The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-05-12


necticut Indemnity Association of Wa
terbury says; For some years there
has been u question between the de-
partment and the association in refer
ence to unpaid stock subscriptions and
interest thereon, now amounting to
$S4, 2SS33. The association has agreed
to call in these subscriptions and has
been given time to accomplish this"
The commissioners Of Massachusetts,
and Vermont have examined the condi-
ton of the Bay State Beneficiary Assoc
citation and report in March, 1896, that
1t is in much better condition than in
October, 1895.
Three Insurance ReceiVershtps.
There are at present three receiver
ships of defunct life insurance compa-
MES of this state. On September p,
1886, Isaac w. Brooks and Edmund A.
Stedman We're appointed receivers of
the Charter Oak Life Insurance compa-
ny; December 90, 1887, Lorrin A. Cooke
and John r. Buck were appointed re-
ceiVers of the Continental Life Insu-
rance company, and July 49, 1894, Will
liam Waldo Hyde was appointed re-
ceiver of the Mutual Benefit Life COM
pany Constant inquiries have been
made of this department by other insu-
rance departments and policy holders
from all parts of the country, seeking
information concerning the Charter
Oak and Continental life Insurance
companies, and particularly as to the
final winding-up of those companies.
The department has information that
certain persons or brokers in different
parts of the country are seeking to pur-
chase claims of policy holders in one or
more of these companies, and warns
policy holders against the representa-
tions of these brokers'
The commissioner states that it
should be the policy of the state to
bring receiverships to speedy conclu-
sion. Those of two of the companies
have continued for SO long that it
would seem possible to wind them up
without much further delay. 1t is es-
sential for the best interests of the poll
cy-holders and creditors that the cost
of winding up insolvent insurance COM
panies should be kept down to the low
est possible amount. AS a remedy for
the drawbacks of the present system
the commissioner suggests that the
winding up of such insurance compa-
MES should be cared for directly by the
insurance department of the state, with
no unnecessary delay and at a consid-
cradle saving of expense as compared
with the present system. Such
change would require the passage of
additional laws by the general assem-
bly,.
The receivers of the Charter Oak Life
Insurance company have paid one dlvi-
dend of Is per cent. upon valuation OF
policies, amounting to $454 S54.13, and
have on hand S112,7S99S. They report
to Commissioner Belts under date Of
April 18th, that they have closed out
nearly every asset of the company, and
hope to be able to close everything out
within the next sixty days. except a
claim against the estate of G. M. Bar
tholomew, the former president.
The receivers of the Continental Life
Insurance company report that the
claims proved against the company
amount to S1,S00,000 Secured claims
amounting to SIT ,410 have been paid
They state that as soon as they can re-
alize upon certain securities now in
their hands they expect to ask for an
order declaring a dividend of about ten
per cent. upon net reserve values, but
the amount depends upon their ability
to dispose of the securities.
Receiver Hyde of the Mutual Benefit
Life company reports that he has on
hand $3,000.16 with liabilities of $2,916.-
80. The assets are so small that it is
apparent no dividend can be paid to
policy-holders.
Commissioner Belts denounces the
system of rebates and states that he
has successfully prosecuted two agents
guilty of the offense, and has revoked
the license of several agents and re-
fused others licenses because they had
violated the law Local Boards, F"
which are simply organized to give
their members the advantages of re-
bate, have been abolished by several
companies, with the exception of two,
which now remain in the state. The de-
partment hereafter will require all such
parties to have certificates of authority,
and they will be classed as agents Of
the company.