The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-10-17
VICTORY"
The Position of the Alabama State Mutual AS
surance Company Fully Sustained by The In
surance Commission.

Tint Alabama State Mutual Assurance
company, chartered by the general az
sembly of Alabama in 1895, doing a large
business i'm this state exclusively and
managed by we'll known citizens of Ala
bama, was recently 'ia1vtrtislsid' in some
of The newspapers of the state by I'M
known agents of foreign competitors in
an unwarranted and hbellous manner.
The sensation sought to be sprung upon
the public died in developing. The
people were told in anonymous cards,
whispers of asassslns," THAT a mighty
storm was brewing on the insurance sea,
that the Alabama State Mutual was inn
paired and in trouble. In procf that the
mean assumptions thus made, and the
unworthy hopes THAT inspired them,
have bsen unfourded we present our pol
icy holders and tht public generally a
letter from The Hon. j. K. Jackson, in
surance commits sionsr, which explains
itself
Decision of the Insurance Commission
Montgomery, Oct. 9, 1897.
Hon. John NJ. Caldwell, President Ala
bama State Mutual Assurance Co., An
niston, Ala. SIS .
Del-r Sar-Recalllng our interview of
this day touching 1.-THE recent txaminatit n
of yclu Company by this department, l
hold, that TO issue am order to your COM
pany requiring it to call in the balance
of unpaid premiums now in hands of
policy holders for Reinsurance reserve
would be q violation of its C arter Ri III
because the same, as granted by this gem
eral ssembiy, expressly forbidS the ac-
cumulation of a surplus beyond one
eighth of its gross premiums, and au-
thofizes an assessment against its pol
icy holders only fer payment OF losses.
The general assembly, of 1867 evidently
had this class of companies in mind
when it enacted the statute ITO regulate
the business of insurance in the state
of Alabama for companies of its class
were specially exempted from the re-
| quiremers to BE- possessed of at least one
huridred Thousand dollars paid UP capt.
tai.
This being true, this legislature must
have also been cognizant of the fact that
s,a:a company could not provide for a
| Reinsurance reserve without violation
| of us charter limitsItions, and in the alb
serios of any express terms of repeal, /
| am nJt satisfied, and therefore cannot
| conp.uds that there was any intention in
| the legislative mind TO repeal this char
| t:m In Ahs manner of indirectness.
| Considering the law as have exam
| ined it. together with the further fact
| that your company is compelled to make
sworn annual statements to. and is
| subject to examination by this depart
| nfelit REACH the conclusion that your
| con,sanIy has conducted its business as
authorized by ITS charter
+ Yours very truly.
| j. K. JACKSON.
| Secretary of State ana Ex-Officio In.alr-
| ance Commissioner.
| THE foregoing lstter effeotuafly ex-
| plcdes the canard of the rampant adj
| vertiser ar1 csrd-wwiter who doesn't
| even wear non de plume.
| Tbs Alabama Stta Mutual Needless of
| the criticisms end caToingld of these who
| envy her wel-earne1 position in the
| confidence and patronage OF tie people
| ard safe from this impotent rage OF
| erclmies arld urigeneious rivals will ean-
| true her progressive way to the sure
| pi-,ae Of her destiny-a nnsrsna TO CIR
! M Tants and a citadel which shaH stanij
! al q salfe retreat from infr,.sr'c &c sharks
/! q genrmar11s. Respectfully
:. ALA. STATE MUTUAL ASSURANCE
40
! Libel and slandsr suits are now being
! p erared against parties found guilty
i of circulating false reports against the
Alabama Mutual Assurance, company
heavy, damages being claimed.
e. LOCKE.
Cady) Secretary.