The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-10
THE INSURANCE LEGISLATION.
What the Commercial Club Did liz
This direction


A special committee of the Commercial
Club will meet with Representative Over
street this week to discuss the new federal
building project. Albert Shaw, editor OF the
Review Of Reviews, will be invited TO ad-
dress the club. The tree committee re-
ported that it had sent letters TO ministers
in the city concerning Mr.. Lieber's project.
John y. Finch chairman of the clubs in
surance committee, submitted the following
report:
AS requested, 1 give you herewith a re-
port or insurance legislation accomplished,
largely. it is believed, through the efforts
OF the Commercial Club. The -FOUR bills pre-
pared by the insurance committee Of the
club were introduced simultaneously In the
House and Senate and referred TO the COM
mittee on insurance. These bills were, frst,
a bill TO repeal the section imposing PEN
atty of 10 per cent. damages on nome COM
panies for every thirty days loss re-
manned unpaid after the first sixty days;
second, a bill for the incorporation of home
insurance companies; third, a bill Tor a
standard form Of fire insurance policy and
fourth, a bill regulating foreign insurance
companies doing business III the State.
These bills before they were introduced had
the approval of the Insurance committee
of the Indiana State Board of Commerce
and the legislative committee OF the Indian
apolis Board of Trade. A joint meeting OF
the insurance committees or the Senate and
House was held and j. G. Adams, president
of the Indianapolis Board or Trade, and the
chairman of the insurance committee OF the
club appeared to speak in favor of the Sc
bills. The chairman explained them at some
length and was seconded by Mr.. Adam S.
The chairman of the House insurance com
mittee, Z. Il. Roots, gave careful attention
TO the bills and decided to divide the bill
for the organization of home companies. AS
he was determined to do this and was evil
IDENTIFY acting in the best OF faith the chair
man agreed to assist him in the prepara-
ton of mis- proposed bills. These bills sim
plified the original bill and were an i'm
..Iu H.n1 afrarr
which he consulted the chairman. for the
organization OF home life and accident COM
panies ON the assessment plan and for the
regulation or foreign companies OF the same
class. This took much time. during which
none of the bills in his committee were re-
ported. and IL was not until late in the ses-
sion that they were reported. Pending this
a bill was introduced in the Senate by sem
ator McCord repeating the 10 per cent. pen
atty section. This the Senate passed, and
when It came to the House the chairman
and others acting in that interest were
able to secure its passage This was the
most important of the four bills prepared
by the clubs insurance committee, as be-
cause of this penalty section il has been
unsafe to organize home companies.
After the House had refused TO act IA
yorably upon Mr.. Rootss bills as intro
duced he prepared two bills covering I'M
portant matter taken from the clubs bills.
One of these was for the Incorporation of
class mutual companies under well-guarded
restrictions, and the other liberaliZed the
law as TO investments Of funds and as TO
TlSkS 10 De insured against. IneSe DIS Mr..
Roots was able to get through the House.
and they were passed by the Senate and
have been signed by the Governor.
THE result of the efforts of the club COM
mittee called such attention to our defective
insurance laws that the Legislature was
willing for the first time to repeal the ~
per cent. penalty and to enact the bills men,
toned in the interest of the organization of
home companies. While our laws for the
organization of home companies are yet far
from perfect, yet IL can be safely said that
they are now in such condition that fire
insurance companies may be safely organ
lied. Mr.. Roots was able to secure the
passage of his bill for the incorporation of
companies TO do life and accident business
on the assessment plan and for the control
OF foreign companies doing business on that
plan. On the whole, it may be said that
while all was not accomplished that we
hoped yet enough was accomplished TO
amply repay the effort and outlay incurred
The chairman has personally given more
than month of his time TO the exclusion
or all other business, in the preparation of
the bills originally and in action thereafter
as above stated While he feels that the
directors and members of the club have full
appreciation of the time given and charac-
ter or the work proposed he can but re-,
greet that there was for time at least n
mlsconception on the part of a good MANY
people as TO the purpose OF his personal
Efforts