Crawford avalanche. (Grayling, Mich.) 1879-19??, 1897-06-24
BIG INCREASE SHOWN!
LIFE INSURANCE HAS PROS
PERED IN MICHIGAN.

~. 4.
Assets decreased cs6,396, 452, Liabil.
tiles. s7s,0O7, s57-Need of Revision
of Laws GOVERNING the Business,
Com missioner Giddings' Report.
Insurance in Michigan Last Year.
Insurance Commissioner Theron Gid
dings, who retires from office to make
room for Major Milo ID. Campbell, sub
mitted TO the consideration of Gov. Pin
gree The second part of his annual report
for the year 1896. 1t deals with the bust
ness OF life, fidelity, casualty and frater-
nal insurance, and the figures are taken
from the reports of the companies for the
calendar year.
The whole number of level premium life
companies transacting business in the
State during the year was forty-one, be-
ing one in excess of the previous year.
Compared with the year 1890 the total
business transacted was MS follows:
Policies issued rs 24,6o2, s4s s 2s,soI. 1888
I'ollcies In force. 127. SIC, 1866 12o.025. $50
Losses Incurred. 1884, 65 1.5S3.lSS
The admitted assets of the forty-one
companies was $1.259 491 ,231, an in
crease of $3.50, 452 over the showing of
the previous year. The total liabilities OF
these companies were $1,OS1 ,1o2. 80, an
increase of $IS,007 1851. The increase in
the insurance reserve was 1881 ,SS2
and the increase in the net surplus as to
policy holders, 81, 1885, 94. The increase
in the total receipts was $12.2I1.151, and
in disbursements. SD ,465,257 The total
premium receipts increased SS,olo,232.
The increase in the amount paid for losses
and matured endowments was x6,Oo6.4I6.
There is an increase in the number or
policies in force of 1886 and in the
amount of risk Of $40, 607 ,061.
Six fidelity and guarantee companies,
eighteen stock casualty insurance COM
panies and thirty-fye cooperative or as
sessment companies are doing business in
the State. Of this latter class five We're
added 10 the list during the year and two
ceased to do business.
Cooperative assessment accident COM
panies have hourished. At the beginning
Of the year 1896 there were fifteen doing
business in the State. Five new ones were
licensed and one ceased doing business.
Since Jan. l of the present year, how
ever, SIX companies of this class have OBJ
tanned authority to do business.
Fifteen fraternal associations have been
authorized 10 do business since Jan. i,
1897, and during the year four companies
of this class ceased to do business. They
were the American National Benefit AS
sociarion of Detroit. the Fraternal Union
of Detroit, the Equitable Aid Union of
Columbus and the Michigan Liquor Deal
ers' Protective Association of Detroit.
The following insurance companies have
| deposits with the State Treasurer for the
| security of policy holders: Michigan Mu-
tual Life, Detroit, $104,40 Standard
Life and Accident Co., Detroit, $19S, $50;
Imperial Life Insurance Co., Detroit.
sd, 76O; Canada Life Assurance Co.,
Hamilton, Ont, 100000; Sun Life As
| surance Co., Montreal, Quebec. $4,000
The Imperial Life Insurance Co. of De-
| troit, hich is in process of liquidation,
is said to have settled all death claims in
full up to date. which has had the effect
| Of depicting its deposit. The commission
er says that it is pleasing to note that, not
withs;anding the depressing conditions of
general business last year, the Michigan
| companies are able TO make a good show
| ing. The commissioner also assures the
public that all companies doing business
| in the State at the present time are re-
| liable and worthy Of the confidence of the
people.
Discussing the prospects of cooperative
| and fraternal assessment associations
which are doing an enormous business in
Michigan, tic commissioner says:
1T ir only by close examination of the
| applications and articles of associations
of this class of insurance companies and
applying to them the strict rule of law
governing the admission of the same, that
| this department has found any satisfac-
| ton relative to associations coming under
| the statute regulating assessment insur-
ance. While it is true that among the
many associations that are doing business
| in the State there are a large number that
are of substantial and reliable nature
and promptly paying all legitimate claims.
| il is still deplorable fact that the same
| law that allows them to do business also
| permits another class to obtain foothold
| in this State who lack any desire of RAJ
sponsbility or honorable dealing, and prey
on the credulity of the public fora meager
| existence. They become fairly seated ia
our midst before it becomes possible for
I the department to discern the good from
the bad, and have done their damage be-
| fore they can be rooted out. AS l have
stated in former reports, this is entirely
due to the inefliciency of our laws gov
erning assessment insurance While our
last Legislature made no Improvement
in the present law, the public are to be
congratulated that they passed no meas.
ures to make 1t worse.
"rhe interests Of the State demand that
| there should be complete revision Of all
of the insurance laws. Until that is done
frauds will continually be perpetrated on
our people, no matter how strict or thor
ough be the supervision of the insurance
department"
Old Lake Captain Dead.
Captain William Cary died Tuesday
evening ut $40 O'clock at his home in
Benton Harbor. of an intestinal com
plaint, which had been troubling him for
the past three years. Captain Cary was
born in Utica, N. Y, i'm 1918. He was 10
years old when he shipped on a small
schooner. In 1912 he took command of
the schooner John Porter running on
Lake Ontario, where he remained a short
t:me and then took command of the bark