New-York tribune., 1896-02-05

,ssued 70 II by the said superintendent, anu
after such company has complied with any Ia
sonable laws of such foreign country .equIfe
deposits of money or securities WA wa IN every
ernment of such country then ana IN .i.i snS
such case the superintendent snail Iol "l..'
cancel the authority of every coilpan' cp' cov-
ganlzed under the laws OF such iol - this
ernment and licensed to do business al 'i.,'
State and shall refuse a certncate vi "u
thority to every such company Thereafter "p
plying to him for authority to 40 ouslneIs -, -,
this State, until his certificate shali nase ,oh
duly recognized by the Government OF such
country.
II is essential to consider, In the first place,
the comprehensiveness Of the word reasonable
in this paragraph, inasmuch as the Superlh-
tendent of Insurance Is specifically made the
sole Judge Of the reasonablcness Of the laws OF
=, FOREIGN country in their application to the In
surance companies Of this State. No sensible
citizen can doubt that under the operation OF
orr civil institutions New-York Superintendent.
of Insurance is always likely to be an eager anu
odroit politician. while experience suggests a'
least suspicion that the incumbent OF th'' o''0e
may not invariably be incapable of contracting
large extra-oficial obligations. Inc bu'n' D,'
therefore. In this particular plainly supJcc ~
Commonwealth to the risk Of great scanu'' "''.
loss Note, furthermore. that an essel'i''' '''.'
site for the transaction Of insurance pusli'''
this State by any company organizer "ii''' wv
laws Of foreign country Is the Ei''e'
ceptance Of our Superintendent cer'i''c".c "
the solvency and good management oi III! ~"
York company desiring to DO Duslhe>S ia ''''
oorrtrv And then reflect that not long ago an
insurance company went to SMASH hei' WV"
inc, sucb q certificate OF recent date in Its pos
session. but with scarcely enough assets 10 pay
for the appointment Of receiver. Inns "e''n-
choIv incident forclbly suggests the disas'ro"'
consequences which might follow the investment
Of New-York Superintendent OF insurance w''i
complete and exclusive powers OF retahatlon
II Is imnerative to consider also that th's Dill
doos NOT discriminate between different varieti'S
~ insurance. but comprchcnds all kinds IN iS
nrovisons II for example. 4 New-l ork super
ir,ondont Of Insurance should deem the require
r,onts of English law to be unreasonaDle' or
shou,1 ascertain that full faith and crellt had
NOT becn given to one Of his certhcAtes oi
solvency and good management ne "o"i" -,
not only authorized nut compelled to exclude al
English insurance companies from oper''inE III
NcwYork That there is now serious d'h-
cheney Of fire insurance capital III '''s ''''c
,or,ousv indicated. and especially by the mu1-
tiplicatiOn OF the so-caileu i-!"s"'
and by the magnitude Of the business "'~
somr even OF the tmsiest Of them are 'r'"'''
ing In the light OF this ndsputaple t'c' may
bn disccrned the seriors-indced. the apphi''n-
consequences which would follow II r'I.'''"
companlcs were compelled to Withdraw i''"'
rs their assurance Of indemnity against loss .!
fire. = ,,o
We believe that intelligent members oi "''
ro.,,sloture who study this extremely important
,,hioct will become convinced that. II polieH
- realization is to be adopted. its apphca'"h
shoul1 be guarded by far more carefui re'''lo'
,,ons than the Burns bill contains