo, is announced at Tampa, and the Bad
ger incorporation at Milwaukee, Wis.
The Iroquois Mutual Fire Insurance Com.
pany is in process of organization in New
York city by Russell & Wood, managers
of the New York State Mutual Fire.
MIR. Pritchard. formerly assistant manager
of the Lancashire Fire, will be the manager
of the newly projected United States Mutual
Fire insurance Company of New York.
The new Peoples Life Insurance Com
pany has completed it's organization by
the election of the following officers: ROLAND
r. Conklin vice president; James w. Dur
brow, secretary; L. s. ~Rosengarten. treas
urer, and Henry B. Simons. controller.
John A. Hall has been chosen president
of the Massachusetts, Mutual Life, to fill the
place left vacant by the death of Col. Nj.
V. B. Edgerly. Mr.. Hall, who has been
secretary of the company since 1881. is sue
The new president is a native of Saratoga
Springs, where he was born in 1910.
The Massachusetts Supreme Court, at
Boston, has suspended the insolvency pro-
ceedings against the Commonwealth Mutual
Fire for Two months with the consent of
Insurance Commissioner Merrill and the At
torney-general, to give the company an OPP
portunity to collect sufficient assessments
to give substantial relief to those having
loss claims.
Judge Thayer has rendered a decision in
Common Pleas Court No. 4, of Philadelphia,
that service of process upon foreign insur-
ance companies must be made upon the per-
son designated for that purpose, or, if no
designation had been made, upon the State
1873. by which such companies were made
amenable to the State authority.
1t appears from the official statement OF
the State Treasurer of Florida of the re-
turns of fire insurance business done in
that State last year that Florida, from nav
ing been Sc th formerly eIcn the hes Most hesdrn nnp Pro moIf
profitable. The loss ratios in the past three
years has steadily improved, having been
f0.5 in 1892, 39.S in 1893, and 2S.6 last year.
From advance sheets of the annual report
of Insurance Commissioner Smith relating
to life insurance underwriting in Minneso-
were S5,07S policies in force of $S4.9 553,
against 1884, amounting to $S5, 735, 625 at the
f IaPger Of an ass the the fot nnm amou st iPe ollcil last 0 seaE
than the year before. The total amount of
premiums received by the companies in
that State during 1894 was 81, sos ga. 10, while
the payments were 1885,, $3.50.
A bill has been introduced in the New
York Assembly by Mr.. Goodsell which pro-
not be liable beyond the actual cash value
of the insured property. If, however, the
BUILDINGS fnIed sba,i are be p sntitled to oef his actual 1ne DAM mn
ages, not exceeding the sum insured. Inc
bill further provides that a fire Insurance
company may cancel 4 policy upon FIVE days
notice. but on cancellation of policy the
company shall return to the insured the
tinnaI premiurn for the expired time of the
full term.
Assemblyman Wieman, of Kings county,
New York, has INTRODUCED the 1ollowins blii
tendent of Insurance, or any person repre-
senting his department in this State, is
hereby forbidden and prohibited from ask
ing for or receiving on behalf of himself or
the insurance department any fees or
n Of antho iditt orpifo for affixings the officiai seal
thereunto, from any gentleman operating or
companies transacting Industrial or pruden-
- fhn -nnl1 ~ wy ont T1on
of insurance. Any violation of the provis-
ions of this act is hereby declared to be a.
ton hereunder shall be punished therefor
by a fine of not less than $lO0 nor moro than
500 for each and every offense. All exist
ing laws not consistent with TINS act are
hereby repealed
In an exhaustive article on the subject of
child insurance, legislation bearing on
Massachusetts legislature, the New York
World says: Evidence showing the ex-
istence of similar horrors in New York
Of the Gerry Society, and action is about to
be taken to combat the abuses OF the child
insurance system. Child insurance is one
of the greatest abuses of the age de-
clared Superintendent jenkins, of the Gerry
Society, to a reporter. we nave positive i've
of child insurance horrors parallel to those
reported in Boston. We made an effort in
this State three years ago to legislate
against these abuses, but the legislation
was bitterly fought and defeated by the in
fuence of corporations, Just as this ieE1Sia-
ton in Massachusetts is now being bitterly
fought, and will probably be defeated by
the same powerful influence. AS the evils
of child insurance exist in New York and
Boston they exist in the larger cities
throughout the country. The insurance cor
porations are rich and powerful. AID their
influence is widespread all through the
country. The percentage of children in
sured in this city is enormous. There is
nothing beneficial about the system. If
the public could know what this society
knows of the inhumanity in the world it
would be convinced that the natural in
stincts of parents are not to be trusted
when such incentive to crime is given"