The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-03
WAxr 70 DO BUSINESS MERE.
German Insurance Coupanies AJAX to ne BH-
enpted from Our Rstniiatory law.

NunItS
State Superintendent Of Insurance Louis r.
Payn gave n hearing yesterday morning ut tho
New YORK headquarters of the Insurance Do
partment in tho Bowling Green offices In the
matter OF the application of tho Aachcn and
Munich Fire Insurance Company for a renewal
OF license to do business In this State. The COM
pany is n German corporation, whose New York
license was cancelled on Feb. 81, 1890. by Super
intendent Of Insurance Pierce after the passage
OF an act by the New York Legislature per-
hitting retaliation upon tho insurance COM
panies Of any country whose requirements of
New York companies were hostile. or four
New York companies which had been doing
business in Germany, three had ceased 10 OPP
crate there, the New York Life, the Equitable,
and the Mutual Life, because OF the harsh dis
elimination against them.
The Aachcn and Munich was represented at the
hearing yesterday by Amasa Thornton, who
also represented tho interests Of tho Prussian
National OF Stettin in the matter. Mr.. Kennedy
OF Weed s. Kennedy. managers OF the Aachen
and Munich, made a statement to Superintendent
Payn in which he said that the policy OF retalia-
ton had failed utterly. 1t had not accomplished
what IL was expected to accomplish. There
could be no animus in Prussia against New York
companies, ho said, for representatives OF three
artsd hon,anSns 10 nm NM nt Me in bbcbsIf oT New
York life insurance companies.
o. company is rs much Bavarian as Prus-
sian.' Mr.. Kennedy said. for we have two
charters. 1t was necessary for us to roincor-
poreto in Bavaria in order TO do business there.
sylvania from New York. Had We been incor.
porated here in New York as a Bavarian instead
doing business today. as New York companies
are in business in Bavaria Our Prussian char
ter being the older. we were Incorporated here
j. Rider Cady of Hudson. on behalf of the
!Magdcburg company. declared that there, never
had hHan n ~ tra aNrlnEfnn nf Nav Nnrl rpfn-
panies from Prussia. Certain of them had ceased
to do business there by their own %volition be-
regulations. They objected, he said. TO a certain
form Of report. but that was precisely the Same
panies. so the requirement was not hostile. II
Contend that we have n right under the New
business. This law was an act OF retaliation;
more; it was an act OF attack. for no Prussian
attack on our companies had been made. 1t was
an act in restraint OF trade. preventing foreign
corporations with great capital from doing bust
ness here and employing people here. Before
you exclude foreign companies we assert that
all the conditions mentioned in the law must ex-
list. Sow no exclusion law has been passed in
Prussia against US. True. certificates have been
refused to some companies there. but il was be-
cause such companies determined not TO comply
the ee Ts9assee' OF the o. N !ss FFossi: su iswEi nStHs
o. Insurance has invariably been recoSnized by
r ras 3. Used i a Is cs mot dRs ssssP Sns b seat denied sfqfe 'f 10 a HSf
New York company in Prussia
a New York company. the Germania Life.
NbO't 40 tAN a. wan oALNc
ia Prussia to-day under A certificate OF the New
York Superintendent Of Insurance. just as when
the other three companies were there. In view
of these facts, l do not see any reason why our
people should not have the benefit Of the capital
and competition OF foreign companies. Our facts
are unchallenged. and we respectfully ask that
we be permitted, 10 do business and that a GER
tittcate be issued to US"
NJ. Thornton said that the principal point Of
difference between the New York companies
and the Prussian Government was Us TO the
requirement that in the reports OF ~tontine bust
ness the SURPRISES in the various classes should
be kept and shown separately.
Tho New York Life. l understand. he said,
lis prepared 10 so into business there again
whenever President Mccall gets ready, upon
filing a report in the form required. The Iu-
tual, l believe. has decided not TO. This shows
that American companies do not do business
there. merely because they do not choose to, not
because OF any exclusion"
superintendent Payn, in ending the hearing.
said that il was fair TO presume that any compa-
MES which objected to the admissions asked for
would file briefs. which they might do at any
time within forty-eight hours. He announced
that he would not receive any from them after
this week. and that the petitioners would be
entitled 10 copies OF any that might be received
and 10 opportunity to answer them.