New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-07-20
PRUSSIANS STILL SHUT OUT
SUPERINTENDENT PAYN REFUSES TO
SUSPEND THE INSURANCE
RETALIATION.

| Albany July is-Louis F. Payn. Superintendent
! of Insurance, has refused to grant permission to
do business In this State to the Aachen and Munich
| Fire Insurance Company. the MagdeburS FIRE IN
| surance Company and the Prussian Nationai IN
surance Company. on the ground that the Prusslan
Government dscrimnates against the Mutual Lie
Insurance Company the New-York Life and the
Equitable Life. On February a. 1896, Superin-
tendent Pierce acting under the new Reclamation
law revoked the authority Of the Prussian Ma
tonal Insurance Company of Stettin, Prussia and
the Aachen and Munich Fire Insurance Company
OF AK Chapele. Prussia to do business In New
York. refusing renewal certificates of authority
for that year. and declined to consider further
the application of the Magdeburg Fire Insurance
Company, of Magdeburg, Prussia, then penang
before the Department He based his action upon
the grounds that Objectionable features existed IN
certain rules and regulations established by the
Prussan Government, which compelled some OF
the largest, best-estab!shed and most-responsibie
American companies to abandon the carrying on
of their business In that country, subjecting the
companies to great loss of capital invested there
on the strength Of permits previously granted
AS Mr.. Payn came into office the frus-
sian companies again made application, ana APP
peared with counsel. after vanly trying to get the
Retaliation law off the statute-books. An ex-
haustive hearing given Superintendent Payh'
in declining to issue permits TO the companies
says
against of the largest and best insurance
companies to the extent OF practically urivIns
them Of the realm after having mace iarsss
investments I'm the low Understanding STOCK oL
said Government, under its requirements. ana III
real estate there and In establishing their DUST
ness. all on the faith of permits which had Deen
advisedy granted and In good faith supposed 10 DE
inviolable
Amity Is Of little value. except II be mutual, anu
when IL Is refused on the side II may Some
times become necessary to withhold II FOR uIne
the other a retaliatory measure; IN oioer
the to bring about that mutually neces-
valuable existence.
Chapter g. Laws of 1896 is manifestly re-
talatory act and although general in its terms,
1t was aimed at the Kingdom of Prussia. Retalia-
tory legislation Is never presumed to, nave Deeh
enacted except In extreme cases; such presumP-
ton follows this law, and 1t Is my duty to execute
the law | find II. and not to criticise or ques-
ton the motives for its enactment. me actioh
of my predecessor have been fully JUST
fed by the law and the facts and no sufncieht
reason appears for reversal.
Aside from the facts above stated there Is an,
other sufficient reason why this application should
not be granted
On February 90 1887 the President of the United
States transmitted to the Senate a message WHICH,
with the documents ACCOMPANYING the same
showed fully the nature and extent OF the condi-
lions by which certain American Insurance COM
panes have been excluded from transacting bust
in Prussia account of the regulations above
referred to- and that important correspondence
and negotia tions had been and so far as have
been informed. still being carried on between
the Government OF the United States and the
adjustment: and the granting of this application
BY at this time would seem to be an unWar-
rantable Interference with and forestalng or the
negotiations now pending.