The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-03-17
ANNUAL INSURANCE REPORT
ISSUED BY COMMISSIONER L. A.
BETS yesterday.

Six Companies Admitted During the Year
to do business in the eState-Unauthorized
Insurance-Retaliatory Laws-Various
Branches of fInsurance-Many Interesting
Facts.
nual report of Insurance Commissioner
Frederick A. Belts, covering fire, ma
rine fidelity and casualty companies.
was presented to Governor Coffin to-
day. During 1896 two marine, two fire,
one surety and one casualty companies,
with an aggregate capital of $1,000, 445,
were admitted to do business in the
state. The Wooster Fire of Danbury
and the Mutual Plate Glass and Safe of
Pennington were also organized. One
marine, the Sea of Liverpool, England,
and two fire companies, the New York
| Bowery and the First National of
Worcester, Mass, withdrew from the
state. -Four additional fire companies
have been admitted since January /,
| 1896. These have assets of about $2,000,>
900.
Two state companies, the Phoenix
Fire and the Hartford Fire, have been
| examined by the department, same as
life companies are. Both were found
to be in an excellent condition. The
| former has a surplus of $13,493 more
than it reported to the department.
UNAUTHORIZED INSURANCE
On the subject of unauthorized insur-
nnce, its commissioner says; The sub
ject of unauthorized insurance has had
| the consideration of several of my pre-
decessors. AS matter of principle the
companies which cannot meet the re-
| quirements of the laws of Connecticut
| for admission to do business, should not
| be permitted by sanction of law to place
risks on property in our own state. The
| total revenue received by this depart
ment during the past year, from this
character of business, amounted to
| $63S.5S The amount of revenue receiv-
ed cannot therefore be used as a justi-
| fication for the approval by this de-
partment of surplus insurance in un-
| authorized companies. / have deemed
| it wise to cause every agent licensed to
place unauthorized insurance in this
state, on and after April 1, 1896, to file
| an affidavit with the department in
every case when he seeks to place risk
| in an unauthorized company; this affi-
! davit to include the name of the insur-
! ed, the amount of risk, the location
| OF the property and the company. This
requirement will permit the depart
ment to exercise a closer and more care
| full supervision over this class Of bust
ness than has been possible in the past.
and at the same time protect all legally
| licensed companies and their agents do
| ing business in this state against the
placing of risks in unauthorized COM
panies when the same could be cared
for by our own companies.
RETALIATORY LAWS.
Regarding retaliatory laws Commits
! sioner Belts states: Some agitation
| looking towards retaliation has grown
out OF the fact that several life insur-
ance companies of an adjoining state
have been refused continuance of
their concession TO do business in Prus-
STA, and the action of other states has
been sought with view to excluding
| Prussian fire companies from doing
business therein. From the language
| of the state statute the conclusion
seems to be that retaliation is confined
not only to other states of this country,
but to similar companies of such other
| state" AS no insurance company of
this state Is doing business in Prussia,
or has ever been refused a license
therein, have no authority under the
law from excluding Prussian companies
from doing business here, have, how
ever. addressed a note to the Prussian
minister of foreign affairs. requesting
his reasons for excluding the said life
insurance companies in order to ascer-
tain whether he has discovered any just
cause for so doing which might effect
the action of the commissioner of Con-
necticut in his relations to said COM
panies, but have received no response,
The New England Burglary Insur-
ance company has been refused an ex-
animation preliminary to granting a
license, because it was aseertained that
the insurance commissioner of Massa-
chusetts (n which state the company
was organized) would refuse a license to
a similar corporation of Connecticut
applying to do business in his state.
Several states are now codifying their
insurance laws and bringing them UP
to modern requirements and Con-
necticut, owing to it's large vested in
terests in insurance corporations
should be foremost in this respect.
FIRE INSURANCE.
A summary is given showing the con-
dition of the one hundred and eleven
companies reporting business in this
state during 1895.
A comparison with the assets, liabili-
ties and surplus of the one hundred and
ten companies embraced in this sum-
mary last year shows an increase in
assets of $S,423, ,2S4, in liabilities of SSH
551, and in surplus of $7,605,7 1888. The
eighty-nine stock companies have a
surplus of $50, $50, ,036-12 per cent. more
than their capital-and a gain In sur
plus during the year of II per cent.
The mutual companies-twentytw two
in number-show a slight increase in
the surplus over the figures of last year,
their surplus funds amounting to 156
per cent of their liabilities.
The liability for reinsurance amount
ed to S10O, 7G4 1877, for unpaid losses to
$12. $40, 721 IS, and for all other to So, 949,
65010. The amount of insurance in
force. less reinsurance, was S17. .211, ,629.
099-an increase in the amount carried
by one hundred and ten companies last